Bitcoin ETF Withdrawals Continue For Sixth Week – Solana, XRP Funds Pull In Capital

• US-listed Bitcoin exchange-traded funds recorded $226.84 million in net outflows last week, marking a sixth consecutive week of withdrawals.
• Spot Ethereum ETFs also saw $10.05 million in net outflows, leaving the cohort with roughly $10 billion in assets under management.
• In contrast, spot Solana ETFs attracted $7.11 million and spot XRP ETFs added $10.66 million, suggesting some institutional capital is rotating into altcoins.

Institutional investors continued pulling money from Bitcoin (BTC) funds last week, while Solana (SOL) and XRP (XRP) linked exchange-traded funds (ETFs) attracted fresh inflows, highlighting a growing divergence in crypto allocation trends.

According to SoSoValue data, US spot Bitcoin ETFs recorded $226.84 million in net outflows last week, extending a six-week streak of withdrawals and reducing total assets under management to $78.32 billion. 

Bitcoin’s price was trading at $64,191, up over 1% during the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the neutral zone, while chatter around it stayed in the ‘low’ levels over the past day.

Spot Ethereum (ETH) ETFs also recorded $10.05 million in net outflows, leaving the category with roughly $9.30 billion in assets under management.

The weakness in Bitcoin and Ethereum funds contrasts with the continued demand for select altcoin products. Spot Solana ETFs attracted $7.11 million in net inflows last week, while spot XRP ETFs added $10.66 million, suggesting some institutional investors are rotating into alternative crypto exposure rather than exiting the asset class altogether.

Bitcoin Momentum Still Signals Caution

The ETF flow divergence comes as on-chain indicators continue to paint a cautious picture for Bitcoin's broader trend.

CryptoQuant analyst, who goes by the moniker Gaah, said the platform's Bitcoin Cycle Momentum indicator remains below its neutral threshold, printing -11.4, a level that historically corresponds with bear-market conditions.

While the indicator has approached the -30 range, a zone that has often coincided with major cyclical bottoms, the analyst said a sustained recovery would require the metric to move back above zero alongside a bullish price structure.

"Bitcoin Cycle Momentum has not moved above the neutral zone (0), so the bear market is still underway," Gaah wrote in a recent market update.

The shift extends a multi-month rotation into altcoin products: spot Solana ETFs drew more than $103 million in May alone, and Morgan Stanley (MS) recently updated its proposed Solana ETF filing to include a staking component. XRP ETF interest has also broadened, with Bitwise, 21Shares, and Canary Capital all in the queue with spot filings.

For now, persistent Bitcoin ETF outflows and negative cycle momentum suggest institutional caution remains intact, even as inflows into Solana and XRP products indicate investors are still willing to seek opportunities elsewhere in the crypto market.

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