Key Insights
- •The US Spot Bitcoin ETF recorded $1.3 billion in outflows over the past four days.
- •The Ethereum ETF also continued to experience outflows amid shifting institutional interest.
- •The Spot Solana ETF has continued to gain traction since its launch.
The latest Ethereum and Bitcoin ETF fund flow data suggest that institutional interest in the flagship cryptos is fading. The exchange-traded fund (ETF) that holds the top two digital assets by market cap has started the week on a gloomy note, also ending the last week with significant outflows.
On the other hand, the newly launched Solana ETF has attracted notable traction, as evidenced by the fund flow data into the investment instrument. Besides, last week’s crypto market fund flow data also showed that Solana reigns supreme over Bitcoin and Ethereum, which has sparked discussions in the market.
Bitcoin ETF Records $1.3 Billion Outflow
The US Spot Bitcoin ETF has recorded an outflow of $186.5 million on Monday, marking its fourth consecutive day of outflows. Notably, the investment instrument recorded outflows of $470.7 million, $488.4 million, and $191.6 million through the last three days of the previous week.
Meanwhile, on Monday, only BlackRock’s IBIT recorded an outflow, which has also fueled tensions among traders. The IBIT has contributed the most to the outflows over the past three sessions through Monday.
The Bitcoin ETF recorded a combined outflow of $1.33 billion over the past four trading sessions, which has spooked market participants. Notably, this data also comes in tandem with a dip in Bitcoin price.
During writing, BTC price slipped nearly 3% and traded at $104.5k. It is worth noting that the flagship crypto fell below the brief support at $104k in the last 24 hours, indicating a gloomy sentiment among traders.
Ethereum ETF Follows Suit, Records $500 Million Outflow
The Ethereum ETF also caught traction alongside the Bitcoin ETF fund flow data. According to Farside Investors’ data, the Ethereum-related investment instrument saw an outflow of around $500 million through the last four trading sessions.
On Monday, the US Spot Ethereum ETF saw an outflux of $135.7 million, following outfluxes of $81.4 million, $184.2 million, and $98.2 million, respectively, over the past three days.
It is worth noting that on Monday, BlackRock’s ETHA primarily contributed to the losses, recording an outflow of $81.7 million. These gloomy data have fueled concerns among traders, indicating a waning risk-bet appetite of institutions towards digital assets.
However, while Ethereum and Bitcoin ETFs are bleeding, Solana has made headlines after its latest ETF launch. For context, the US Spot Solana ETF has recorded significant inflows, suggesting that institutions are shifting focus towards the altcoin.
Solana ETF in Focus as Ethereum and Bitcoin ETFs Bleed
As both Ethereum and Bitcoin ETFs record massive outflows over the past few days, the US Spot Solana ETF has gained notable traction. The SOL ETF started the week with an inflow of $70.1 million on Monday.
Since its launch on October 28, the investment instrument has recorded a combined inflow of $269 million. Notably, Bitwise’s BSOL has contributed the most to the fund flow recorded in the investment instrument since its launch.
Besides, it also reflects a shifting investors’ focus towards Solana from Bitcoin and Ethereum. However, despite that, the SOL price has failed to witness any positive trend amid a broader crypto market selloff today.