Crypto ETF flows turned risk-off again on Feb. 23, as spot bitcoin exchange-traded funds recorded a $203.82 million net outflow after a brief period of stabilization. Spot ether ETFs also moved lower, posting $49.48 million in net outflows. In contrast, Solana ETFs continued to attract fresh capital, while XRP ETFs remained inactive during the session.
Bitcoin ETF Redemptions Led by Major Funds
The bulk of the bitcoin ETF outflows came from larger products. Blackrock’s IBIT posted the biggest redemption of the day at $116.44 million. Bitwise’s BITB lost $43.58 million, Fidelity’s FBTC saw $27.93 million leave the fund, Grayscale’s GBTC recorded $13.06 million in outflows, and ARK & 21Shares’ ARKB declined by $9.16 million.
There was one positive exception. Vaneck’s HODL brought in $6.35 million, but that was not enough to offset the broader weakness across the category. Total trading volume in bitcoin ETFs reached $3.35 billion, while combined net assets fell to $80.74 billion.
Ether ETFs Weaken, XRP ETFs Stay Quiet
Ether ETFs reflected a similar defensive tone. Blackrock’s ETHA accounted for most of the category’s withdrawals with $45.38 million in outflows. Vaneck’s ETHV lost $2.71 million, and Fidelity’s FETH declined by $1.39 million. Trading volume for ether ETFs came in at $724.49 million, with total net assets slipping to $10.46 billion.
XRP ETFs, meanwhile, saw no trading activity during the session. Even so, total net assets edged down to $974.85 million, a move attributed mainly to market valuation changes rather than investor subscriptions or redemptions.
Solana ETFs Continue to Draw Demand
Solana ETFs stood out as the only segment in the report to post net inflows, adding $7.99 million on the day. Bitwise’s BSOL led the category with $6.25 million in inflows, followed by Fidelity’s FSOL at $919,460 and Grayscale’s GSOL at $810,910. Trading volume for Solana ETFs totaled $25.17 million, and net assets closed at $689.29 million.
In a broader context, the report noted that bitcoin ETFs had already posted $316 million in weekly outflows, extending their losing streak to five consecutive weeks. The latest session suggests investors remain cautious on bitcoin and ether exposure, while still selectively allocating capital to segments such as Solana within the crypto ETF market.