Investors appear to be rotating where they are placing their crypto bets, but not necessarily fleeing the asset class entirely. 

Last month, spot bitcoin ETFs registered $206.5 million in outflows, marking their fourth straight month of redemptions. Ethereum spot ETFs saw even heavier withdrawal as $369.9 million left the investment vehicles, also marking a fourth consecutive monthly outflow. 

Since November, spot bitcoin and ethereum ETFs have posted more than $9.1 billion in cumulative outflows.

Bitcoin and ethereum are the market’s virtual ATMs, according to Chris Soriano, cofounder and chief commercial officer at BridgePort. “It’s no surprise when institutions start…