US Spot Solana ETFs Extend Inflows Streak As BTC, ETH Products Continue To Bleed
US spot Solana ETFs (exchange-traded funds) managed to extend their inflows streak even as their Bitcoin and Ethereum counterparts suffered outflows amid a broader market selloff.
Over the past 24 hours, the crypto market slid over 2% as the majority of the largest cryptos by capitalization tumbled along with the rest of the market, according to data from CoinMarketCap. Following the market-wide pullback, the sector’s capitalization stands at around $3.38 trillion.
Investor sentiment has also weakened in recent days. The Crypto Fear & Greed Index currently stands at an “Extreme Fear’ reading of 23. While this is a two-point improvement from yesterday, it is a 48-point drop from the “Greed” reading seen a month ago.
US Spot Solana ETFs Extend Their Inflows Streak
Among the cryptos that suffered 24-hour losses was Solana (SOL), which saw its price fall over 2% throughout the past trading day. This decline also extended the crypto’s negative weekly performance. As a result, SOL is now more than 19% in the red on the seven-day time frame as well.
Despite that continued retracement, institutional investors are flocking to the spot ETF products for the crypto that recently debuted in the US.
Data from Farside Investors shows that Bitwise’s BSOL and Grayscale’s GSOL both saw net daily inflows in the latest trading session.
US spot SOL ETF flows (Source: Farside Investors)
Combined, the products saw $14.9 million net inflows yesterday. BSOL accounted for the majority of this amount, with its $13.2 million inflows on the day. Following the latest inflows, the US spot Solana ETFs have extended their positive flow streak to six days.
BSOL’s cumulative inflows have also soared to $275.4 million during that period. This is far more than the $8.8 million that has flowed into GSOL since it launched one day after BSOL.
Spot Bitcoin And Ethereum ETFs See Nearly $800 Million Outflows
The continued inflows for spot Solana ETFs in the US is impressive considering that investors pulled nearly $800 million from spot Bitcoin and Ethereum ETFs in the latest trading session.
BTC products took the biggest hit after $566.4 million left the funds’ collective reserves yesterday, data from Farside Investors shows.
Fidelity’s FBTC, which is the second-largest spot BTC ETF in terms of cumulative inflows, led that outflows charge yesterday when $356.6 million was withdrawn from the fund. ARK Invest’s ARKB posted the next-biggest outflows of $128.1 million.
Meanwhile, other spot Bitcoin ETFs including Bitwise’s BITB, Franklin Templeton’s EZBC, and VanEck’s HODL recorded outflows on the day as well. The remaining funds recorded no new flows.
With regards to the spot ETH ETFs, investors pulled $219.4 million from these investment products amid the broader market pullback.
BlackRock’s ETHA suffered the biggest outflows of $111.1 million, while Fidelity’s FETH and Grayscale’s ETHE and ETH products saw $19.9 million, $19.8 million, and $68.6 million outflows, respectively. The remaining funds recorded no new flows.
Both the spot Bitcoin and spot Ethereum ETFs in the US extended their respective outflows streaks to five days.
Related Articles:
About Author
About Author
