The flow of capital into Bitcoin and Ethereum spot ETFs has started to adjust again after weeks of steady redemptions. New data shows that both asset classes recorded their first week of positive net inflows since October, which could be an early sign that institutional appetite may be stabilizing after a difficult month for major cryptocurrencies and their ETF products.
In contrast, entry data shows than the recently launched The Solana and XRP ETF products continue to attract stable institutional capital.
Bitcoin and Ethereum ETFs Break Their Exit Streak
Spotting Bitcoin ETFs quietly reversed their month-long slowdown with around $70 million in net inflows during the last week of November. According to data from SoSoValuethis is the first week of positive inflow since the end of October, ending a four-week period series of buyouts which had removed approximately $4.35 billion in cash outflows from these funds.
Notably, most days of the just-concluded week were defined by low Bitcoin ETF activity, but November 28’s inflows of $71.37 million were enough to make the week a positive close.
The return of positive net flows, even on a moderate scale, indicates that some institutional offices may be rebuilding their Bitcoin exposure.
Total net inflow of Bitcoin Spot ETFs. Source: SoSoValue
Ethereum saw an even more notable change in flow numbers. Net inflows into Spot Ethereum ETFs climbed to approximately $312.62 million in the just-ended week, ending a three-week period of redemptions that had drained more than $1.74 billion from issuers.
The scale of Ethereum’s rebound is remarkable because the price of the leading altcoin had been under more intense pressure than Bitcoin for most of November. The new inflows indicate a notable shift in sentiment, particularly among institutions that had previously suspended ETH accumulation.
Total net inflow of Ethereum Spot ETFs. Source: SoSoValue
Solana and XRP ETFs maintain positive trend
Even though Bitcoin and Ethereum experienced weeks of outflows, the newly introduced Solana and XRP ETFs never lost momentum. Solana Spot ETF are now on a a five-week streak of consecutive entries, with another $108.34 million influx last week.
Interestingly, Spot Solana ETFs saw $8.1 million in outflows on Wednesday to end a 21-day inflow streak, but it wasn’t enough to cause a week of net outflows.
Spot XRP ETF, although launched more recentlyfollowed a similar trajectory. They are now on a three-week stretch of consistent inflows, with another $243.95 million added last week, its highest weekly inflow so far.
Another Spot XRP ETF is should be online soon, as 21Shares recently confirmed that its US Spot XRP ETF has received SEC approval and will begin trading on Monday, December 1st. This builds on the growing appetite of investors seeking greater crypto exposure outside of Bitcoin and Ethereum.
Featured image from Unsplash, chart from TradingView
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