Altcoins Shine as Bitcoin and Ethereum ETFs Lose Steam

In a surprising twist, Solana (SOL) and XRP (XRP) exchange-traded funds (ETFs) are attracting investors, even as Bitcoin (BTC) and Ethereum (ETH) ETFs face significant outflows. This shift suggests a growing interest in alternative cryptocurrencies. The new Solana and XRP ETFs have not seen a single day of outflows since their launch, according to data from SoSoValue. This is a stark contrast to the broader market, where Bitcoin and Ethereum ETFs are experiencing some of their worst daily outflows since their inception. Solana ETFs have accumulated nearly $500 million in net inflows, while XRP ETFs have seen $410 million. This is notable, given the severe multi-week outflow streak that Bitcoin and Ethereum ETFs are currently facing. On Thursday, Bitwise Asset Management launched its XRP ETF under the ticker “XRP. ” The ETF had a strong debut, pulling in $105 million on its first trading day. Canary’s XRPC added another $12. 8 million on the same day, bringing total inflows to $118 million. Canary CEO Steven McClurg congratulated Bitwise on the launch, highlighting a sense of camaraderie despite being competitors. Canary has also contributed to the consistency of XRP ETF inflows, holding the record for the largest XRP ETF inflow day with $243 million. Solana-based ETFs have shown similar resilience, recording consistent daily inflows even as the broader markets declined. SOL-based ETF products attracted between $8. 26 million and $55. 61 million per day this week, with Nov. 19 marking the strongest daily inflow. Despite the steady gains posted by SOL and XRP-based ETFs, the underlying assets have seen poor performances in the past month. Solana declined by 32. 5% in the past month and 10. 9% in the last week, trading at $122. 94, representing a 52. 3% decline in the last year. XRP performed similarly, declining by 21. 2% over the last 30 days and 16. 6% over the last week. However, its yearly chart tells a different story, with the asset currently trading at $1. 86, representing a 49. 9% increase over the past year. This divergence in ETF performance raises questions about investor sentiment and the potential for altcoins to gain more traction in the crypto market.