Bitcoin ETFs in US See $167M Injection While Alternative Crypto Funds Continue Bleeding
Bitcoin exchange-traded funds in the United States attracted $167 million on Monday, as alternative cryptocurrency funds including Ether, XRP and Solana experienced their third consecutive day of withdrawals even amid a broader market recovery.
Exchange-traded funds tracking spot Bitcoin in the United States registered positive net inflows on Monday, breaking a two-day pattern of withdrawals as the price of Bitcoin climbed closer to the $70,000 threshold and investor appetite for the leading digital asset made a comeback.
ETFs holding spot Bitcoin (BTC) saw inflows totaling $167 million on Monday, reversing approximately $577 million worth of outflows experienced during Thursday and Friday's trading sessions, based on data from SoSoValue.
Investment appetite proved less robust for other cryptocurrency-focused ETFs. Exchange-traded funds tracking alternative digital currencies faced substantial withdrawal pressure, with outflows continuing across Ether (ETH), XRP (XRP) and Solana (SOL) ETFs despite the fact that these underlying digital assets gained between 3-5% during the previous 24-hour period, based on information from CoinGecko.
These price increases came after President Donald Trump of the United States informed journalists on Monday that hostilities with Iran might be nearing conclusion, which reduced concerns about geopolitical tensions and caused crude oil prices to decline.
Ether, XRP and Solana now on a three-day outflow streak
Exchange-traded funds for Ether, XRP and Solana registered withdrawals amounting to $51 million, $18 million and $2.5 million, in that order, during Monday's trading, SoSoValue reported. These figures represented the third consecutive day of outflows, with Ether experiencing the most substantial combined withdrawals totaling $225 million.
Although withdrawals from ETH and SOL have been declining during the most recent three trading days, XRP outflows accelerated, reaching approximately $41 million from Thursday onward. Withdrawals from Solana totaled roughly $16 million during this identical timeframe.
The lateral movement observed in cryptocurrency ETFs occurred as market analysts cautioned that declaring a structural floor for Bitcoin remains premature, with the digital currency changing hands at $70,015 when this article was written, per CoinGecko's data.
An analyst from CryptoQuant identified as IT pointed to the Bitcoin long-term holder to short-term holder spent output profit ratio, which reached 0.89, demonstrating that short-term holders are disposing of their holdings at a financial loss.
This information indicates that market pressure is accumulating, though capitulation thresholds have not been achieved yet, implying that a more definitive market bottom might still lie in the future.