I find the ETF data from December 19 quite interesting, so I want to share a little perspective with everyone. Overall, the flow of funds is not leaving crypto, but it is clearly choosing a new position.
With the Bitcoin ETF, there was a net withdrawal of 1,911 BTC in 1 day, equivalent to about 168 million USD. Over 7 days, this number rises to nearly 4,000 $BTC
The Ethereum ETF is even more intense, with 36.567 ETH being withdrawn in just 1 day, and more than 216,000 $ETH in 7 days. Clearly, the defensive sentiment towards these two giants is still prevailing.
But the point that caught my attention the most was the Solana ETF. Completely opposite, this group recorded an inflow of more than 90,000 SOL in one day and over 527,000 $SOL in 7 days, equivalent to about 66.5 million USD. The scale cannot yet be compared to BTC or ETH, but the direction of the money flow is very clear.
In my opinion, this is not a story of 'immediate bullishness' for SOL, but rather reflects a familiar thing: when the market is volatile and uncertain, large money tends to withdraw from assets that are too crowded, and then rotate towards ecosystems that still have many narratives and more room for growth.
Recently, regarding Solana, you all have probably seen: from DeFi, AI, DePIN to various stories about on-chain financial infrastructure, the name SOL is appearing more and more. The fact that the ETF chose to pump money into SOL while BTC and ETH are experiencing outflows indicates that the risk appetite is shifting, albeit very quietly.