Ether Funds Soar as Bitcoin Outflows Continue for Third Day
The crypto market saw institutional capital flow in on July 27, but the trend was not uniform. Blackrock's ETHA led the way for ether ETFs with an $11.75 million inflow, bringing the total to $10.65 billion in net assets and $775.34 million in trading value.
Bitcoin funds, however, continued their three-day streak of outflows, losing a total of $11.64 million on Monday. This reversal has seen institutions rotate toward ether and smaller altcoins like Solana and XRP.
Solana ETFs attracted $1.03 million, mostly going into Bitwise's BSOL, while XRP products added a modest $592,470 to Franklin Templeton's XRPZ. The HYPE ETF category continued to struggle, losing $2.89 million and testing its ability to stabilize after a strong launch period.
Giselle Lai, Director of Digital Assets Strategist at Fidelity International, noted that bitcoin is often the first stop for institutions entering the crypto market, but ETFs are helping large investors make more informed allocation decisions by providing exposure to various assets beyond just bitcoin.