Key Notes
- Solana ETFs recorded $9.7 million in inflows, marking seven straight days of gains.
- Bloomberg’s Eric Balchunas called crypto ETFs the most fascinating development in modern finance.
- BTC and ETH ETFs continued to bleed, marking six straight days of outflows.
US-based Solana spot ETFs recorded their seventh consecutive day of inflows on Nov. 5, indicating massive demand while Bitcoin
BTC
$103 079
24h volatility:
1.3%
Market cap:
$2.06 T
Vol. 24h:
$61.92 B
and Ethereum
ETH
$3 378
24h volatility:
1.3%
Market cap:
$407.67 B
Vol. 24h:
$35.25 B
products faced continued withdrawals.
According to the data from SoSoValue, Solana ETFs saw a combined net inflow of $9.7 million, with Bitwise’s BSOL bringing in $7.46 million and Grayscale’s GSOL adding $2.24 million. This brings Solana’s total ETF net asset value to $531 million and cumulative inflows to $294 million, representing about 0.59% of SOL’s total market capitalization.
Meanwhile, Bitcoin and Ethereum ETFs struggled to attract buyers with spot BTC ETFs recording $137 million in outflows, marking six straight days of redemptions, while spot Ethereum ETFs saw $119 million in outflows over the same period.
Additionally, the Hedera spot ETF saw a net inflow of $1.92 million, while the Litecoin ETF saw no new inflows.
Institutional Accumulation amid Price Dips
Despite the bearish flow trend in Bitcoin ETFs, data from CryptoQuant shows that, excluding Grayscale’s GBTC, Bitcoin ETFs recorded a surprising inflow equivalent to roughly 5,000 BTC on Nov. 4 when Bitcoin’s price dropped to a low of $98K.
Change in total BTC holdings for Bitcoin ETF | Source: TradingView
Analysts call this a classic “value-based accumulation,” where long-term investors strategically buy during market weakness rather than following momentum. This kind of institutional buying, occurring during price dips, could form a support base beneath the market.
However, for this signal to confirm a broader reversal, the 7-day average flow must turn positive. Until then, the inflows are a counter-indicator, indicating strong demand amid a crashing market.
The ETF Landscape: Innovation and Volatility
In the latest episode of ETF Prime, Bloomberg Intelligence’s Eric Balchunas described the crypto ETF segment as the most exciting area in finance, calling the Bitcoin ETF launch “the greatest debut in the fund industry’s history.”
He singled out BlackRock’s iShares Bitcoin Trust (IBIT), now the company’s top revenue-generating ETF, just a year after launch, comparing its impact to Tiger Woods’ 1997 Masters performance.
Market Caution and Citi’s Warning
In its recent report, Wall Street giant Citi said October’s liquidations left a lasting dent in investor confidence, especially among new ETF buyers who have retreated from risk. Analysts noted that steady inflows into Bitcoin ETFs were once a key pillar of support, but that momentum has now slowed, leaving sentiment fragile.
The report also pointed to concerning on-chain data. For example, large Bitcoin holders have been decreasing while retail wallets continue to rise, suggesting long-term investors may be taking profits.
Funding rates have dropped, indicating reduced leverage appetite, and Bitcoin has slipped below its 200-day moving average, a technical red flag for traders relying on trend indicators. Citi believes that for a recovery, ETF flows must stabilize and return to steady inflows. Until then, the market remains vulnerable to further corrections.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/hbar-sol-etfs-record-inflows-btc-eth-etfs-bleed/
