The market’s appetite for crypto exposure weakened noticeably as bitcoin exchange-traded funds (ETFs) slipped back into outflows after a brief return to positive territory at the start of the week. Ether funds followed the same direction, with redemptions accelerating across several major products.

Spot bitcoin ETFs recorded net outflows of $233.25 million, with selling pressure concentrated in some of the largest funds in the market. Fidelity’s FBTC and Ark & 21Shares’ ARKB led the declines, posting exits of $86.13 million and $85.07 million, respectively.

The past four trading days have seen bitcoin ETFs tilt more toward outflows.

Blackrock’s IBIT, often viewed as the sector’s institutional anchor, saw $32.95 million leave the fund. Additional outflows came from Grayscale’s GBTC and Bitwise’s BITB, which lost $17.59 million and $17.54 million. Morgan Stanley’s MSBT stood alone as the only fund to attract inflows, adding $6.02 million during the session.

Despite the broad pullback, trading activity remained elevated. Bitcoin ETFs generated $1.68 billion in total value traded, while total net assets across the category settled at $107.31 billion.

Ether ETFs faced even steeper pressure. The group recorded a second consecutive day of outflows, losing $130.62 million overall. Blackrock’s ETHA accounted for the majority of the decline with a substantial $102.04 million exit, marking one of the fund’s larger single-day withdrawals in recent weeks.

Fidelity’s FETH added to the weakness with $36.98 million in outflows, while Vaneck’s ETHV shed another $3.34 million. Blackrock’s ETHB once again acted as a relative bright spot, bringing in $11.75 million and partially offsetting the broader selling trend.

Trading volume across ether ETFs reached $554.84 million, with net assets ending the session at $13.39 billion.

Away from bitcoin and ether, investor appetite remained more constructive. Solana ETFs continued to draw capital despite the broader market weakness. The category recorded $19.07 million in inflows, led by Bitwise’s BSOL with $15.98 million. Fidelity’s FSOL added $3.09 million. Trading volume totaled $52.60 million, with net assets finishing at $1.06 billion.

Green May for solana ETFs with seven days of inflows so far.

XRP ETFs also posted net inflows of $5.31 million, driven primarily by Bitwise’s XRP fund, which attracted $4.19 million. 21Shares’ TOXR added another $1.12 million. Total trading activity reached $15.60 million, while net assets closed at $1.16 billion.

The divergence in flows is becoming increasingly difficult to ignore. While bitcoin and ether products are facing renewed institutional caution, capital continues to rotate into XRP and solana-linked funds, suggesting investors are seeking exposure to assets tied to emerging utility, infrastructure, and regulatory narratives rather than relying solely on the market’s two dominant cryptocurrencies.

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