U.S. spot crypto ETFs recorded widespread outflows, driven primarily by bitcoin and ether funds, while Solana-linked products attracted fresh capital — pointing to selective institutional rotation rather than a wholesale exit from digital assets.
Bitcoin spot ETFs posted $133.3 million in net redemptions on Feb. 18. Outflows were led by BlackRock’s IBIT, which saw $84.2 million leave the fund, and Fidelity Investments’s FBTC, which shed $49 million. Total net assets across U.S. bitcoin ETFs stand at $83.6 billion, representing roughly 6.3% of bitcoin’s market capitalization. Recent flow data, however, suggests institutions are lightening positions rather than buying the dip.
Ether funds followed suit. U.S. spot ETH ETFs registered $41.8 million in daily outflows, with BlackRock’s ETHA accounting for nearly $30 million of the withdrawals. Combined net assets across ether products total $11.1 billion, about 4.8% of ETH’s market cap. The persistent outflows come as ether trades below $2,000 and struggles to generate sustained upside momentum, even as markets anticipate potential rate cuts later this year.
XRP-focused ETFs also slipped into negative territory, logging $2.2 million in daily outflows. Assets under management across XRP funds hover just above $1 billion, or around 1.2% of the token’s market value. XRP’s price performance has reflected the cautious tone, with the token down more than 4% on the day.
Solana, by contrast, bucked the broader trend.
U.S. spot SOL ETFs attracted $2.4 million in net inflows, lifting cumulative inflows to nearly $880 million. Bitwise Asset Management’s BSOL led the way, drawing in $1.5 million. Though modest in size, the inflows stand in clear contrast to the risk-off positioning seen in bitcoin and ether products.
Elsewhere, smaller altcoin ETFs such as LINK recorded slight inflows, but the overall picture reflects selective allocation rather than broad-based accumulation.
The divergence in flows suggests that investors are rotating within the crypto market instead of exiting entirely. With macro uncertainty lingering and the U.S. dollar strengthening, ETF activity continues to provide a real-time gauge of where institutional conviction is holding — and where it is beginning to fade.
