US Spot Bitcoin and Ethereum ETFs finally snapped their six-day losing streak on Nov. 6, posting their first day of net inflows after nearly a week of nonstop capital outflows. Data from SoSoValue shows that Bitcoin ETFs attracted $240.03 million in new investment in the last 24 hours, while Ethereum ETFs earned $12.51 million.
Solana ETFs, meanwhile, continued to show remarkable consistency, bringing in $29.22 million in daily inflows. The figure extended Solana’s winning streak to eight consecutive days of positive equity movement, even as other major digital asset ETFs struggled to maintain momentum.
Strong debut for Solana ETFs
The data shows that The Solana ETFs launched with about $70 million on the first day and went on to accumulate approximately $531 million in net assets within the first week.
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While that’s down from the $1.5 billion Bitcoin ETFs saw in the first week and the $1.17 billion Ethereum ETFs saw, it’s still a remarkable number for a newcomer that entered the market during a period of volatility and cautious sentiment.
In spite of unstable trading conditions, Solana’s ETFs managed to attract consistent daily inflows between $37 million and $70 million for most of the week before slowing moderately to around $9.7 million on the seventh day.
Capital Flow Changes with Bitcoin and Ethereum Struggles
The steady inflows into the Solana ETFs are significant, especially as they occur during a difficult period for the broader crypto market, which has floated Bitcoin under the pressure of loss the psychological level of $100,000.
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Data from SoSoValue reveals that Spot Bitcoin ETFs recorded a six-day streak of outflows between October 29 and November 4, totaling around $2 billion in withdrawals. The largest single daily outflow occurred on November 4, when $577.74 million exited the funds. Spot Ethereum ETFs also faced a similar pattern, losing approximately $837.66 million over the same period.
The schism between Solana’s increasing inflow and the continued outflows from Bitcoin and Ethereum show a subtle but important shift in investor sentiment. Although it is important to note that both Bitcoin and Ethereum ETFs witnessed positive flows in the past trading day, and optimistic investors can only hope that it will remain so.
Despite this, Solana ETFs are in their early stages and they still have a considerable distance cover before matching the size and liquidity of Bitcoin and Ethereum products. At the time of writing, Bitcoin is trading at $101,482, down 1.6% over the last 24 hours, while Ethereum is trading at $3,336, down 1.2% over the same period.
Solana ETF inflows has yet to reflect in the price of the cryptocurrency, as it has fallen by 1.4% and 15.3% in the last 24 hours and seven days, respectively, and is trading at $157.
Featured image from Adobe Stock, chart from Tradingview.com
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