Blackrock-Backed Bitcoin ETF Sees $32M Inflow, Solana Rebounds

The crypto exchange-traded fund (ETF) market saw a turnaround on July 29 after four consecutive days of withdrawals. Bitcoin ETFs, in particular, benefited from strong demand for Blackrock's IBIT, which drove $32.11 million into the category.

This influx reversed the previous losses and brought the total net inflows to $32.11 million. The overall trading value reached $1.88 billion, with combined net assets totaling $77.46 billion.

Blackrock's IBIT appears to be a key driver in bitcoin ETF flows, as its gains or losses closely mirror the category's performance. In contrast, ether funds saw more mixed results, with Morgan Stanley's MSSE attracting $14.30 million and Blackrock's ETHA adding $5.16 million.

However, these additions were outweighed by selling across five products, leading to a net outflow of $18.65 million for the category. Solana ETFs rebounded sharply, with Morgan Stanley's MSOL drawing in $19.06 million, while XRP ETFs returned to positive territory, albeit modestly.