CryptoSlate
US-traded spot Bitcoin ETFs shed roughly $2.3 billion and Ethereum ETFs lost about $200 million through June 18, with Bitcoin products posting outflows in 11 of the 14 June trading sessions. The June 18 session alone saw $90.7 million leave Bitcoin ETFs and $12.8 million leave Ethereum ETFs on the same day. Altcoin categories netted just $74 million in positive flows over the same window, under 3% of what BTC and ETH products shed.
Why it matters
The scale gap is the story. Bitcoin ETF outflows outpaced HYPE product inflows by roughly 46-to-1 and XRP inflows by roughly 96-to-1, shutting down any clean rotation thesis. The remaining bid is concentrated in two narrow narratives: Hyperliquid as a leveraged on-chain derivatives venue, and XRP as a regulated-access wrapper around an asset with a pre-existing retail and institutional base. Both held while core crypto ETF demand contracted, but the absolute size of that hold is small.
Market impact
HYPE ETF flows crossed roughly $189 million cumulative since Bitwise's BHYP launched on May 14, with a $50 million June inflow across a category with fewer than 25 trading sessions on the books. XRP ETFs added $10.6 million in the June 14 to 18 week, pushing cumulative inflows near $1.5 billion and net assets around $995 million, with only two negative weeks logged since mid-March. Citi research cited spot Bitcoin ETF flows as accounting for roughly 45% of weekly BTC price moves, a figure that frames the macro weight of the ongoing redemptions. The Federal Reserve held its target range at 3.50% to 3.75% on June 17 and called inflation still elevated, keeping the opportunity cost of volatile crypto exposure squarely against new ETF buying. The July read is binary: if BTC and ETH ETFs return to net inflows, HYPE and XRP look like early positioning; if they don't, those two narrow inflows describe the floor of crypto ETF demand, not the next leg up.
Frequently asked questions
-
How much left Bitcoin and Ethereum ETFs in June 2025?
US spot Bitcoin ETFs shed roughly $2.3 billion and Ethereum ETFs lost about $200 million through June 18. Bitcoin products posted outflows in 11 of the 14 June trading sessions, with $90.7 million leaving on June 18 alone.
-
Did altcoin ETFs see inflows while Bitcoin and Ethereum bled?
Altcoin categories netted about $74 million in positive flows over the same window, under 3% of what BTC and ETH products shed. Bitcoin ETF outflows outpaced HYPE inflows roughly 46-to-1 and XRP inflows roughly 96-to-1.
-
Why are Hyperliquid ETFs attracting flows during a broad selloff?
Bitwise's BHYP launched May 14 with in-house staking, joined by 21Shares' THYP and Grayscale's HYPG. Cumulative HYPE ETF inflows sit near $189 million, with the bull case framed as a distinct buyer base expressing a thesis on on-chain perpetuals infrastructure.
-
How durable has XRP ETF demand been?
XRP ETFs added $10.6 million in the June 14 to 18 week, with cumulative inflows near $1.5 billion and net assets around $995 million. The category has logged only two negative weeks since mid-March, pointing to recurring regulated-product demand from a pre-existing holder base.
-
What macro factors are weighing on crypto ETF flows?
The Federal Reserve held its target range at 3.50% to 3.75% on June 17 and described inflation as still elevated, keeping short-term dollar yields and the opportunity cost of volatile crypto exposure working against new ETF buying. Citi research cited spot Bitcoin ETF flows as roughly 45% of weekly BTC price moves.
CoinDesk
Glassnode
WuBlockchain
Crypto News
Crypto Rank News
CoinTelegraph