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Spot bitcoin and ether exchange-traded funds (ETFs) extended their pullback on Tuesday, April 28, with a second straight day of outflows pointing to a cooling phase in institutional demand. While the broader trend remained negative, selective inflows into XRP ETFs suggested pockets of opportunistic positioning as investors recalibrate exposure.
Bitcoin ETFs recorded net outflows of $89.68 million on April 28, marking a second consecutive day of declines. The largest driver was BlackRock’s IBIT, which saw $112.25 million in outflows.
Additional pressure came from Bitwise’s BITB, with $13.65 million in exits, and Fidelity’s FBTC, which recorded $4.98 million in outflows.
There was a partial offset from Ark & 21Shares’ ARKB, which attracted $41.20 million in inflows. Even with that counterbalance, the overall net flow picture remained negative.
Over the past two days, outflows from bitcoin ETFs totaled $353 million. Trading activity remained active: the total value exchanged across bitcoin ETFs reached $1.35 billion, while net assets across the segment closed at $100.39 billion.
Ether ETFs posted net outflows of $21.80 million across three funds. BlackRock’s ETHA led the declines with $13.17 million in outflows, followed by Grayscale’s ETHE with $6.91 million. Fidelity’s FETH recorded a smaller but notable $1.72 million outflow.
BlackRock’s ETHB showed no trading activity, marking a pause that may reflect broader hesitation among buyers. Total trading volume for ether ETFs was $428.61 million, and net assets ended at $13.57 billion.
Outside bitcoin and ether, XRP ETFs attracted $2.20 million in inflows, all concentrated in Canary’s XRPC. While modest, the move stood out against the broader pattern of outflows.
Solana ETFs were unchanged for a second straight session, with no inflows or outflows recorded and net assets at $857.99 million.
Taken together, the data points to a market in transition. After a period of sustained inflows, investors appear to be recalibrating exposure rather than exiting outright, with the next phase likely to depend on whether the cooling period persists or reverses.
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