Solana and XRP ETFs Absorb Capital as Bitcoin and Ethereum Outflow

The crypto market experienced mixed results on September 16, as Bitcoin and Ethereum spot ETFs faced combined outflows of $520 million. Meanwhile, Solana and XRP spot ETFs absorbed fresh capital, with Solana attracting roughly $837,000 in net inflows.

The Federal Reserve raised interest rates by 25 basis points that day, pushing the target range to 3.75%-4.00%. This move appears to have triggered a risk recalibration among institutional investors holding the two largest crypto ETF products.

BlackRock's IBIT, the dominant Bitcoin ETF by assets, was a primary driver of the outflows.