U.S. spot bitcoin ETFs lost a net $64 million on Monday, even as spot ETFs for ether, XRP, Solana and Hyperliquid all pulled in fresh money. On the surface it looks like a clean rotation out of bitcoin and into everything else.
The Ether funds got $22.5 million, the Hyperliquid funds $17.2 million, and the XRP and Solana funds about $2.8 million each. It tracks Monday’s price action, where the alts ran well ahead of bitcoin, with XRP up around 7%, Solana 6% and Hyperliquid up 11% on the day. The currents followed the tape.
[@portabletext/react] Unknown block type “image”, specify a component for it in prop. `components.types`
It’s worth keeping the scale in mind. Bitcoin ETFs still have about $83 billion in assets, versus about $10 billion for ether and about $1 billion each for the XRP, Solana and Hyperliquid products.
The Bitcoin number needs a second look. The outflow was not wide, with BlackRock’s IBIT, the largest fund, actually taking in $66 million. The net loss came almost entirely from Grayscale’s GBTC, the high-fee legacy fund that has shed assets since those funds launched, which lost $124 million on the day. Strip out GBTC and bitcoin ETFs had a regular session
[@portabletext/react] Unknown block type “image”, specify a component for it in prop. `components.types`
The real issue is durability. If the altcoin ETFs continue to draw inflows as GBTC’s pull fades, the rotation is real. If not, Monday was a slap dressed as a trend.
