U.S.-listed cryptocurrency exchange-traded funds (ETFs) reopened after the Labor Day holiday with widespread selling, led by a $46.65m net outflow from bitcoin products, while XRP funds were the only major category to attract fresh money.
XRP ETFs drew $1.55m on Tuesday, with the entire inflow going into Franklin’s XRPZ. The funds recorded $36.21m in trading value and ended the session with net assets of $1.51bn.
The broader cryptocurrency ETF market had a cautious start to the week, with bitcoin, ether, solana and HYPE products all recording net outflows.
Bitcoin ETFs registered $46.65m in outflows despite several large funds receiving new investment. Bitwise’s BITB added $14.47m, BlackRock’s IBIT gained $10.66m, Ark & 21Shares’ ARKB brought in $8.06m and Morgan Stanley’s MSBT attracted $7.41m.
However, those gains were more than offset by withdrawals from other products. Grayscale’s GBTC recorded a $65.51m outflow, while Fidelity’s FBTC lost $17.05m and Invesco’s BTCO shed $4.68m.
Total trading value across bitcoin ETFs reached $2.41bn. Their combined net assets stood at $99.52bn at the close of trading.
The latest figures will be closely watched by investors monitoring the relationship between ETF activity and bitcoin’s price, particularly after the strong institutional demand seen last week. Tuesday’s results suggested that appetite had become more selective following that recent period of strong inflows.
Ether ETFs also ended the session in negative territory, recording net outflows of $24.29m.
Grayscale’s Ether Mini Trust lost $24.61m, while its ETHE product saw a further $9.57m withdrawn. Fidelity’s FETH attracted $9.89m, limiting the overall decline.
Ether ETF trading value was $952.22m, with net assets ending the day at $15.72bn. The performance represented a quieter return to trading after the Labor Day break and followed stronger inflow momentum in recent sessions.
XRP bucks wider ETF weakness
XRP products provided the clearest exception to the day’s selling pressure. The $1.55m inflow into Franklin’s XRPZ gave the category a modest positive signal for investors tracking the price of XRP.
HYPE ETFs, meanwhile, posted $12.96m in outflows. Bitwise’s BHYP lost $8.06m and 21Shares’ THYP shed $4.89m. Net assets across the HYPE category closed at $464.06m.
Solana ETFs declined by $667,720 overall. An inflow of $502,730 into 21Shares’ TSOL was outweighed by a $1.17m outflow from Grayscale’s GSOL. Solana ETF net assets finished at $1.43bn.
Tuesday also saw a new entrant to the digital-asset ETF market, with the first U.S.-listed TRX ETF beginning trading on Cboe under the ticker TRXS. Its staking rewards will be reinvested into the fund rather than paid out as cash.
Bitcoin remains the main institutional gauge for the cryptocurrency market, and Tuesday’s figures pointed to a softer opening to the week across the leading ETF categories.
Bitcoin and XRP have traded in near-perfect sync since 3 September, reaching their peaks on the same day before pulling back.
