On March 10, U.S.-listed spot cryptocurrency funds saw a total net inflow of $242.05 million. Both Bitcoin and Ethereum exchange-traded funds (ETFs) attracted new capital, while funds focused on XRP continued to register outflows, underscoring shifting preferences among institutional market participants.
Institutional Appetite for Bitcoin Remains Robust
A significant portion of new investment once again flowed into Bitcoin ETFs. A combined influx of 3,610 BTC—which translates to $246.9 million—was recorded in a single day. Asset management giant BlackRock led the charge, purchasing 2,720 BTC valued at $185.8 million. In recent months, BlackRock has cemented its place as a leading institutional buyer of Bitcoin among major Wall Street firms. Fidelity was the next largest participant, contributing 490 BTC, or $33.5 million, to the day’s inflows. The remaining $27.6 million in purchases was divided among other Bitcoin ETF providers.
Positive Momentum Builds for Ethereum and Select Altcoin ETFs
Ethereum ETFs also reflected a positive trend, posting a net inflow of 6,325 ETH ($12.6 million) over the session. BlackRock made another notable move by acquiring 8,368 ETH—worth roughly $16.2 million—while Fidelity’s intake reached 5,371 ETH, amounting to $10.7 million. These totals demonstrate that, while the headline figure for net inflows was positive, some outflows occurred from other related funds. Notably, the aggregate purchases by BlackRock and Fidelity surpassed the day’s net inflow, implying certain non-institutional funds experienced redemptions. Following a stretch of outflows since the start of the year, Ethereum’s renewed ability to attract capital was seen as significant by market observers. Elsewhere, Hedera ETFs received a modest $655,000 corresponding to 6.82 million HBAR. Meanwhile, ETF funds tracking Dogecoin, Litecoin, Avalanche, Polkadot, and Chainlink saw no net movement for the day.
Despite daily fluctuations in Ethereum and broader altcoin ETFs, analysts note that year-to-date volatility is closely linked to ongoing adjustments in institutional strategies. Buying and selling decisions appear to be guided by attempts to balance positions with prevailing market dynamics, rather than large one-sided bets.
XRP ETFs Face Persistent Outflows Despite Some Long-Term Interest
On March 10, XRP ETFs experienced a net outflow of 13.29 million XRP, valued at $18.11 million. This outflow continues a consistent recent trend of capital exits from XRP-tracking funds. Several institutional investment reports released the same day indicated that despite sustained outflows, some institutional investors are maintaining long-term positions in XRP ETFs. Still, following CoinShares’ disclosure of $30.3 million in outflows over the previous week, selling pressure in XRP funds was seen to persist.
Such capital movements underscore divergent strategies by institutional investors across different time horizons. While some entities are expanding their long-term holdings, other funds have seen rapid in- and outflows in search of short-term advantage.
Significant Daily Volatility Shapes Overall ETF Landscape
The single-session net inflow of $242 million marked a notable daily trading volume for the sector. Data released earlier in the week indicated that, despite cumulative inflows of $619 million, total outflows reached $829 million over a two-day period. The March 10 session signaled a tentative return of institutional buying appetite—particularly for Bitcoin ETFs—after four months dominated by withdrawals.
BlackRock’s simultaneous major purchases of both Bitcoin and Ethereum ETFs highlight a trend toward building broader crypto exposure in institutional portfolios. Rather than merely reallocating within their holdings, asset managers appear to be increasing their aggregate exposure to the cryptocurrency market.
