Altcoin ETFs Soar as Bitcoin Hits Key Support Level

Bitcoin's price has been steadily declining over the past week, currently trading at around $62,500 after dropping by -4.8% on the week.

Despite this decline in spot BTC funds losing over $226M last week, altcoin ETFs have seen significant net inflows, with XRP ETFs bringing in $10.66M and total net inflows reaching an all-time high of $1.45Bn.

The Hyperliquid (HYPE) ETF has also recorded six weeks of net inflows totaling nearly $185M, while Solana ETFs gained over $7M. In contrast, spot BTC and ETH ETFs lost roughly $5Bn during the same period.

Bitcoin's price structure is currently seen as corrective consolidation by traders, but macro conditions could change everything.