Altcoin Season Spikes as Bitcoin ETFs Bleed

Bitcoin ETFs experienced another week of outflows, which contrasts sharply with the growing inflows into Ethereum and other altcoin-based ETFs. According to Farside Investors, the Spot Bitcoin [BTC] ETF saw $326.7 million in withdrawals during the last week, while BlackRock's IBIT had the largest outflow at $186.3 million.

In stark contrast, Ethereum [ETH] ETFs showed a stronger inflow trend than Bitcoin ETFs, with $27.42 million in inflows and only one day of outflows worth $32.9 million, according to SoSo Value data. BlackRock's ETHA saw the largest inflows at $36.6 million.

The Solana [SOL] ETF also saw significant weekly inflows at $2.82 million, while the XRP ETF had $14.85 million in inflows. However, the DOGE ETF experienced no weekly flows, and the HYPE ETF saw $14.75 million in inflows.

This trend suggests that investors are shifting their attention away from Bitcoin and towards other altcoins, which could be a sign of 'altcoin season' according to CoinMarketCap data, with the altcoin index standing at 53.