Bitcoin ETFs Attract $167.1 Million in Single Day, Altcoins See Outflows

On March 9th, U.S. spot cryptocurrency ETF flows revealed a clear structural divergence: Bitcoin was the only asset to receive significant inflows, while most major altcoin ETFs experienced net redemptions. On the day, Bitcoin ETFs collectively absorbed $167.1 million, purchasing 2,530 BTC, becoming the sole source of positive cash flow for the entire day. In contrast, Ethereum ETFs saw outflows of $51.3 million, equivalent to 26,498 ETH; Solana ETFs lost $2.5 million (30,649 SOL); and XRP ETFs also recorded net outflows of $18.11 million, involving 13.52 million tokens.

Among the numerous altcoins, Chainlink was the only project to achieve positive inflows, receiving $2 million in funding, corresponding to 221,930 LINK. Meanwhile, major altcoins such as Dogecoin, Litecoin, Avalanche, Hbar, and Polkadot did not experience any net inflows throughout the day, indicating that market sentiment is highly concentrated in Bitcoin.

From an institutional perspective, BlackRock was the most significant bellwether of the day—buying 1,660 Bitcoins (worth $109.95 million) while simultaneously selling 28,461 Ethereum (worth $55.1 million) on the same trading day. This operation is not a simple asset rebalancing but shows a clear strategic shift: moving allocations from Ethereum to Bitcoin. This behavior is consistent with the recent CoinShares weekly report, which shows BlackRock consistently leading Bitcoin ETF purchases while maintaining a cautious attitude towards Ethereum. In stark contrast, Fidelity bought 912 Bitcoins ($60.1 million) on the same day while also increasing its holdings of 8,368 Ethereum ($16.2 million), demonstrating a simultaneous bullish outlook on both major assets. Grayscale continued its previous redemption trend, selling 6,922 Ethereum ($13.4 million), reflecting investors' continued migration from high-fee products to low-cost ETFs. It is worth noting that although single-day data cannot reveal the deep-seated motivations behind institutional decisions (such as customer redemptions, tactical adjustments, or long-term strategic shifts), it reinforces the credibility of weekly trends: Bitcoin is becoming the preferred safe haven for institutional capital, while most altcoin ETFs face continued funding pressure. An additional $4.58 billion in tokens will be unlocked this week, and market liquidity may be further strained, potentially leading to a further increase in capital concentration.