Crypto ETFs continued their strong recovery on July 8, with all major asset classes posting net inflows. Bitcoin ETFs attracted $186.03 million in net inflows, but the figure masks significant concentration: BlackRock's IBIT alone contributed a massive $291.86 million, effectively single-handedly offsetting outflows from other funds. Meanwhile, Ethereum ETFs recorded their fifth consecutive day of positive inflows, and XRP and Solana ETFs also saw capital inflows, indicating broadening investor participation.
Bitcoin ETFs: Leader Takes All
While the headline net inflow for Bitcoin ETFs stood at $186.03 million, the breakdown reveals stark divergence. BlackRock's IBIT fund saw a $291.86 million inflow, while Morgan Stanley's MSBT added $19.32 million. Together, they outweighed substantial redemptions elsewhere. Fidelity's FBTC lost $47.35 million, Ark & 21Shares' ARKB shed $42.22 million, Grayscale's GBTC lost $23.35 million, Bitwise's BITB saw $8.54 million in outflows, and VanEck's HODL lost $3.70 million. Thus, IBIT's massive influx was crucial to flipping the sector to positive. Total trading volume for Bitcoin ETFs reached $2.03 billion, with net assets rising to $97.57 billion.
Ethereum ETFs: Broad-Based Growth
Ethereum ETFs showed a cleaner picture. The group recorded net inflows of $67.85 million, marking the fifth consecutive positive day, with all major funds participating. BlackRock's ETHA led with $31.51 million, followed by Grayscale's Ethereum Mini Trust at $24.79 million, BlackRock's ETHB at $9.76 million, and Franklin's EZET at $1.80 million. No outflows were recorded. Total trading volume hit $705.79 million, and net assets grew to $13.79 billion.
XRP and Solana ETFs: Positive Momentum Continues
XRP ETFs attracted a net inflow of $17.11 million, distributed across multiple funds. Bitwise's XRP led with $6.23 million, 21Shares' TOXR added $5.43 million, Franklin's XRPZ contributed $5.30 million, and Canary's XRPC saw a modest $148,130 inflow. Trading volume reached $40.18 million, and net assets surpassed $1 billion at $1.02 billion.
Solana ETFs recorded net inflows of $5.36 million, with Bitwise's product leading at $3.21 million, followed by Fidelity's FSOL at $1.52 million and Grayscale's GSOL at $637,100. Trading volume was $53.43 million, and net assets closed at $835.43 million.
Market Outlook: Institutional Return with Concentration Risks
While the overall capital flow is encouraging, the concentration in Bitcoin ETFs suggests large institutions are channeling funds through a single product (IBIT), while older funds continue to experience redemptions. In contrast, Ethereum, XRP, and Solana show more diversified flows, indicating broader investor engagement. A more balanced recovery for Bitcoin ETFs would require wider participation beyond a single fund. For now, the market is regaining momentum, albeit selectively.