U.S. spot crypto ETFs saw widespread redemptions, with bitcoin and ether funds bearing the brunt of the outflows, while Solana products attracted fresh capital — signaling a shift in allocation rather than a broad exodus from digital assets.
Bitcoin spot ETFs recorded $133.3 million in net outflows on Feb. 18. The largest withdrawals came from BlackRock’s IBIT, which lost $84.2 million, and Fidelity Investments’s FBTC, which shed $49 million. Even after the recent redemptions, total net assets across U.S.-listed bitcoin ETFs remain sizable at $83.6 billion — roughly 6.3% of bitcoin’s market capitalization. Flow trends, however, suggest institutions are trimming exposure rather than accumulating on weakness.
Ether funds followed a similar path. U.S. spot ETH ETFs logged $41.8 million in daily outflows, with BlackRock’s ETHA accounting for nearly $30 million of that total. Combined net assets across ether products stand at $11.1 billion, representing about 4.8% of ETH’s market value. The steady bleed comes as ether trades below $2,000 and struggles to build sustained momentum despite expectations of monetary easing later this year.
XRP-linked ETFs also moved into negative territory, posting $2.2 million in net outflows. Assets under management across XRP funds sit just above $1 billion, or roughly 1.2% of XRP’s market cap. XRP’s price action has mirrored the cautious tone, with the token down more than 4% on the day.
Solana, however, diverged from the broader trend.
U.S. spot SOL ETFs attracted $2.4 million in net inflows, lifting cumulative inflows to nearly $880 million. Bitwise Asset Management’s BSOL led the move with $1.5 million in fresh capital. Though modest in size, the inflows contrast sharply with the redemptions seen in bitcoin and ether funds.
Other smaller altcoin ETFs, including LINK-focused products, registered marginal inflows, but the broader landscape reflects selective allocation rather than broad-based accumulation.
The divergence in flows indicates investors are rotating within the crypto market instead of exiting entirely. With macro uncertainty persisting and the U.S. dollar firming, ETF activity continues to offer a real-time gauge of where institutional conviction is holding steady — and where it is beginning to fade.
