Bitcoin exchange-traded funds (ETFs) continued their strong run on April 23, posting net inflows of $223.21 million for the eighth straight session. In contrast, Ethereum ETFs snapped a 10-day inflow streak, recording net outflows of $75.94 million, highlighting a growing divergence in institutional appetite across major crypto assets.
Bitcoin ETFs: IBIT Leads as Eight-Day Rally Persists
Data from U.S. spot Bitcoin ETFs shows a net inflow of $223.21 million on Thursday, extending the winning streak to eight consecutive days. BlackRock's IBIT once again dominated flows, attracting $167.49 million. Ark & 21Shares' ARKB added $71.22 million, while Morgan Stanley's MSBT and Grayscale's Bitcoin Mini Trust brought in $9.36 million and $5.16 million, respectively.
However, outflows were more pronounced than in previous sessions. Fidelity's FBTC saw $16.93 million exit, Bitwise's BITB lost $7.60 million, and VanEck's HODL recorded an outflow of $5.50 million. Despite this, net inflows comfortably outpaced redemptions. Total trading volume reached $2.36 billion, while net assets under management climbed to $102.79 billion.
Ethereum ETFs: 10-Day Win Streak Ends With $76M Outflow
Ethereum ETFs experienced their first net outflow in 11 sessions, totaling $75.94 million. Fidelity's FETH led the decline with an outflow of $51.30 million, followed by BlackRock's ETHA at $20.95 million and Grayscale's ETHE at $10.90 million. On the positive side, Grayscale's Ethereum Mini Trust attracted $19.76 million, but that was insufficient to offset the broader sell-off. Additional outflows from 21Shares' TETH ($9.24 million) and Bitwise's ETHW ($3.31 million) compounded the shift in sentiment.
Trading volume for Ethereum ETFs stood at $747.11 million, while net assets fell to $13.71 billion. The reversal, while notable, follows a prolonged period of consistent inflows, suggesting profit-taking after a strong rally.
Altcoin ETFs: XRP and Solana Show Selective Demand
In contrast to Ethereum's outflow, XRP and Solana ETFs posted modest but positive inflows, indicating continued but selective interest in alternative assets. XRP ETFs recorded net inflows of $3.89 million, driven primarily by Franklin Templeton's XRPZ. Trading activity remained low at $7.69 million, with net assets ending at $1.08 billion.
Solana ETFs showed stronger relative performance, attracting $7.33 million in net inflows. Bitwise's BSOL led with $6.20 million, while VanEck's VSOL contributed $1.13 million. Total trading volume reached $47.38 million, and net assets stood at $874.13 million.
Market Outlook: Divergence Signals Shifting Institutional Sentiment
The latest flows underscore a growing divergence in the crypto ETF landscape. Bitcoin continues to enjoy steady institutional demand, underpinned by its perceived store-of-value narrative. Ethereum, after a strong multi-day rally, saw profit-taking that temporarily halted its inflow streak. Meanwhile, smaller cap assets like XRP and Solana are attracting selective capital, suggesting investors are carefully rotating into alternative positions.
Overall, the market remains bullish, but the uniformity of inflows is fading. Whether Bitcoin can sustain its eight-day run and whether Ethereum can quickly resume inflows will be key indicators for market sentiment in the coming days. The total combined net assets of all crypto ETFs now exceed $116 billion, reflecting the growing institutional footprint in the digital asset space.