U.S. Bitcoin spot ETFs lost a net $64 million on Monday, even as spot ETFs for Ether, XRP, Solana and Hyperliquid all generated new money. On the surface, this looks like a net rotation from Bitcoin to everything else.
The Ether funds gained $22.5 million, the Hyperliquid funds $17.2 million, and the XRP and Solana funds around $2.8 million each. This follows Monday’s price action, where alts far outpaced bitcoin, with XRP up around 7%, Solana up 6% and Hyperliquid up 11% on the day. The flows followed the band.
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It’s worth keeping scale in mind. Bitcoin ETFs still hold about $83 billion in assets, compared to about $10 billion for ether and about $1 billion each for XRP, Solana and Hyperliquid.
The Bitcoin number requires a second look. The outflows weren’t huge as BlackRock’s IBIT, the largest fund, actually took in $66 million. The net loss came almost entirely from Grayscale’s GBTC, the traditional high-fee trust that has lost assets since these funds launched, which lost $124 million that day. GBTC and Bitcoin ETFs had a regular session
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The real question is that of sustainability. If altcoin ETFs continue to attract inflows once the GBTC drag fades, the rotation is real. Otherwise, Monday was an incident disguised as a trend.
