US-listed crypto ETFs are flashing red across the board, with one notable exception.
Bitcoin spot ETFs recorded $133.3 million in daily net outflows through February 18, led by BlackRock’s IBIT, which lost $84.2 million, and Fidelity’s FBTC, which lost $49 million. Total net assets of bitcoin funds stand at $83.6 billion, about 6.3% of bitcoin’s market cap, but recent flows suggest institutions are trimming exposure rather than adding to declines.
Ethereum products followed a similar pattern. US ETH spot ETFs recorded $41.8 million in net outflows that day, with BlackRock’s ETHA losing nearly $30 million. The total net assets of ether funds amount to $11.1 billion, approximately 4.8% of ETH’s market capitalization.
The continued bleeding comes as ether trades below $2,000 and struggles to build momentum despite broader expectations of rate cuts later this year.
XRP ETFs also fell into negative territory, recording daily outflows of $2.2 million. The total net assets of the XRP funds exceed $1 billion, or approximately 1.2% of the XRP market capitalization. Price action in XRP has reflected the cautious tone, with the token falling more than 4% on the day.
Solana, however, stood out.
US SOL spot ETFs recorded $2.4 million in net inflows, bringing cumulative inflows to nearly $880 million. Bitwise’s BSOL led with $1.5 million in fresh capital. While modest in absolute terms, the entry contrasts sharply with the broader risk-averse position on bitcoin and ether products.
Elsewhere, smaller altcoin ETFs such as LINK saw marginal inflows, but the overall picture remains one of selective exposure rather than broad accumulation.
The divergence suggests investors are rotating into cryptocurrencies rather than exiting completely. With macroeconomic uncertainty persisting and the dollar strengthening, ETF flows offer a real-time reading of where institutional conviction remains and where it is fading.
