Key Facts

• On Monday, US spot bitcoin ETFs experienced a net outflow of $64 million, while spot ETFs for ether, XRP, Solana, and Hyperliquid all gained fresh cash, with ether funds gaining $22.5 million, Hyperliquid funds $17.2 million, and XRP and Solana funds about $2.8 million each.
• The outflow from bitcoin ETFs was primarily due to Grayscale's GBTC, which lost $124 million on the day, while BlackRock's IBIT, the largest fund, actually took in $66 million.
• The assets under management for bitcoin ETFs still stand at about $83 billion, compared to roughly $10 billion for ether and around $1 billion each for the XRP, Solana, and Hyperliquid products.
• The price of various cryptocurrencies increased on Monday, with XRP up about 7%, Solana 6%, and Hyperliquid 11% on the day.
• The outflow from GBTC has been ongoing since these funds launched, and it is unclear if the rotation into other cryptocurrencies is a real trend or just a one-day blip.