A sharp divergence emerged in the crypto ETF market this month.
According to SoSo Value data, the new products tracking Solana and XRP are attracting significant capital, contrasting with a severe wave of outflows from established Bitcoin and Ethereum funds.
The data shows that the newly launched altcoin ETFs have registered more than $500 million in combined inflows in less than a month.
These inflows highlight growing investor interest in assets beyond the market leaders.
Solana ETFs, which launched in October, have accumulated $382.05 million in total inflows in just three weeks. The three funds, managed by Grayscale, Bitwise, and VanEck, now oversee combined assets worth more than $541.31 million, according to SoSo Value.
Meanwhile, demand for the newer XRP product has proven similarly robust.
The spot XRP ETF, launched by Canary Capital last week, attracted $250 million in its first day of trading on nearly $60 million in volume.
Nate Geraci, co-founder of the ETF Institute and President of NovaDius Wealth, highlighted the significance of the product’s performance on X, saying:
“Canary XRP ETF has [posted the] highest day one trading volume out of 900+ ETF launches this year.”
According to him, this was further evidence of how spot crypto ETFs’ performance has consistently and significantly surpassed the expectations of the traditional finance sector.
While he noted that skepticism from the “old guard” of traditional finance remains high, investor capital is the definitive measure of success.
Still, he pointed out that spot crypto ETFs have consistently exceeded expectations and have come to dominate the list of top ETF launches in the last two years.
Bitcoin and Ethereum see major outflows
The enthusiasm for altcoin funds stands in stark contrast to US-based spot Bitcoin ETFs, which recorded significant outflows of more than $3 billion over the three weeks ending Nov. 14.
The redemptions were sustained, beginning with $798 million for the week ending Oct. 31. Outflows then accelerated to $1.2 billion for the week ending Nov. 7, followed by another $1.1 billion shed for the week ending Nov. 14.
Ethereum ETFs experienced a similar trend, shedding more than $1.2 billion in total during the same period. Following modest inflows of $15 million in the last week of October, the ETH funds experienced significant outflows of more than $500 million and $728 million in the subsequent two weeks.
That amounts to a total of $4.2 billion in outflows across Bitcoin and Ethereum ETFs alone.
James Butterfill of CoinShares suggested the recent drawdowns from the Bitcoin and Ethereum ETFs are linked to macro-level concerns.
He wrote:
“We believe the combination of monetary policy uncertainty and crypto-native whale sellers are the main reasons for this most recent negative funk.”
Meanwhile, BlackRock’s funds were responsible for around 50% of the redemptions, with IBIT and ETHA collectively losing more than $2 billion. Nearly $1.4 billion left IBIT, while over $700 million exited ETHA.
During this period, BlackRock’s ETHA registered a $421 million outflow, its largest weekly loss since launching in 2024.
Despite the recent pullback, a Q3 2025 overview of IBIT’s institutional ownership showed a 15% increase in the number of institutional holders. Total institutional ownership rose by 1% to reach 29%, with Sovereign Wealth Fund and UAE ownership at 2.14% and 4.1%, respectively.
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