Shift in institutional preferences: Ethereum and Bitcoin lose interest in ETFs, while Solana attracts capital in the last week of December

Capital flows in cryptocurrency exchange-traded funds reveal significant discrepancies in institutional investors’ strategies. Since the end of December, we have observed a dynamic market where institutional capital selectively reallocates resources among various digital assets.

Solana attracts market attention as the new year begins

The most compelling signal comes from Solana ETFs, which recorded spectacular weekly net inflows of 169,556 SOL, equivalent to approximately $20.69 million. Currently, Solana funds manage a total of 7,813,822 SOL with an estimated value of $953.29 billion.

Inflows originate from several leading issuers:

• Fidelity’s FSOL showed the greatest interest with an inflow of 76,872 SOL
• Grayscale’s GSOL added 34,185 SOL to its holdings
• VanEck’s VSOL gained 26,092 SOL
• Bitwise’s BSOL increased its position by 32,408 SOL

The rising interest in Solana indicates a more diversified approach by investors toward the cryptocurrency ecosystem, extending beyond the traditionally dominant Bitcoin and Ethereum.

Bitcoin experiences outflows among fund managers

In contrast to Solana, Bitcoin funds recorded significant weekly withdrawals. The seven-day net outflow was 7,015 BTC, amounting to about $610.43 billion. On December 26, a smaller outflow of 309 BTC was registered.

Despite current outflows, the total institutional exposure in Bitcoin ETFs remains massive – 1,300,790 BTC estimated at $113.19 billion. BlackRock’s IBIT continues to be a market pillar with 772,584 BTC under management, although it showed an outflow of 4,742 BTC in the last week. Fidelity’s FBTC lost 240 BTC weekly, and Grayscale recorded an outflow of 775 BTC from its 214,516 BTC under management.

Ethereum: stabilization amid volatile capital flows

Ethereum funds showed relative calm – on December 26, they recorded no net flows. However, the seven-day period resulted in an outflow of 34,679 ETH, valued at approximately $100.6 billion. The current ETF exposure to Ethereum stands at 6,079,918 ETH, estimated at $17.64 billion.

BlackRock’s IBIT Ethereum holds the largest position with 3,486,575 ETH, although this position decreased by 41,415 ETH in the last week. Notably, Grayscale’s Ethereum ETFs recorded an inflow of 13,360 ETH – the only positive position among most funds – suggesting internal reallocation between products.

Cryptocurrency market during a strategic transition period

The observed polarization of flows – outflows from Bitcoin and Ethereum contrasted with inflows into Solana – does not indicate a withdrawal of institutional capital from the sector. Rather, it reflects a more sophisticated approach to portfolio management, where investors rebalance exposure toward assets with higher perceived growth potential.

Solana’s on-chain activity, the development of its DeFi ecosystem and community tokens, as well as new use cases, may explain preferences for this asset. In the context of the preceding period of volatility, risk management activities and year-end adjustments may also influence these dynamic flows.

Moving ETF markets could extend the diversification of cryptocurrency fund products. If Solana maintains its inflow pace, it could evolve from a niche asset into a significant component of institutional portfolios. Simultaneously, the sustained holdings of substantial resources in Bitcoin and Ethereum suggest long-term confidence in the first two largest cryptocurrencies.

The flow dynamics of ETFs will remain a key indicator of institutional sentiment in 2026. Whether the trend of Solana strengthening continues or capital returns to Bitcoin and Ethereum, this will serve as a significant reference point for the entire cryptocurrency ecosystem.