The final week of February saw the crypto ETF market under significant pressure, with Bitcoin and Ethereum funds experiencing major outflows. BlackRock’s IBIT saw the largest withdrawals, while Grayscale’s lower-cost BTC Mini ETF attracted some capital. In contrast, Solana ETFs continued to draw steady institutional inflows, highlighting a shifting market dynamic as evidenced by T. Rowe Price’s new multi-asset crypto fund.
Spot Bitcoin Exchange-Traded Funds (ETFs) recorded $315.9 million in net outflows this week according to data. The majority, $303.5 million, originated from BlackRock‘s iShares Bitcoin Trust (IBIT).
Mid-February saw three consecutive days of heavy withdrawals beginning February 17. The outflows peaked on February 19 with $165.8 million leaving the market, led again by IBIT.
This trend briefly reversed on February 20 with $88.1 million in net inflows. IBIT itself contributed $64.5 million of that positive flow.
The Ethereum ETF market followed a similar pattern, starting the week with inflows before a $130.1 million withdrawal on February 19. BlackRock‘s Ethereum Trust accounted for nearly $97 million of that single-day exodus.
In stark contrast, Solana ETFs have attracted consistent inflows since February 9. The week saw steady interest, culminating in a $6 million single-day inflow on February 19.
The ripple (XRP) ETF market showed minimal activity, with a small outflow on February 18 and a brief $4.05 million inflow the following day. Activity returned to near-zero levels by February 20.
This market segmentation coincides with a broader institutional move into diversified crypto products. T. Rowe Price announced plans for an Active Crypto ETF on February 17, including assets like Litecoin, Solana, and Cardano alongside Bitcoin and Ethereum.
