Despite volatile trading conditions, Bitcoin spot exchange-traded funds (ETFs) managed to post a net inflow of $22.34 million over the four-day trading week ending July 8, while Ether ETFs extended their losing streak with net outflows of $42.15 million. Solana and XRP ETFs also faced headwinds, losing $5.2 million and $3.56 million respectively.
Bitcoin ETFs: BlackRock Leads, But Mid-Week Selling Pressure Emerges
BlackRock’s IBIT was the primary driver of Bitcoin ETF inflows, reinforcing institutional appetite for the leading cryptocurrency. Early support also came from Ark & 21Shares’ ARKB and Fidelity’s FBTC. However, mid-week selling hit hard—IBIT, FBTC, as well as Grayscale’s GBTC and Bitwise’s BITB reversed into net outflows. Smaller funds such as Grayscale Bitcoin Mini Trust and VanEck’s HODL provided some stabilization with modest inflows. Bitcoin ETFs closed the week in positive territory, but without strong conviction.
Ether ETFs: Eighth Straight Day of Outflows
Ether ETFs suffered their eighth consecutive day of net outflows, totaling $42.15 million for the week. BlackRock’s ETHA remained the main pressure point, consistently posting large redemptions. Fidelity’s FETH and Grayscale’s ETHE also added to the selling. Nevertheless, pockets of resilience emerged: BlackRock’s ETHB attracted steady inflows thanks to its staking appeal; Grayscale Ether Mini Trust, Bitwise’s ETHW, and 21Shares’ TETH also saw selective buying. This divergence suggests investors are not abandoning Ether entirely, but are becoming more discerning.
Solana and XRP ETFs: Downward Trend Continues
Solana ETFs recorded a net outflow of $5.2 million, primarily driven by weakness in Bitwise’s BSOL. A brief inflow into Fidelity’s FSOL offered some relief, but was insufficient to reverse the trend. XRP ETFs followed suit with $3.56 million in net outflows, as activity remained thin across the board. Grayscale’s GXRP and other products experienced sporadic redemptions and limited inflows.
Market Implications: Capital Concentration and Caution
The broader takeaway from this week’s data is that while capital continues to flow through crypto ETFs, it is becoming more concentrated. Investors are gravitating toward a select few products, reacting quickly, and committing less. The holiday-shortened week delivered mixed results: Bitcoin edged into positive territory, Ether extended its losses, and both Solana and XRP declined. The market remains active, but robust confidence has yet to materialize.