- Bitcoin spot ETFs recorded $151M outflows on November 24.
- Ethereum’s products saw inflows of $96.67 million.
- Solana ETFs continue their winning streak with yesterday’s $57 million.
The cryptocurrency sector remains weak as bearish sentiments prevail.
Indeed, recent price drops, muted trading activities, and worries about short-term recoveries have seen many investors adopt a defensive bias.
Exchange-traded funds flow data reflects this uncertainty, with Bitcoin recording massive withdrawals as altcoin products hold steady. Let us find out more.
Bitcoin ETFs continue to struggle – Fidelity’s stands out
BTC spot ETFs had a rough session on Monday, with net outflows totaling $151 million, according to SoSoValue.
That signals deteriorated interest in these financial products, which have played a key role in institutional crypto adoption.
Meanwhile, Fidelity’s FBTC stood out as it posted positive ETF flows of $15.49 million on Monday amidst the broader retreat.
On the other hand, BlackRock has struggled lately, with iShares’ outflows surpassing $2.2 billion so far in November.
Meanwhile, the mixed ETF outflows come as the Bitcoin price experiences notable downward pressure.
The bellwether crypto is trading at $88,190, down from late last month’s high above $115,500.
Ethereum posts inflows
While investors remain more conservative about Bitcoin, Ethereum thrived.
Data shows Ether ETFs attracted $96.67 million in inflows yesterday, with BlackRock’s ETHA dominating at $92.61 million.
Ethereum seems to thrive as Bitcoin struggles, as narratives like the latest attacks on Strategy by JPMorgan magnified uncertainty in BTC-based financial products.
Institutions are seemingly migrating to Ethereum, possibly indicating renewed trust in its unique role in powering scaling solutions, decentralized apps (dApps), and support for new infrastructure.
ETH is changing hands at $2,925 after gaining 3% the past 24 hours. It lost more than 2% the past week.
Solana ETFs maintain upside momentum
Solana held its ground, attracting net inflows of $57.99 million on November 24.
The altcoin has seen positive ETF flows since its debut, highlighting steady institutional demand.
For instance, Bitwise’s Solana spot exchange-traded fund surpassed $500 million AUM last week.
Solana experienced amplified institutional interest due to its robust network that prioritizes scalability, speed, and security.
The team spent the past years rewriting Solana’s reputation, darkened by previous network outages.
Now, the blockchain exhibits a thriving developer community, booming app usage, and Solana-based tokens.
With these factors, Solana has carved a unique lane in the blockchain industry.
SOL is trading at $138 after soaring 5% in the last 24 hours.
The altcoin lost nearly 30% of its value over the past month.
Meanwhile, Solana inflow confirms investors looking beyond price performance while prioritizing long-term potential.
Meanwhile, the latest ETF flow statistics highlight a split market.
Investors are now exploring crypto offerings beyond Bitcoin.
Institutional investors are no longer treating all cryptocurrencies the same.
They’re now evaluating every project based on solid catalysts, narratives, and momentum.
Source: https://coinjournal.net/news/crypto-etf-flows-btc-sees-151m-outflows-as-eth-and-sol-funds-thrive/
