On March 10, U.S. spot cryptocurrency ETFs recorded a net inflow of $242 million, with Bitcoin and Ethereum being the primary assets attracting funds, while XRP continued to face significant outflows, with $18.11 million leaving in a single day, extending a negative trend that has persisted for a week.
The Bitcoin ETF absorbed 3,610 BTC that day, valued at approximately $247 million, dominating the overall fund flow. Notably, BlackRock purchased 2,720 BTC in a single day, amounting to $185.8 million, leading institutional Bitcoin accumulation; Fidelity added 490 BTC, worth about $33.5 million, while other issuers collectively bought around $27.6 million. This data indicates that institutional demand for Bitcoin remains strong.
The Ethereum ETF also saw positive signals, with a net inflow of 6,325 ETH, valued at $12.6 million. BlackRock and Fidelity together bought over 13,700 ETH, totaling nearly $26.9 million, significantly exceeding the overall net inflow of the ETF, suggesting that some funds have flowed out of other Ethereum ETF products, offsetting the buying power of leading institutions. This warming trend is noteworthy, especially against the backdrop of overall net outflows from Ethereum ETFs since the beginning of the year, indicating a potential phase of market sentiment recovery.
Additionally, the HBAR token from the Hedera network saw a small inflow of $655,000, while mainstream altcoins like DOGE, LTC, AVAX, DOT, and LINK recorded no significant fund movements that day.
In stark contrast, XRP continued to experience outflows. On March 10, the XRP ETF saw a single-day outflow of 13.29 million tokens, equivalent to $18.11 million, marking several consecutive days of net outflows. Despite a 13F filing from Goldman Sachs on the same day showing that institutional investors are still increasing their positions in the XRP ETF, with total holdings reaching $153.8 million, the selling pressure from short-term traders remains significant. This reflects a divergence among different investment entities in terms of time horizons: long-term institutional positioning coexists with short-term trader sell-offs.
From a broader perspective, the single-day inflow of $242 million is not to be underestimated. Previous data from CoinShares indicated that from March 2 to 6, crypto ETFs saw a total inflow of $619 million, followed by a net outflow of $829 million over the next two days. The strong rebound on March 10 suggests that the ongoing four-month trend of fund outflows may have been temporarily reversed, with Bitcoin remaining the core anchor for funds, while Ethereum is gradually regaining its attractiveness.
Notably, on the same day, BlackRock made substantial purchases of both Bitcoin and Ethereum, investing $185.8 million and $162 million, respectively. This simultaneous allocation behavior is more indicative of an adjustment in asset allocation strategy rather than a rotation between the two asset classes, suggesting that institutions are systematically expanding their overall exposure to crypto assets.