CoinDesk
US spot bitcoin ETFs lost a net $64 million on Monday even as every other major crypto ETF category took in fresh cash. Ether funds gained $22.5 million, Hyperliquid funds $17.2 million, and the XRP and Solana products around $2.8 million each — flows that tracked a session where XRP rose about 7%, Solana 6% and Hyperliquid 11%, all well ahead of bitcoin.
Why it matters
The headline reads like a clean rotation out of bitcoin and into everything else, but the scale tells a different story. Bitcoin ETFs still hold roughly $83 billion in assets, against about $10 billion for ether and around $1 billion each for the XRP, Solana and Hyperliquid products. Monday's altcoin inflows, real as they were, barely register against the bitcoin complex.
Market impact
The bitcoin number also needs a second look. BlackRock's IBIT, the largest fund, actually pulled in $66 million on the day. The entire net loss came from Grayscale's GBTC, the high-fee legacy trust that has been bleeding assets since these funds launched, which shed $124 million. Strip out GBTC and bitcoin ETFs had an ordinary session.
The open question is durability: if the altcoin ETFs keep drawing inflows once GBTC's drag fades, the rotation is real. If not, Monday was a blip dressed up as a trend.
Frequently asked questions
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Did bitcoin ETFs really lose $64M on Monday?
Net, yes — but the headline overstates the story. BlackRock's IBIT actually pulled in $66M, while Grayscale's GBTC shed $124M. Strip GBTC out and the rest of the bitcoin ETF complex had an ordinary session, not a sell-off.
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Why does Grayscale's GBTC keep losing money?
GBTC is the high-fee legacy trust that predated the spot bitcoin ETF launch in January 2024. It has been bleeding assets since then as investors rotate into cheaper competitors like IBIT, and that structural drag continues to this day.
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Which crypto ETFs actually gained on Monday?
Spot ether ETFs took in about $22.5M, Hyperliquid funds $17.2M, and XRP and Solana products roughly $2.8M each. Every major altcoin ETF category saw inflows while bitcoin funds netted negative.
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How big are bitcoin ETFs compared to altcoin ETFs?
US spot bitcoin ETFs still hold around $83B in assets, versus roughly $10B for ether ETFs and about $1B each for the XRP, Solana and Hyperliquid products. Monday's altcoin inflows, while real, are small against that base.
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Is this a real rotation out of bitcoin and into altcoins?
Too early to call. Altcoin ETFs kept drawing money on a day when bitcoin funds netted negative, but the bitcoin outflow was almost entirely GBTC's structural bleed, not broad selling. If altcoin ETF inflows hold up once GBTC's drag fades, the rotation is real — otherwise Monday was a one-day blip.
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