Bitcoin ETF Outflows Driven by Grayscale as Altcoin Funds See Fresh Inflows

US spot Bitcoin exchange-traded funds recorded a net outflow of around $64 million on Monday, even as ETFs tied to Ether, XRP, Solana and Hyperliquid all saw positive inflows. The data suggests a short-term rotation in capital toward altcoin products rather than a broad exit from crypto exposure.

Ether ETFs attracted about $22.5 million in inflows, while Hyperliquid funds brought in $17.2 million. XRP and Solana ETFs also recorded smaller gains of roughly $2.8 million each. The inflows aligned with stronger price action across altcoins during the same session, with XRP, Solana and Hyperliquid all outperforming Bitcoin.

Grayscale GBTC Drives Most of the Bitcoin Outflow

The headline Bitcoin ETF outflow was largely driven by Grayscale’s GBTC, which lost approximately $124 million in a single day. At the same time, BlackRock’s IBIT fund actually saw inflows of around $66 million, showing that demand across newer Bitcoin ETFs remained stable.

This means the net outflow was not broad-based but concentrated in a legacy product that has been steadily shedding assets since competing ETFs entered the market.

Despite short-term flows, Bitcoin ETFs still dominate the market with roughly $83 billion in assets. By comparison, Ether ETFs manage about $10 billion, while XRP, Solana and Hyperliquid products each hold around $1 billion.

Rotation or Short-Term Noise?

Analysts say the key question is whether this shift signals a lasting rotation into altcoin ETFs or just short-term volatility tied to price movements and legacy fund outflows. If inflows into altcoin products continue after GBTC selling slows, it could indicate a deeper structural change in investor demand. Otherwise, Monday’s movement may simply reflect temporary trading activity rather than a sustained trend.