The flow of capital into spot Bitcoin and Ethereum ETFs has begun to adjust again after weeks of steady redemptions. New data shows that both asset classes recorded their first week of net positive inflows since October, and this could be an early sign that institutional appetite may stabilize after a difficult month for the leading cryptocurrencies and their ETF products.
On the other hand, inflow data shows that it recently launched Solana and XRP ETF products continue to attract steady institutional capital.
Bitcoin and Ethereum ETFs break their outflow streak
Find Bitcoin ETFs quietly turned theirs month-long decline of about $70 million in net inflows in the last week of November. According to data from SoSoValuethis is the first positive week of inflows since late October, ending a four-week streak streak of redemption that had removed about $4.35 billion in outflows from these funds.
Notably, most days of the just-ended week were defined by low activity in Bitcoin ETFs, but inflows of $71.37 million on November 28 were enough to bring the week to a positive close.
The return of positive net flows, even on a moderate scale, indicates that some institutional desks may be rebuilding exposure to Bitcoin.
Total net inflow of Bitcoin Spot ETF. Source: SoSoValue
Ethereum saw an even more notable change in flow numbers. Net inflows into Spot Ethereum ETFs climbed to about $312.62 million in the week just ended, ending a three-week stretch of redemptions that had drained more than $1.74 billion from issuers.
The size of Ethereum’s recovery stands out as the price of the leading altcoin had been under greater pressure than Bitcoin for most of November. The new inflows point to a noticeable change in sentiment, especially among institutions that had previously paused ETH accumulation.
Total net inflow of Ethereum Spot ETF. Source: SoSoValue
Solana and XRP ETFs maintain positive run
Even as Bitcoin and Ethereum struggled through weeks of outflows, the recently introduced Solana and XRP ETFs never lost momentum. Find Solana ETFs is now on one five-week inflow streak, with another $108.34 million inflow last week.
Interestingly, Spot Solana ETFs experienced $8.1 million in outflows on Wednesday to end a 21-day inflow streak, but this was insufficient to cause a net outflow week.
Spot XRP ETFs, although it was launched more recentlyhas followed a similar trajectory. They are now on a three-week streak of consistent inflows, with another $243.95 million added to last week, its highest weekly inflow to date.
Another Spot XRP ETF is going live soon, as 21Shares recently confirmed that its US Spot XRP ETF has secured SEC approval and will begin trading on Monday, December 1st. This builds on the increasing appetite of investors looking for more crypto exposure outside of Bitcoin and Ethereum.
Featured image from Unsplash, chart from TradingView
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