Yesterday, looking at ETF capital flows, some interesting signals are emerging. Bitcoin and Ethereum spot ETFs continue to withdraw funds, with over $130 million flowing out of Bitcoin alone each day, and more than $40 million out of Ethereum. Since BlackRock's IBIT and Fidelity's FBTC are leading the selling, it seems institutions are more in the process of unwinding their positions rather than adding to their holdings as prices decline.

What's interesting is that XRP shows the same trend, but Solana is moving in the opposite direction. The SOL spot ETF recorded a net inflow of $2.4 million, bringing the total inflow to nearly $880 million. Although the absolute size is small, amid the outflows of Bitcoin and Ethereum, funds are clearly flowing into new coins and altcoins. Small tokens like LINK also experienced slight inflows.

Ultimately, it seems that institutions are not completely exiting but are restructuring their portfolios within cryptocurrencies. Even amid ongoing macro uncertainties, they are turning their attention to profitable new coins and emerging projects. In a context where the dollar remains strong, this can be seen as a real-time signal of which assets they are confident in.