Accounts reflected net withdrawals of 415 million dollars last week from such products contradictory to the two months of steady inflow seen since the elections last November in the US.
As has been highlighted in the report dated February 17, these products managed to garner $24.9 billion in the last 19 weeks, beating the previous record of $16 billion collected during the first 19 weeks after the launch of spot Bitcoin exchange-traded funds in January 2024.
Bitcoin, Ethereum lead outflows
From BTC-related investment products, the most significant sell-off occurred, with $430 million withdrawn. According to Butterfill, the sell-off of the crypto has been due to rising interest rates expectations that could influence market behaviour.
All of them saw considerable outflows from US-based Bitcoin ETFs, with Fidelity accounting for the lion's share at $282 million. Ark 21Shares followed that withdrawal with $163 million; Grayscale also had $140 million exiting its funds.
Despite the up-and-down rollercoaster ride in the marketplace, very little outflow was registered for Ethereum with a paltry $7.2 million. Even so, it continues to enjoy high investor interest as it rolled up net inflows of $785 million in the current month.
In total, the US registered $464 million in outflows from these products. The European markets resisted this trend to some extent. Inflows from Germany, Switzerland, and Canada were reported at $21 million, $12.5 million, and $10.2 million, respectively.
Solidifying adoption in Solana and XRP
While Bitcoin and Ether seemed depressed, Solana was on the move, attracting a new $8.9 million investment.
Undoubtedly, this is linked with increased speculation about the future Solana-based ETF products because some issuers, including Canary Capital, VanEck, 21Shares, and Bitwise, are already filing for approval with the US Securities and Exchange Commission.
XRP also performed well, drawing in $8.5 million in new capital. The token remains on buyers' radar as speculative talks about an XRP ETF push the year-to-date inflow to $161 million.
Positive activity also occurred with blockchain assets. The Sui network recorded inflows of $6 million, whereas blockchain equities attracted inflows of $20.8 million, thus reaching a total of $220 million for the year.
