Solana and XRP Quietly Absorb Fresh Capital Amid Bitcoin and Ethereum ETF Outflows
The crypto market saw mixed signals on September 16 as Bitcoin and Ethereum spot ETFs experienced combined outflows of $520 million, while Solana and XRP quietly absorbed fresh capital.
BTC ETFs shed $295.98 million in net outflows, with ETH not far behind at $224.11 million. Meanwhile, XRP ETFs pulled in $3.50 million and SOL ETFs attracted roughly $837,000 in net inflows.
The Federal Reserve raised interest rates by 25 basis points on the same 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. The cumulative numbers provide useful context for sizing up these products: BTC ETFs have accumulated $54.57 billion in net inflows since launch, with $95.19 billion in total assets.