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Spot ethereum ETFs outpace bitcoin ETF inflows

In August, spot bitcoin ETFs had only five days of inflows that were greater than ethereum, per SoSoValue.

Sage D. Young

Inflows into spot ethereum ETFs are flipping bitcoin’s. 

On Wednesday, about $309.5 million entered into US spot ethereum ETFs, extending a five-day streak of positive inflows, data from SoSoValue shows. Notably, so far in August, ethereum ETFs have notched $4 billion in inflows, while US spot bitcoin ETFs have seen $803 million of outflows, the second-highest on record and a sign of investor rotation away from bitcoin.

Matt Hougan, the chief investment officer of crypto asset manager Bitwise, said in an X post, “There is a relentless bid for ETH atm.”

Top holders of ethereum ETFs include Goldman Sachs Group, Jane Street, Millennium Management, Capula Management, and Schonfeld Strategic Advisors, which have a collective exposure of more than $1.3 billion, per Bloomberg, using data from 13F filings with the SEC as of the second quarter.

By category, “advisors are dominating the known holders and have pulled away from Hedge Funds,” Bloomberg ETF research analyst James Seyffart posted on Wednesday.  

Despite having more inflows recently, spot ethereum ETFs’ cumulative inflows stand at $13.6 billion, 25% of bitcoin’s total inflows since inception, which sit at almost $54.2 billion. 

The price of ethereum recorded an all-time high of nearly $4,950 last week, and bitcoin also notched a record price in August, touching the $124,000 level. But year to date, ethereum has jumped 34%, compared to bitcoin 20% increase.

In other ethereum news, Cathie Wood’s Ark Investment Management LLC added shares of BitMine Immersion Technologies, the leading corporate treasury firm of ethereum by total tokens held.

According to a Wednesday trading filing, Ark Investment bought 339,113 BitMine shares worth nearly $15.6 million across three of its ETFs: ARK Fintech Innovation ETF, ARK Innovation ETF, and ARK Next Generation Internet ETF.

BitMine currently has more than 1.7 million ethereum tokens, or about $7.7 billion, in its war chest.

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Sage D. Young

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

  • Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.

  • XRP declined 4.5% to an 18-month low last hit in November 2024.

  • Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.

  • Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

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Sage D. Young

Solana falls to a more than 3-month low

The price of solana has been struggling, dipping below $76 briefly on Tuesday, a level not seen since February.

Despite the underlying asset suffering, solana ETFs saw $115 million of inflows in May, the highest monthly figure in 2026, data from SoSoValue shows. The investment vehicles have brought in a total of $1.1 billion since their inception last year and have yet to record a monthly outflow.

However, positive ETF flows haven’t swayed traders, who are increasingly negative: prediction market-implied odds of solana dropping under $60 in the year stand at 60%, an increase from 45% three weeks ago.

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(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

"ETF flows for Solana have been positive but relatively small, so they currently only have a marginal effect on the overall price discovery for SOL," according to Carlos Guzman, research analyst at crypto trading firm GSR.

"Solana has been caught up in the broader crypto market weakness, where, outside of a few sectors that have attracted interest of late, including perpetual exchanges, privacy, and AI, most crypto token performance has been sluggish," Guzman told Sherwood News. "The meme coin narrative that drove interest in SOL in late 2024 and early 2025 has largely subsided, so the token has found itself outside of the current zeitgeist."

Meanwhile, former presidential candidate Andrew Yang’s Noble Mobile announced on Tuesday that it acquired Helium Mobile, a wireless carrier that runs on the solana blockchain. The two companies both declined to disclose the deal’s financial details, according to a report from Fortune.

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(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

"ETF flows for Solana have been positive but relatively small, so they currently only have a marginal effect on the overall price discovery for SOL," according to Carlos Guzman, research analyst at crypto trading firm GSR.

"Solana has been caught up in the broader crypto market weakness, where, outside of a few sectors that have attracted interest of late, including perpetual exchanges, privacy, and AI, most crypto token performance has been sluggish," Guzman told Sherwood News. "The meme coin narrative that drove interest in SOL in late 2024 and early 2025 has largely subsided, so the token has found itself outside of the current zeitgeist."

Meanwhile, former presidential candidate Andrew Yang’s Noble Mobile announced on Tuesday that it acquired Helium Mobile, a wireless carrier that runs on the solana blockchain. The two companies both declined to disclose the deal’s financial details, according to a report from Fortune.

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