BlackRock-led Bitcoin ETFs See Large Outflows as Solana Attracts Institutional Flows
U.S. spot crypto ETFs experienced divergent flows mid-February as large Bitcoin and Ethereum products saw short-term net outflows while Solana ETFs continued to attract institutional allocations. Bitcoin ETFs recorded substantial weekly and multi-day withdrawals — roughly $316M in mid-February — with BlackRock’s IBIT responsible for the majority of outflows across several days (notable pulls on Feb 17–19). Some rebalancing occurred late in the window: IBIT returned ~$64.5M on Feb 20 and lower-cost entrants such as Grayscale’s BTC Mini drew inflows (~$36M). Year-to-date BTC ETF outflows total several billion, leaving U.S. BTC spot ETFs with tens of billions in AUM. Ethereum spot ETFs showed mixed flows: early-week inflows led by BlackRock’s ETHA gave way to a large Feb 19 outflow (chiefly from ETHA), ending with roughly flat net flows by Feb 20. XRP ETFs registered only minor, choppy activity. By contrast, spot Solana ETFs have seen steady, multi-day inflows since their October debut and particularly from Feb 9 onward, led by Bitwise and supported by BlackRock’s BSOL, with weekly inflows concentrated Feb 17–20. Data from Farside Investors point to intra-crypto institutional rotation rather than wholesale exits: large managers and new multi-asset crypto product proposals signal growing institutional diversification. For traders: monitor ongoing ETF flows and weekly trends for directional pressure, and watch key technical levels (e.g., BTC near $70K, ETH around $2K) for short-term volatility and potential trading opportunities.
Neutral
The flows indicate a segmentation rather than outright market-wide selling. Large, established Bitcoin and Ethereum spot ETFs recorded notable short-term outflows — led by BlackRock’s IBIT and ETHA — which can create near-term downward pressure and elevated volatility for BTC and ETH. However, inflows into Solana ETFs and intermittent inflows back into some Bitcoin products (and lower-cost alternatives) point to portfolio reallocation among institutional investors rather than mass exits. Short-term impact: neutral-to-cautiously-bearish for BTC and ETH because concentrated outflows from major funds increase selling pressure and may amplify volatility around key technical levels. Solana (SOL) is relatively bullish in the short term as steady ETF inflows can provide continuous buy-side support. Long-term impact: more neutral — sustained institutional interest and product diversification (multi-asset crypto ETFs) suggest growing market maturity and liquidity, which should support price stability over time if flows normalize. Traders should watch continued ETF flow data, weekly trends, and on-chain liquidity indicators to time entries and manage risk.