Altcoin Spot ETFs Bleed on Nov 11: ZEC Leads $23.5M in Outflows

Four altcoin spot ETF markets — SOL, HYPE, ZEC and NEAR — recorded net outflows on November 11, while nine other altcoin ETF markets posted no net flows at all, according to daily flow data from the US-listed products.

Zcash (ZEC) led the withdrawals. The Grayscale Zcash ETF (ZCSH) bled $14.61 million in a single session after one trading day of flat flows, the largest single-market outflow of the day by a wide margin. The fund still holds $562.16 million in net assets — 3.35% of ZEC's market capitalization — with cumulative net inflows of $191.73 million and $38.89 million in daily trading volume.

Where did the money leave?

Solana (SOL) spot ETFs posted $5.85 million in net outflows, extending their outflow streak to three consecutive trading days. Of nine SOL funds, two saw redemptions: Fidelity's FSOL lost $3.77 million and Morgan Stanley's MSOL lost $2.08 million. The SOL complex still carries $1.52 billion in cumulative net inflows, $1.21 billion in net assets (2.45% of market cap) and $28.81 million in daily volume.

Hyperliquid (HYPE) spot ETFs posted $1.69 million in net outflows after a flat session the previous day. Of the three HYPE funds, only 21Shares' THYP recorded withdrawals, accounting for the full $1.69 million. The market retains $288.67 million in cumulative inflows and $345.35 million in net assets, or 2.00% of market cap.

Bitwise's NEAR ETF (NRR) recorded $1.36 million in net outflows after three flat trading days. That fund has drawn $79.09 million in cumulative inflows and holds $56.86 million in net assets, 1.22% of market capitalization, on $4.09 million of volume.

Which markets simply went quiet?

The remaining nine altcoin ETF markets recorded no net flows, several of them for extended runs:

• XRP — flat after net outflows the previous session; $1.80 billion cumulative inflows, $1.19 billion net assets (1.80% of market cap), $26.58 million volume
• Dogecoin (DOGE) — 21st consecutive trading day with no net flows; $16.43 million cumulative inflows, $11.26 million net assets, just $356,547 in volume
• Chainlink (LINK) — third straight flat day; $176.40 million cumulative inflows, $182.24 million net assets (2.35% of market cap)
• Avalanche (AVAX) — fourth consecutive flat day; $12.95 million cumulative inflows, $47.20 million net assets
• Canary HBAR ETF (HBR) — flat after one day of outflows; HBR's flow figure pending; $116.48 million cumulative inflows, $55.53 million net assets
• Canary Litecoin ETF (LTCC) — fifth straight flat day; $16.34 million cumulative inflows, $11.28 million net assets
• 21Shares Polkadot ETF (TDOT) — 19 consecutive flat days; TDOT flow figure pending; $3.20 million cumulative inflows, $8.61 million net assets
• VanEck BNB ETF (VBNB) — sixth straight flat day; cumulative net outflows of $271,006, net assets $90.57 million
• Canary Staked TRX ETF (TRXS) — 41 consecutive flat days; $491,056 cumulative inflows, $47.60 million net assets

What does the day say about altcoin ETF demand?

The breadth of the flatness matters more than the outflows. Thirteen markets, four with redemptions and nine dormant, suggest secondary demand for single-asset altcoin ETFs has stalled outside a handful of large complexes — SOL, HYPE, ZEC and XRP.

Trading volumes tell the same story. DOGE managed $356,547 across its entire complex on the day; DOT's TDOT turned over $40,556; BNB's VBNB just $9,961. When volume runs that thin, flows can stay pinned at zero simply because there's no one on the other side of the trade, a liquidity constraint that bites hardest for the newest and smallest funds.

The ratio of net assets to market capitalization remains the structural gauge to watch. ZEC's 3.35% is the highest of the group, followed by SOL at 2.45%, LINK at 2.35% and HYPE at 2.00% — the four markets where institutional positioning is most concentrated. Everything else sits at or below 1.91%.

With SOL now three sessions into an outflow streak and ZEC posting its largest single-day redemption on record for the market, the next set of daily prints will show whether November 11 was a one-day risk-off or the start of a broader redemption cycle across the altcoin ETF shelf.