US bitcoin spot ETFs lost a net $64 million on Monday, even as ether, XRP, Solana and Hyperliquid spot ETFs raked in fresh cash. On the surface, that looks like a clean rotation from bitcoin to everything else.
The Ether funds earned $22.5 million, the Hyperliquid funds $17.2 million, and the XRP and Solana funds about $2.8 million each. That follows Monday’s price action, where alts were well ahead of bitcoin, with XRP up around 7%, Solana 6%, and Hyperliquid 11% on the day. The flows followed the tape.
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It’s worth keeping the scale in mind. Bitcoin ETFs still have about $83 billion in assets, compared to about $10 billion for ether and about $1 billion each for the XRP, Solana, and Hyperliquid products.
The bitcoin number needs a second look. The outflow was not large, as BlackRock’s IBIT, the largest fund, actually received $66 million. The net loss came almost entirely from Grayscale’s GBTC, the high-fee legacy trust that has been losing assets since these funds were launched, which lost $124 million that day. GBTC and bitcoin ETFs had an ordinary session
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The real issue is durability. If altcoin ETFs continue to attract inflows once GBTC drag fades, the rotation is real. If not, Monday was a blip disguised as a trend.
