Bitcoin exchange-traded funds opened the week with $110.34 million in net inflows, and every dollar of that came through BlackRock's IBIT. The other bitcoin funds added nothing on net, so the headline number is essentially a single-issuer story. Ether funds went the other way, losing $89 million.
One fund, one number
It's a lopsided start to the week. When a category's entire net inflow routes through one product, the total tells you less about demand across the board and more about where allocators are choosing to park money. IBIT has been the default door for a while, and Monday did nothing to change that.
The rest of the bitcoin lineup sat flat on net. That doesn't mean zero trading — creations and redemptions elsewhere likely offset — but the aggregate contribution from every fund other than IBIT was nil.
Ether's $89 million exit
Ether funds returned to sizable outflows after a stretch that had looked steadier. The $89 million redemptions put ETH products back in the red while bitcoin's flagship fund soaked up the week's first allocations.
The divergence isn't new this quarter, but the size stands out. Money leaving ether funds and money entering IBIT rarely balance out so cleanly on the same day. For now the flows are moving in opposite directions, and the ether side is the one losing ground.
The long tail: Zcash and NEAR
Beyond the two majors, only Zcash and NEAR attracted fresh capital among the smaller categories. That's a thin list. Most altcoin-linked products saw no net interest worth flagging, which fits a week where allocators seem content to concentrate in bitcoin's largest vehicle.
Zcash and NEAR drawing money at all is notable given how quiet the rest of the smaller funds were. Neither pulled enough to change the broader picture, but both were the exceptions.
What to watch
The week's remaining sessions will show whether IBIT keeps carrying the entire bitcoin category or whether the other funds start contributing. Ether's outflow streak is the other number to track — another negative print would mark a sustained run of redemptions rather than a one-day reversal.
Flows data for the rest of the week lands daily, so the picture will firm up fast. For now, the split is simple: bitcoin in, ether out, and almost all of the bitcoin in one fund.
