US spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $167 million on Monday, reversing a two-day outflow trend as Bitcoin prices approached $70,000. This shift indicates a renewed interest among investors in the leading cryptocurrency.
Spot Bitcoin (BTC) ETFs experienced these inflows following a cumulative outflow of about $577 million on the preceding Thursday and Friday, as reported by SoSoValue data.
Daily flows in US spot Bitcoin ETFs by issuer since March 2. Source: SoSoValue
Meanwhile, other crypto-linked ETFs displayed weaker demand. Altcoin funds reported considerable outflows, particularly among Ether (ETH), XRP, and Solana (SOL), despite a rise of 3-5% in their underlying tokens within the past 24 hours, according to CoinGecko.
This market fluctuation follows comments from former US President Donald Trump, who suggested that the conflict with Iran might soon conclude, possibly alleviating geopolitical tensions and lowering oil prices.
Ether, XRP, and Solana Hit by Continuous Outflows
On Monday, Ether ETFs recorded outflows of $51 million, XRP saw $18 million, and Solana faced $2.5 million in outflows. This development marks a streak of three consecutive days of losses for these altcoins, with Ether accumulating the highest total loss at $225 million.
Daily flows in US spot XRP ETFs by issuer since March 5. Source: SoSoValue
While selling pressure for ETH and SOL has lessened in recent trading sessions, XRP outflows have intensified, totaling about $41 million since Thursday. Over the same period, Solana’s outflows remain around $16 million.
Analysts continue to express caution, stating it might still be premature to assume a definitive bottom for Bitcoin, which was valued at $70,015 during this report, according to CoinGecko.
Source: CryptoQuant
The data from CryptoQuant indicates that short-term holders of Bitcoin are selling at a loss, showcasing increasing market stress. However, this has not yet reached capitulation levels, suggesting that the market bottom could still be forthcoming.
