- US spot Bitcoin ETFs snapped a two-day outflow streak with a net inflow of $167 million on Monday, according to SoSoValue.
- Major altcoin ETFs for Ethereum, XRP, and Solana extended their outflow streak to three days, with cumulative losses for Ether reaching $225 million.
- Analysts caution the Bitcoin market may not have found a structural bottom, citing data that shows short-term holders are selling at a loss.
US spot Bitcoin exchange-traded funds (ETFs) reversed a recent trend on Monday, posting net inflows as the cryptocurrency’s price climbed toward $70,000. The resurgence in investor demand followed two sessions of outflows last week, according to data from SoSoValue.
Consequently, Monday saw $167 million flow into these Bitcoin investment vehicles. This positive shift coincided with broader crypto market gains reportedly spurred by easing geopolitical tensions.
However, demand remained weak for other crypto-linked ETFs. Altcoin funds faced significant selling pressure, with outflows persisting in Ether, XRP, and Solana products.
Meanwhile, the underlying tokens for these altcoins actually rose 3-5% over the past 24 hours, according to CoinGecko data. This disconnect highlights a divergence between ETF flows and spot market performance.
Specifically, Ether, XRP, and Solana ETFs recorded outflows of $51 million, $18 million, and $2.5 million respectively on Monday. This marked their third consecutive day of net redemptions.
While selling pressure for ETH and SOL has subsided slightly, XRP outflows intensified over the period. Analysts warn it may be premature to declare a market bottom for Bitcoin.
CryptoQuant’s analyst IT pointed to on-chain metrics showing short-term holders are selling at a loss. Market stress is building but has not yet reached capitulation levels, suggesting a clearer bottom may still be ahead.
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