Altcoins Outshine Bitcoin ETFs Amid Price Drop
Bitcoin ETFs have been experiencing outflows while other altcoins attract fresh inflows. In the last week, Bitcoin's Spot ETF saw $326.7 million in withdrawals and $265.2 million in inflows. BlackRock's IBIT experienced the largest outflows, totaling $186.3 million.
In contrast, Ethereum ETFs had a stronger inflow trend with ETH ETFs receiving $27.42 million in inflows, while BlackRock's ETHA saw the largest inflows, totaling $36.6 million.
Other altcoins such as Solana and XRP ETFs also saw significant inflows, with the Solana ETF seeing $2.82 million and the XRP ETF seeing $14.85 million in weekly inflows. The HYPE ETF, however, experienced a notable increase in flows, drawing in $14.75 million of inflows.
The price action for Bitcoin dropped by over 4% in the past week, from around $64,000 to $62,556.58. This decline may have contributed to the outflows seen in Bitcoin ETFs.