Bitcoin and Solana ETFs See Inflows Again After Weeks of Heavy Selling: Are We Back?

The mood around crypto investment products has started to improve after one of the darkest periods for institutional demand this year. Fresh inflows into Bitcoin, Solana, and Hyperliquid ETFs suggest investors may be regaining confidence, although it remains too early to conclude that the broader market has fully recovered.

Bitcoin Leads the Recovery

As shown by SoSoValue data, U.S. spot Bitcoin ETFs recorded $265.69 million in net inflows yesterday, their strongest daily performance since May 5. The rebound follows a difficult stretch in which Bitcoin ETFs lost billions of dollars as investors reduced exposure during the recent market downturn.

Bitcoin has also stabilized after briefly falling below $60,000 in late June. It is currently trading around $63,000 today after an overnight move above $64,000 faded. Despite the pullback, the asset remains up about 7% over the past week.

The recovery has also held despite Strategy selling 3,588 $BTC, worth about $216 million, in its largest Bitcoin sale since abandoning its previous never-sell approach.

Solana and Hyperliquid See Matching Inflows

U.S. spot Solana ETFs attracted $8.36 million in net inflows yesterday, July 6, their strongest daily inflow in nearly 2 months. Every dollar came through Bitwise's $BSOL fund.

Hyperliquid ETFs recorded $8.43 million in net inflows during the same session, with Bitwise's $BHYP accounting for the entire amount.

The nearly identical flows into $BSOL and $BHYP have also appeared at other times over recent days. The pattern has led some market observers to speculate that a single investor may be allocating capital equally between Bitwise's Solana and Hyperliquid ETFs.

Meanwhile, $SOL climbed as high as $83.50 earlier today and has continued to trade above $80 after recovering from recent lows near $60.

A Sharp Contrast From June

The renewed buying marks a significant change from late June, when crypto ETFs experienced one of their weakest periods since spot products launched in the United States.

Bitcoin, Ethereum, Solana, and XRP investment products collectively lost about $5 billion over 30 days as Bitcoin fell below $60,000. June also became the first month in which U.S. spot Solana ETFs posted net monthly outflows, while Bitcoin ETFs recorded their largest monthly withdrawals on record.

Are We Back?

The recent improvement in ETF flows offers an encouraging sign, but it does not yet confirm that institutional demand has fully returned.

Earlier this year, Hunter Horsley, CEO of Bitwise, argued that Solana and Hyperliquid are both benefiting from the broader shift of capital markets onto blockchain networks. He suggested their long-term success depends less on competing with each other and more on the continued adoption of onchain capital markets.

For now, the return of meaningful ETF inflows suggests sentiment has improved from the lows seen just weeks ago. Whether this marks the beginning of a sustained recovery or only a temporary rebound will depend on several factors. One of which is whether or not institutional buying continues in the weeks ahead.

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