The cryptocurrency market saw dramatic shifts on November 20 (ET), with massive outflows from Bitcoin and Ethereum spot ETFs. While major players faced a sell-off, Solana stood out with significant inflows, signaling shifting investor sentiment in the crypto ETF space.
Bitcoin ETF Outflows Near Record Levels
Bitcoin spot ETFs experienced a total net outflow of $903 million, marking the second-largest single-day withdrawal in history. This sharp exit reflects growing caution or profit-taking among institutional and retail investors. With Bitcoin prices remaining volatile, many investors might be moving to secure gains or reposition their portfolios ahead of potential macroeconomic changes.
Ethereum ETF Outflows Continue for 8 Days
Ethereum didn’t fare much better. Spot ETFs for ETH recorded a $262 million net outflow, continuing a concerning eight-day streak of continuous withdrawals. This trend indicates a sustained lack of confidence or enthusiasm among Ethereum investors, possibly tied to slower network developments or lower trading volume compared to its recent peak periods.
The prolonged outflows suggest that ETH is struggling to maintain momentum, even as the broader market looks for signs of recovery or stability.
Solana Defies the Trend with Positive Inflows
In contrast, Solana ETFs attracted $23.66 million in net inflows, showing increased interest in this high-performance blockchain. As Solana gains traction in decentralized finance (DeFi) and NFT ecosystems, institutional investors may be viewing it as a promising alternative or a hedge against Bitcoin and Ethereum volatility.
The net inflow into Solana ETFs, though relatively modest, indicates a growing confidence in the blockchain’s resilience and potential upside.