Bitcoin exchange-traded funds (ETFs) continued their outflow streak, shedding $93.9 million even as Morgan Stanley’s highly anticipated MSBT fund made a strong debut, drawing $30.6 million with a management fee of just 0.14%, the lowest among all bitcoin ETFs.
Bitcoin ETFs: IBIT Gains, FBTC and ARKB Bleed
BlackRock's IBIT led the inflow side once again, adding $40.38 million, while Morgan Stanley's MSBT added another $30.6 million. However, selling pressure elsewhere was overwhelming. Fidelity's FBTC saw $79.12 million in outflows, and Ark & 21Shares' ARKB recorded $74.70 million in exits. Grayscale's GBTC also contributed $11.10 million to the outflow column. Total trading volume across bitcoin ETFs reached $3.04 billion, while net assets settled at $91.90 billion.
Ether ETFs: Mixed Signals with ETHB and TETH Inflows
Ether ETFs mirrored the bitcoin pattern, posting a net outflow of $18.6 million despite strong inflows into select products. BlackRock's ETHB attracted $44.23 million and 21Shares' TETH added $1.98 million. On the flip side, Fidelity's FETH led outflows with $32.43 million, followed by BlackRock's ETHA at $20.64 million. Grayscale's ETHE and its Ether Mini Trust saw additional outflows of $6.11 million and $5.66 million, respectively. Ether ETF trading volume came in at $958.09 million, with net assets at $12.56 billion.
Solana and XRP: Quiet or In Decline
Solana ETFs continued their drift lower, posting a $1.9 million net outflow spread across multiple funds. Grayscale's GSOL led with $867,120 in exits, followed by Bitwise's BSOL at $779,580 and VanEck's VSOL at $274,100. Trading volume stood at $23.86 million, with net assets closing at $793.91 million. XRP ETFs saw no trading movement, with net assets holding at $950.14 million.
Market Takeaway: Demand Exists but Lacks Alignment
The broader picture reveals a fragmented market. New capital is entering via low-fee products like MSBT and established leaders like IBIT, but persistent redemptions from Fidelity, Ark/21Shares, and Grayscale suggest many investors are still reducing exposure. The market is not lacking interest; it is lacking alignment. Until this imbalance resolves, crypto ETFs may continue to experience stop-start flows in both directions.