On Tuesday, July 28th, institutional demand for cryptocurrencies became even more fragmented. Ether funds continued to attract fresh capital, but a series of losses for Bitcoin deepened, and Solana experienced one of its weakest sessions ever.
On July 28th, Bitcoin exchange-traded funds (ETFs) recorded a net outflow of $49.75 million. Funds for $HYPE also remained in negative territory, while products for $XRP saw neither net creation nor redemption.
Ether Attracts Fresh Capital Amid Deepening Bitcoin Decline
Inflows into Ether ETFs were distributed across three products.
The leader was BlackRock's ETHB ETF with an inflow of $5.91 million. The recently launched Morgan Stanley MSSE ETF, which supports staking, attracted $5.15 million, and BlackRock's ETHA ETF brought in $3.47 million.
Collectively, these funds provided a net inflow of $14.53 million. Total trading volume reached $633.51 million, and the combined net asset value at the end of the day was $10.50 billion.

Bitcoin ETFs, in contrast, showed the opposite dynamic for the fourth consecutive session. BlackRock's IBIT fund recorded an outflow of $54.83 million, accounting for the entire gross outflow in this category.
Grayscale's "Bitcoin Mini Trust" ETF partially offset these losses with an inflow of $5.08 million. As a result, the group's net outflow was $49.75 million. Bitcoin ETF trading volume reached $1.40 billion. Total net assets fell to $77.23 billion from $78.71 billion the previous day.
The subdued activity at the fund level suggests the latest decline was localized rather than market-wide. Nevertheless, four consecutive days of outflows indicate weakening short-term demand for the largest crypto asset.
Solana Sees Sharp Outflow Amid Continued $HYPE Slump
Solana ETFs recorded a net outflow of $18.07 million—the second-largest daily outflow since these products launched. The majority of selling came from Bitwise's BSOL fund. The total trading volume for Solana ETFs rose to $78.76 million, while net assets shrank to $851.84 million.
$HYPE ETFs saw outflows for the fourth day in a row. Bitwise's BHYP fund lost $1.24 million, reducing the category's net assets to $269.40 million. Total trading volume reached $18.52 million.
ETFs for $XRP saw no net inflows. However, combined assets fell to $971.57 million, dropping below the $1 billion mark.
The recent outflows from $HYPE contrast with its strong early performance. Grayscale Research notes that inflows into $HYPE exchange-traded products grew quickly relative to the token's market value and still outpace Bitcoin, Solana, and $XRP at comparable stages in their ETF lifecycles.

These early successes have not prevented a short-term pullback. Tuesday's data, on the contrary, showed the market becoming more selective: Ether is attracting capital, while Bitcoin, Solana, and $HYPE products are facing renewed selling pressure.
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