Crypto exchange-traded funds are no longer moving in lockstep. Solana ETFs extended their inflow streak to 12 consecutive weeks, according to Yahoo Finance, while Bitcoin ETFs recorded their quietest week on record over the same stretch. That divergence comes even as Bitcoin ETFs' cumulative holdings have grown to 6.29% of all bitcoin in circulation, a threshold investors are now watching as it approaches 10%.
The split shows money rotating toward newer entrants in the crypto ETF space rather than pulling out of the asset class altogether. A Zcash ETF that launched in August has already grown large enough to account for a third of all crypto ETF trading volume, another sign that flows are chasing newer, smaller funds rather than the largest and most established ones. XRP ETFs, meanwhile, have been stuck at $1.71 billion in assets, unable to break through to $2 billion.
What remains unresolved is whether the slowdown in Bitcoin ETF activity reflects genuine investor fatigue with the largest cryptocurrency or simply a rotation of trading interest toward smaller, faster-growing products. Bitcoin's ownership by ETFs pushing past 10% would mark a structural shift in who controls supply, but the pace of recent inflows suggests that threshold is not imminent.