BTC, ETH, SOL, and XRP ETFs suffer $4.4 billion loss over 13 days, with only HYPE in the positive. BlackRock’s IBIT experienced another $342 million outflow on Wednesday as ether, solana, and XRP funds joined the trend of redemptions, leaving Hyperliquid’s HYPE products as the sole significant crypto ETF category still attracting net new capital.

What to know:

— U.S. spot bitcoin ETFs have seen 13 consecutive days of outflows, losing $4.37 billion since mid-May, with total assets decreasing from $104.29 billion to $82.83 billion.

— Ether, solana, and XRP funds have now joined bitcoin products in ongoing net redemptions, reversing the earlier inflows into altcoin ETFs as cryptocurrency prices decline.

— Hyperliquid’s HYPE ETFs stand out as a rare positive, experiencing steady inflows and facing new competition from Grayscale, even as Citi reports that negative bitcoin ETF flows are affecting market sentiment.

The outflow from bitcoin ETFs has spread throughout the crypto space. U.S. spot bitcoin funds saw an additional $396.60 million exit on Wednesday, extending a record outflow streak to 13 consecutive days and a $4.37 billion reduction since mid-May, with ether, solana, and XRP products joining the wave of redemptions.

Hyperliquid’s spot HYPE ETF remains the only major crypto fund still attracting net new investments. BlackRock’s IBIT, the largest bitcoin ETF by net assets, accounted for most of Wednesday’s outflow, reporting $342.34 million in redemptions, according to SoSoValue data. Fidelity’s FBTC experienced a loss of another $54.26 million.

The two funds declined by 2.76% and 2.65%, respectively, as bitcoin was trading around $65,462, a drop from over $71,000 at the week’s beginning. The total net assets across all U.S. spot bitcoin ETFs have decreased from $104.29 billion on May 15, the last day before the outflow streak commenced, to $82.83 billion on Wednesday.

This marks a $21.46 billion decline in approximately three weeks, with redemptions and the drop in bitcoin’s price contributing to the losses. Bitcoin ETF AUM now constitutes 6.36% of bitcoin’s circulating market cap, down from over 7% at the peak in May.

Meanwhile, Ether ETFs lost a total of $52.94 million on the day, with BlackRock’s ETHA accounting for almost all of it at $51.58 million, resulting in a 5.56% decline as ether traded below $1,900. Solana funds experienced a loss of $12.74 million on Wednesday, primarily driven by Bitwise’s BSOL, which saw $11.56 million in outflows. XRP funds lost $5.34 million, with Bitwise’s flagship XRP ETF feeling the impact.

Both categories have now joined bitcoin and ether in net daily outflows for several consecutive sessions, marking the end of a phase where altcoin ETFs were attracting moderate but consistent retail interest while bitcoin funds were experiencing losses.

Hyperliquid’s spot ETF complex was the lone exception. 21Shares’ THYP attracted an additional $2.99 million, bringing cumulative HYPE ETF net inflows to $139.51 million since its launch on May 12, with total net assets reaching $192.01 million. The token rose by 3.45% on the day to $73.39 as the broader crypto market declined.

Grayscale introduced its own Hyperliquid product, HYPG, on Wednesday, marketing it as the lowest-fee U.S. spot HYPE option and undercutting Bitwise’s BHYP and 21Shares’ THYP in terms of expense ratios. This launch comes at a time when all other major crypto ETF categories are facing net redemptions.

Citi informed clients on Tuesday that spot bitcoin ETF flows account for approximately 45% of weekly BTC price fluctuations, labeling them the best indicator of investor adoption. The bank anticipates that sentiment will remain low as long as ETF flows are negative and the U.S. crypto market structure bill stalls.