The market’s patience with crypto ETFs is being tested again.

Bitcoin and ether funds remained under pressure on Tuesday, June 23, extending a difficult start to the week. The selling was not broad enough to suggest a full retreat from the asset class, but large exits from key funds continued to overwhelm smaller pockets of demand.

Bitcoin ETFs posted $113.78 million in net outflows, marking another red session for the category. Yet the day was not without buyers.

Ark & 21Shares’ ARKB led the inflows with $30.98 million, while Fidelity’s FBTC added $23.04 million. Morgan Stanley’s MSBT drew $8.92 million, and Vaneck’s HODL brought in $5.28 million.

The problem was Blackrock’s IBIT. The fund recorded a $182 million outflow, more than enough to erase the gains across other issuers and keep Bitcoin ETFs firmly negative. Total bitcoin ETF value traded stood at $1.56 billion, while total net assets closed at $77.54 billion.

Bitcoin ETF outflows have slowed, but inflows remain insufficient. Source: Sosovalue

Maksym Sakharov, co-founder and group CEO of WeFi, said the continued outflows show that bitcoin ETFs were expected to carry more weight for market sentiment than they realistically could.

“ETFs made access easier, but they were never going to remove the bigger concerns investors have right now,” Sakharov said, pointing to questions around real-world crypto adoption, rates, liquidity, and downside risk.

In his view, ETFs have improved access to bitcoin, but they have not changed portfolio behavior in a defensive cycle. “The structure works, but it is not strong enough to offset a broader risk-off environment,” he said.

Ether ETFs also finished in the red, with $82.35 million in net outflows.

Blackrock’s ETHA led the exits with $86.07 million, while Grayscale’s Ether Mini Trust lost $10.27 million. Blackrock’s ETHB added a smaller $1.71 million outflow.

Fidelity’s FETH offered the lone offset, attracting $15.69 million. Still, the inflow was not enough to change the category’s direction. Total ether ETF value traded was $354.45 million, and net assets closed at $8.95 billion.

HYPE ETFs remained positive, adding $1.46 million. Grayscale’s HYPG brought in $1.10 million, while 21Shares’ THYP added $359,200. Total value traded was $20.79 million, with net assets closing at $202.96 million.

Solana ETFs saw a modest $137,290 inflow, entirely through Canary’s SOLC. Total value traded reached $42.83 million, while net assets closed at $792.44 million.

XRP ETFs saw no trading activity. Net assets closed at $965.31 million.

Tuesday’s flows showed a market still shaped by caution. Bitcoin and ether remain the weak points, while HYPE and Solana suggest some investors are still willing to allocate, but only in measured doses.

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