Bitcoin Funds See Sixth Consecutive Week of Withdrawals as Solana and XRP Gain Traction
US-listed Bitcoin ETFs have recorded a sixth consecutive week of withdrawals, with $226.84 million in net outflows. This comes as the Bitcoin Cycle Momentum indicator remains in bear-market territory, printing -11.4, according to CryptoQuant analyst Gaah. The indicator has not moved above the neutral zone, and a sustained recovery would require a move back above zero alongside a bullish price structure.
The weakness in Bitcoin funds contrasts with the continued demand for select altcoin products. Spot Solana ETFs attracted $7.11 million in net inflows last week, while spot XRP ETFs added $10.66 million. This suggests some institutional investors are rotating into alternative crypto exposure rather than exiting the asset class altogether.
The shift extends a multi-month rotation into altcoin products, with spot Solana ETFs drawing more than $103 million in May alone. Morgan Stanley recently updated its proposed Solana ETF filing to include a staking component, and XRP ETF interest has also broadened, with Bitwise, 21Shares, and Canary Capital all in the queue with spot filings.