The crypto ETF market delivered mixed performance, with Bitcoin products retreating while Ethereum, XRP and Solana funds advanced. Spot Bitcoin ETFs generally declined between 1.7% and 1.9%, although they remained approximately 1.4%–1.6% higher for the week and more than 20% higher over the past month. Leveraged Bitcoin products amplified the daily weakness, with BITX and BITU falling about 3.6% and MAXI declining 4.1%. Despite the pullback, demand remained firm for the market leader: BlackRock’s IBIT recorded approximately $117.4 million of daily inflows, while BITX attracted $24.4 million. Grayscale’s GBTC had no reported daily flow but remained in net redemptions over longer periods, including approximately $2.47 billion year to date.
Ethereum ETFs outperformed, with spot products gaining roughly 0.9%–1.1% and leveraged funds rising as much as 2.0%. BlackRock’s ETHA led reported daily creations with approximately $57.8 million, followed by $16.1 million for the leveraged ETHU. Ethereum funds have also generated stronger medium-term returns than their Bitcoin counterparts, with spot products up around 29% over one month and 47% over three months. However, RSI readings near 78 suggest the group may be technically overextended following its recent rally.
XRP and Solana ETFs also posted broad gains. Spot XRP funds rose approximately 1.3%–1.8%, while leveraged XRP products advanced as much as 3.4%; the group is now up roughly 39% over one month. Solana products gained approximately 1.2%–1.8%, with leveraged funds climbing more than 3.2%. Solana ETFs have been among the strongest performers over longer periods, with spot funds up about 40% over one month and 53%–55% over three months. Flows were less supportive, however, as Bitwise’s BSOL recorded a $2.8 million daily outflow and leveraged SOLT lost approximately $574,000. Overall, investor interest appears to be broadening beyond Bitcoin toward Ethereum, XRP and Solana, although elevated momentum readings across several categories point to increased near-term pullback risk.
The cryptocurrency market strengthened overnight, with total market capitalization rising 1.1% to $2.78 trillion as of 06:00 ET, compared with a 0.3% increase at Tuesday’s close. Bitcoin advanced 0.3% to $79,019 and Ethereum was nearly unchanged at $2,494, while XRP gained 1.6% to $1.42. Performance across other major Layer-1 assets was mixed: Hyperliquid rose 1.8%, while BNB slipped 0.4%, Solana declined 0.1%, Cardano fell 1.1%, and Avalanche lost 2.1%.
Polkadot remained the standout performer, gaining 8.5% over 24 hours and 38.4% for the week, although it eased from $1.24 Tuesday evening to $1.18 Wednesday morning. Zcash climbed 8.0% and has now advanced 52.8% over seven days, while NEAR Protocol added 3.8%. Lighter also continued its strong run, rising 6.5% over the past day and 46.5% for the week.
Despite the broader market’s advance, several altcoins came under pressure. Internet Computer fell 7.7%, Worldcoin declined 7.2%, Uniswap dropped 6.4%, and Celestia lost 5.5%. Weakness was especially evident in DeFi and metaverse-related assets, with Chainlink down 3.4% and ICP leading declines in the metaverse group. Overall, the market’s gains remained concentrated in Bitcoin, XRP and a select group of momentum-driven altcoins rather than signaling a broad-based rally.
