US-listed crypto ETFs are flashing red across the board, with one notable exception.
Bitcoin spot ETFs saw daily net outflows of $133.3 million as of February 18, led by BlackRock’s IBIT, which lost $84.2 million, and Fidelity’s FBTC, which lost $49 million. Total net assets of Bitcoin funds stand at $83.6 billion, or about 6.3% of Bitcoin’s market capitalization, but recent flows suggest institutions are reducing their exposure rather than deepening declines.
Ethereum products have followed a similar pattern. US spot ETH ETFs saw $41.8 million in net outflows that day, with BlackRock’s ETHA losing almost $30 million. The total net assets of Ether funds are $11.1 billion, or approximately 4.8% of the ETH market capitalization.
This steady hemorrhaging comes as ether trades below $2,000 and struggles to build momentum despite broader expectations of rate cuts later this year.
XRP ETFs also fell into negative territory, posting $2.2 million in daily outflows. The total net assets of XRP funds are just over $1 billion, or approximately 1.2% of the XRP market capitalization. XRP’s price action reflected the cautious tone, with the token down more than 4% on the day.
Solana, however, stood out.
US SOL spot ETFs saw net inflows of $2.4 million, bringing cumulative inflows to nearly $880 million. Bitwise’s BSOL leads with $1.5 million in new capital. Although modest in absolute terms, the inflow stands in stark contrast to the broader risk-averse positioning for Bitcoin and Ether products.
Elsewhere, smaller altcoin ETFs such as LINK have seen marginal inflows, but the overall picture remains one of selective exposure rather than large-scale accumulation.
The divergence suggests that investors are rotating within crypto rather than exiting completely. As macroeconomic uncertainty persists and the dollar strengthens, ETF flows provide a real-time readout of where institutional conviction remains and where it fades.
