HedgeCo.Net — U.S. spot bitcoin exchange-traded funds returned to net inflows on Tuesday, taking in $118.8 million, while spot ether funds lost $201.9 million and Solana funds shed $3.7 million, according to Farside Investors data. Taken together, the three groups recorded net outflows of about $86.8 million on the session.
The bitcoin inflow was concentrated in a single product. BlackRock’s iShares Bitcoin Trust (IBIT) drew $122.0 million and Morgan Stanley’s MSBT added $7.8 million, while the Grayscale Bitcoin Mini Trust (BTC) posted an $11.0 million outflow. Every other U.S. spot bitcoin fund, including Fidelity’s FBTC, ARK 21Shares’ ARKB, Bitwise’s BITB and Grayscale’s GBTC, reported zero net flow. The result reversed the prior session’s $89.8 million of net outflows and lifted cumulative net inflows since launch to roughly $57.9 billion.
Ether funds moved the other way. The entire $201.9 million outflow came from BlackRock’s iShares Ethereum Trust (ETHA), with all other spot ether ETFs flat, extending the category’s run of outflows to six consecutive sessions. In Solana products, the full $3.7 million of withdrawals came from Grayscale’s GSOL, following $9.2 million of outflows in the previous session.
The divergence suggests institutional allocators are consolidating crypto exposure into bitcoin, and specifically into the largest, most liquid wrapper, rather than broadening into other tokens. Flows into IBIT while most competitors sat flat also reinforce how concentrated ETF demand has become, which matters for issuers competing on fees and for investors who use flow data as a sentiment signal.
For hedge funds and multi-asset managers, single-issuer swings of this size in ETHA are worth watching because ETF creations and redemptions feed into basis trades and spot liquidity. One session does not set a trend, but a persistent gap between bitcoin and ether flows would weigh on relative-value positioning between the two assets and on the appetite for further single-token ETF launches.