The cryptocurrency exchange-traded fund (ETF) market shifted direction again on Wednesday, July 29. Bitcoin found buyers after four consecutive sessions characterized by outflows, while Solana offset significant losses from the previous day with nearly equal inflows.
Ether funds were less fortunate. After two sessions of growth, they returned to outflows, and $HYPE ETF funds extended their losing streak to five days.
Blackrock Supported Bitcoin Amid Ether Fund Pullback
Blackrock's IBIT ETF became the driving force behind the Bitcoin ETF recovery, attracting an inflow of $89.83 million. This increase offset outflows of $43.08 million from Fidelity's FBTC and $14.64 million from ARK 21Shares' ARKB. As a result, the category ended the period with a net inflow of $32.11 million.
The total trading volume for Bitcoin ETFs reached $1.88 billion, and the aggregate net assets at the day's close stood at $77.46 billion.
Ether ETFs displayed more mixed dynamics. The recently launched Morgan Stanley staking fund, MSSE, attracted $14.30 million, and Blackrock's ETHA ETF attracted $5.16 million.
These inflows were outweighed by outflows from five products. Fidelity's FETH fund lost $16.07 million. Grayscale's ETHE and Ether Mini Trust funds recorded outflows of $9.74 million and $8.09 million, respectively.
The 21Shares TETH fund lost $2.85 million, and Bitwise's ETHW lost $1.36 million. For the period, the net outflow for this category amounted to $18.65 million. Ether ETF trading volume was $563.79 million, with net assets at closing at $10.37 billion.
Solana Recovers Amid Accelerated Selling on Hype Wave
Solana ETFs attracted $19.06 million, offsetting the outflow of $18.07 million recorded during the previous session.
All new capital flowed into the recently launched Morgan Stanley MSOL ETF—a Solana ETF with staking support. The total trading volume reached $60.21 million, and net assets rose to $862.98 million.
Demand for new Morgan Stanley products related to staking was noticeable. The MSSE fund attracted $19.45 million over two days, and MSOL attracted $19 million on its first day of inflows, indicating that investors are responding positively to products that combine token investments with staking yield.
$XRP ETFs also returned to positive territory, though the growth was modest. Franklin Templeton's XRPZ attracted $584,710, bringing the total assets for the category to $988.70 million. Trading volume reached $10.35 million.
$HYPE ETF funds remained under pressure. Bitwise's BHYP fund recorded an outflow of $8.78 million, marking the fifth consecutive day of decline for this category. The trading volume for $HYPE ETF funds was $6.92 million, and net assets decreased to $252.38 million.
The latest fund flow data indicates that the market remains willing to take on cryptocurrency risk but is becoming increasingly selective. Bitcoin regained support, Solana bounced back, and staking products attracted interest. Ether and $HYPE, however, faced another wave of selling.
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