Bitcoin and Ethereum ETFs log $797 million in outflows as Solana funds draw inflows
The post Bitcoin and Ethereum ETFs log $797 million in outflows as Solana funds draw inflows appeared on BitcoinEthereumNews.com.
Bitcoin and Ethereum U.S. spot ETFs recorded a combined $797 million in outflows for the fifth straight day, while Solana ETFs extended the momentum of inflows. On-chain data showed that U.S. BTC spot ETFs recorded $578 million in outflows on November 4th. Ethereum posted $219 million for the fifth consecutive day in outflows. So far, Bitcoin ETFs have bled over $1 billion in institutional capital, cumulatively showing a sustained cooling off in demand for BTC and ETH. Based on SoSoValue data, BTC has seen $764 million withdrawn since the token hit its all-time high on October 26th this year. The sustained streak of outflows has been attributed to profit-taking by large institutions and rebalancing of custody. However, it remains unclear why there has been a streak of withdrawals across the cryptocurrency ecosystem. Solana ETFs posts net inflows despite SOL tumbling over 30% Solana ETFs have, however, displayed a sustained streak of inflows despite its native token, SOL, tumbling more than 30% over the past month. According to on-chain data, Solana ETFs have recorded a combined net inflow of $84.88 million over the past month. BSOL made the largest contribution with $78.32 million, while Grayscale’s GSOL ETF contributed the remaining over the period of 30 days. Source: SoSoValue; Bitwise BSOL cumulative inflows over the past 30 days In Contrast to ETH and BTC outflows, SOL ETFs attracted $14.83 million in net inflows on November 4, marking its 6th consecutive day of net inflows. The sustained net inflows in Solana-based ETFs have shown growing confidence in the asset as an alternative for institutional diversification. Solana-based ETFs also offer higher yield percentages on stacking, with BSOL offering roughly 7%. The Solana-based ecosystem, including DeFi, NFT, and validator networks, has also experienced a surge in activity. Based on on-chain data, Solana has minted over…
