Institutional Capital Shift: Bitcoin and Ethereum Cool Down, Solana Attracts $20.69 Million Against the Trend

The year-end cryptocurrency market is currently showcasing an exciting capital dance. According to the latest data from LookOnChain, the ETF capital flows on December 26 present a starkly different picture — traditional dual-head assets (Bitcoin and Ethereum) continue to see investor reductions, while the latecomer Solana has become a favorite among institutions. What market logic does this reflect?

Traditional Leaders Face Year-End Adjustment Wave

While most market participants are still paying attention to daily fluctuations, the trend over the past week tells a deeper story.

Bitcoin’s performance is the most intuitive — a single-day net outflow of 309 BTC (about $26.9 million), with a cumulative weekly outflow reaching an astonishing 7,015 BTC, equivalent to $610.43 million. Despite this, Bitcoin ETFs still manage a massive total of 1,300,790 BTC, indicating that even with adjustments, institutional confidence remains unshaken.

At the fund level, BlackRock’s IBIT remains the elephant in the Bitcoin ecosystem, managing 772,584 BTC. Grayscale and Fidelity’s FBTC experienced moderate weekly outflows of 775 BTC and 240 BTC respectively. This differentiated flow suggests that not all investors are withdrawing simultaneously; rather, they are making fine-tuned adjustments across funds.

Ethereum shows a similar but more moderate trend. Over the past seven days, Ethereum ETFs experienced a net outflow of 34,679 ETH, worth approximately $100.6 million. The current total holdings are 6,079,918 ETH, with a market value of about $17.64 billion. Notably, BlackRock’s 3,486,575 ETH saw a weekly outflow of 41,415 ETH, while Grayscale experienced a net inflow of 13,360 ETH, indicating differing outlooks among investors regarding Ethereum’s prospects.

Solana: The Forgotten’s Counterattack

If the capital outflows from Bitcoin and Ethereum are an orderly retreat, Solana’s performance resembles a silent counterattack.

In the past seven days, Solana ETFs experienced a net inflow of 169,556 SOL, equivalent to about $20.69 million RMB. Behind this influx of new capital is a collective optimism from several major issuing institutions — Bitwise increased by 32,408 SOL, Grayscale saw a net inflow of 34,185 SOL, and Fidelity led with a weekly net inflow of 76,872 SOL. VanEck followed closely, adding 26,092 SOL.

Currently, the total circulation of Solana ETFs reaches 7,813,822 SOL, with a market value of approximately $953.29 million. Although these figures still lag behind Bitcoin and Ethereum, the growth rate and collaborative attitude among funds are undoubtedly sending a signal to the market: institutions are preparing for a new opportunity window.

Market Logic Behind Capital Reallocation

This divergence in capital flows is far from simple risk aversion; it signifies a deeper asset revaluation.

Investors are not abandoning the cryptocurrency market but are reassessing risk-reward ratios. Bitcoin and Ethereum, as the market’s foundational assets, have entered a stabilization phase, while recent developments in the Solana ecosystem — in application expansion and network activity — are attracting institutional capital seeking growth exposure.

This phenomenon is not uncommon at year-end — institutions typically perform dynamic portfolio rebalancing in Q4 and prepare for new themes in the upcoming year. Last year was the same; this year is no different.

Outlook: The Era of a Diverse Ecosystem

Looking ahead to 2026, this wave of capital flow changes may just be the beginning. If Solana continues to attract steady institutional inflows and its ecosystem applications flourish, it will gradually evolve from a fringe asset to an important part of mainstream institutional asset allocation.

Meanwhile, the massive holdings of Bitcoin and Ethereum remain the stabilizing backbone of the entire cryptocurrency market. Short-term capital outflows should not be overly interpreted as pessimistic signals; instead, they may reflect more rational diversification strategies by institutions.

The capital flows in cryptocurrency ETFs will ultimately serve as the most genuine barometer of institutional sentiment. Investors who can adapt to this change may gain an early advantage in the next market cycle.