Ether ETFs attracted $14.53 million on Tuesday, building on Monday’s gains as demand spread across three funds. Bitcoin ETFs posted a fourth straight outflow, while solana recorded its second-largest withdrawal since launch.
Key Takeaways
- Blackrock’s ETHB led ether ETFs to $14.53M on July 28 as bitcoin ETFs lost $49.75M.
- Solana ETFs saw a $18.07M exit, their 2nd-largest, as demand shifted toward ether.
- Morgan Stanley’s MSSE drew $5.15M, testing whether staking can extend ether’s 2-day rebound.
Blackrock Pulls $54.83M From IBIT as Bitcoin ETF Outflows Reach Four Days
Institutional crypto demand split further on Tuesday, July 28. Ether funds kept pulling in fresh capital, but bitcoin’s losing streak deepened and solana suffered one of its weakest sessions to date.
Bitcoin exchange-traded funds (ETFs) recorded $49.75 million in net outflows on July 28. HYPE funds also stayed in the red, while XRP products saw no net creations or redemptions.
Ether Draws Fresh Capital as Bitcoin Streak Worsens
Ether ETF inflows were spread across three products.
Blackrock’s ETHB led with $5.91 million. Morgan Stanley’s newly launched staking-enabled MSSE attracted $5.15 million, while Blackrock’s ETHA added $3.47 million.
Together, the funds produced a $14.53 million net inflow. Total trading value reached $633.51 million, while combined net assets closed at $10.50 billion.
Bitcoin ETFs moved in the opposite direction for a fourth consecutive session. Blackrock’s IBIT posted a $54.83 million withdrawal, accounting for all of the category’s gross outflows.
Grayscale’s Bitcoin Mini Trust partly offset the loss with a $5.08 million inflow. That left the group with a net withdrawal of $49.75 million. Bitcoin ETF trading value reached $1.40 billion. Total net assets fell to $77.23 billion, down from $78.71 billion a day earlier.
The muted fund-level activity suggests that the latest retreat was concentrated rather than marketwide. Still, four straight days of withdrawals point to weaker near-term demand for the largest crypto asset.
Solana Suffers Sharp Exit as HYPE Slide Continues
Solana ETFs recorded an $18.07 million net outflow, the second-largest daily withdrawal since the products launched. Most of the selling was concentrated in Bitwise’s BSOL. Total solana ETF trading value rose to $78.76 million, while net assets dropped to $851.84 million.
HYPE ETFs posted a fourth straight day of withdrawals. Bitwise’s BHYP lost $1.24 million, pushing the category’s net assets down to $269.40 million. Total trading value reached $18.52 million.
XRP ETFs reported no net flows. However, combined assets declined to $971.57 million, slipping below the $1 billion level.
The recent HYPE withdrawals contrast with its strong early performance. Grayscale Research said HYPE exchange-traded product flows have grown quickly relative to the token’s market value and remain ahead of bitcoin, solana and XRP at comparable stages of their ETF lifecycles.
That early strength has not prevented a near-term pullback. Tuesday’s data instead showed a market becoming more selective, with ether attracting capital while bitcoin, solana and HYPE products absorbed fresh selling.