Crypto
BlockInsider Crypto ETF Report: NEAR Makes History
Bitcoin ETFs attract fresh capital as altcoin funds struggle, but one newcomer’s record-breaking outflow signals a deeper shift in investor sentiment.
BLOCKINSIDERLoadingBitcoin ETFs attract fresh capital as altcoin funds struggle, but one newcomer’s record-breaking outflow signals a deeper shift in investor sentiment.
Crypto exchange-traded funds are closing October with a split verdict, and one newcomer just set an unwelcome record.
Bitcoin funds drew $304 million over the past week, while Ethereum, Solana and XRP products bled. Data shows investors rotating toward the largest asset as rate-hike fears weigh on altcoins.
Over the past week, the market sent mixed signals. Bitcoin offered the positive note, while altcoins and Ethereum led the decline. Bitcoin ETFs have swung every few days this month. Inflows undo outflows, and outflows then undo those inflows. Over the last seven days, BTC funds still gathered $304 million.
Daily data showed the tug-of-war clearly. Inflows of roughly $520 million on October 19 and $530 million on October 21 were erased. Outflows of about $630 million followed on October 22, as on-chain data showed heavy profit-taking.
Weekly data across tracked ETFs reinforced the split. BTC stood alone among large assets with meaningful inflows. HYPE funds lost $15.22 million over the same period, extending altcoin weakness.
Momentum has improved since. BTC ETFs added about $110 million on October 26 and $176 million on October 27. Total net assets stand at $103.94 billion, with BTC near $80,818.
Ethereum continued its disappointing streak of outflows. Across the last seven days, ETH ETFs saw $220 million leave. That fits the pattern since late September, when outflows first began.
Fed rate-hike fears may be weighing on risk appetite. Outflows near $200 million on October 6 marked the period’s worst day.
The reversal is stark. ETH funds drew nearly $270 million in a single day in September. Green days since have rarely topped $25 million.
Daily flows turned negative again on October 27, at $60.22 million. Total net assets now sit at roughly $14.18 billion, with ETH near $2,348. Falling prices and redemptions are compounding each other. ETH remains the largest altcoin ETF by assets, so redemptions weigh heavily on sentiment.
XRP recorded its largest weekly outflow in three months. It follows the first outflows since July, seen about two weeks ago.
About $3.61 million left XRP ETFs this week. That looks minor next to earlier inflows, which peaked near $110 million in one week. XRP trades at $1.29. Assets of $1.47 billion trail a peak near $1.77 billion. The slide still reflects fading investor confidence.
Still, XRP outflows remain far smaller than Ethereum’s, which limits the immediate damage.
Solana entered its fourth week of outflows, with more than $27.3 million leaving this week. The streak follows 14 straight weeks of inflows. Investors are clearly turning bearish.
Price explained much of the mood. SOL fell from about $121 on October 4 to $101.16. Net assets shrank to $1.54 billion from nearly $1.96 billion. Falling assets also reflect price, not only redemptions. Outflows explain only part of the decline.
Rate-hike fears added pressure. Higher yields reduce appetite for speculative altcoins, and ETF buyers have stayed on the sidelines.
Lastly, NEAR formed a new record. The $4.84 million outflow is the largest single-day exit since launch. The flow pattern is revealing. Only one earlier outflow, about $2 million on October 20, had broken the inflow streak.
NEAR’s first day drew roughly $36 million. No session since has come close. Net assets slipped to $77.91 million from about $90 million earlier this month. NEAR trades at $4.64. The outflow confirms a major shift away from bullishness. NEAR has been unable to recreate its first-day glory.
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