Has Bitcoin Lost The ETF Momentum Trade To XRP?

Spot Bitcoin (BTC) funds bled for a sixth straight week, while spot XRP (XRP) products and rival altcoin ETFs kept drawing fresh cash.

Key Points:

Bitcoin ETFs Bleed Again

U.S. spot Bitcoin ETFs lost about $227 million in the week ending Jun. 18, the lightest weekly drain of the run, market data showed, extending a slide that began in mid-May. A week earlier, $315.8 million left the funds, and the opening week of June brought a far heavier $1.72 billion exit, the deepest of the streak. The pace is easing, yet the trend has not turned.

By Jun. 20, the rolling 30-day net outflow had swelled to a record $6.35 billion, deeper than any stretch the funds had posted since their 2024 debut. Galaxy Research called it the worst reading across all 582 rolling 30-day windows it tracks, while BlackRock's flagship fund shed $96.66 million on Jun. 18 alone.

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XRP And Solana Funds Gain

The money did not simply vanish, since several rival altcoin funds kept pulling in fresh capital through the very same week, even with prices broadly lower. XRP ETFs took in $10.66 million, Solana (SOL) products added $7.11 million, and Hyperliquid (HYPE) funds led the pack at $27.95 million. Ethereum (ETH) was the outlier, sliding to a sixth straight week of withdrawals of its own.

Bitwise has emerged as the standout issuer, and chief executive Hunter Horsley said its XRP products across the U.S. and Europe had topped $200 million in net inflows this year, a rare green streak in a bearish tape. On Jun. 22, Franklin Templeton's fund led a $4.72 million day for the broader group.

What Galaxy Research Sees

On-chain data points to conviction, not panic, beneath the fund exits. Galaxy Research figures show Bitcoin held by long-term owners, wallets sitting tight for at least 155 days, has reached a record 16.64 million coins, near 83% of the circulating supply. That split between patient holders and fleeing fund investors hints at a cyclical shakeout rather than a broader exit from the asset.

The contrast is nothing new for XRP's funds.

Spot XRP ETFs began trading in mid-November and crossed $1 billion in combined assets within weeks, the fastest such climb for any token since the Ether funds. They have logged few outflow days since, even as XRP slid from above $3 last summer to near $1.14. The steady bid has made the funds a rare bright spot for a token that has long struggled to reclaim its old highs.

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