US-listed crypto ETFs are flashing red across the board, with one notable exception.
Bitcoin spot ETFs saw $133.3 million in daily net outflows per Feb. 18, led by BlackRock’s IBIT, which lost $84.2 million, and Fidelity’s FBTC, which lost $49 million. Total net assets across bitcoin funds are $83.6 billion, about 6.3% of bitcoin’s market capitalization, but recent flows suggest institutions are trimming exposure rather than increasing declines.
Ethereum products followed a similar pattern. US ETH spot ETFs recorded $41.8 million in net outflows on the day, with BlackRock’s ETHA losing nearly $30 million. Total net assets across ether pools are $11.1 billion, about 4.8% of ETH’s market cap.
The steady bleeding comes as ether trades below $2,000 and struggles to build momentum despite broader expectations of rate cuts later this year.
XRP ETFs also slipped into negative territory, posting $2.2 million in daily outflows. The total net assets across XRP funds are just over $1 billion, or about 1.2% of XRP’s market cap. Price action in XRP has reflected the cautious tone, with the token down over 4% on the day.
However, Solana stood out.
US SOL spot ETFs recorded $2.4 million in net inflows, pushing cumulative inflows to nearly $880 million. Bitwise’s BSOL led with $1.5 million in fresh capital. Although modest in absolute terms, the influx stands in stark contrast to the broader risk-off positioning across bitcoin and ether products.
Elsewhere, smaller altcoin ETFs such as LINK saw marginal inflows, but the overall picture remains one of selective exposure rather than broad accumulation.
The divergence suggests that investors are rotating within crypto rather than going all out. With the continued macroeconomic uncertainty and dollar tightening, ETF flows provide a real-time reading of where institutional conviction remains and where it fades.
