U.S. spot crypto ETFs extended their losing streak on Thursday, with Bitcoin funds shedding $90.19 million and Ether funds bleeding $136.41 million in net outflows, deepening a months-long pattern of institutional withdrawals that has now drained over $9 billion from the two asset classes combined.
Bitcoin ETFs Drop $90M, Ether Funds Bleed Even Harder at $136M
Thursday’s Bitcoin ETF outflows marked a second straight day of withdrawals, with BlackRock’s IBIT leading the retreat at $38.25 million. Fidelity’s FBTC followed with $26.02 million in redemptions, while Bitwise’s BITB shed $17.18 million and Ark & 21Shares’ ARKB lost $15.16 million. Grayscale’s GBTC rounded out the losers at $5.47 million.
Not every Bitcoin fund saw red. Grayscale’s Bitcoin Mini Trust pulled in $4.66 million, Franklin’s EZBC added $4.06 million, and Valkyrie’s BRRR attracted $3.17 million. But these modest inflows did little to offset the broader selloff. Total Bitcoin ETF trading volume hit $3.21 billion on the day, with net assets across all spot BTC funds sitting at $90.83 billion.
Ether ETFs fared worse. The $136.41 million in net outflows was dominated by a single product: BlackRock’s ETHA, which accounted for $102.31 million of the total, roughly 75% of all Ether ETF redemptions. Fidelity’s FETH lost $11.76 million, and Grayscale’s Ether Mini Trust shed $8.52 million. VanEck’s ETHV, Bitwise’s ETHW, 21Shares’ TETH, and Invesco’s QETH all posted smaller outflows.
The lone bright spot among Ether products was BlackRock’s ETHB, which drew $7.72 million in inflows. Ether ETF trading volume totaled $1.03 billion, with combined net assets at $12.46 billion.
Ether ETFs Outpacing Bitcoin in Losses, a Reversal Worth Watching
The more striking detail in Thursday’s data is not the outflows themselves but the ratio. Ether ETFs lost 50% more capital than Bitcoin ETFs despite holding roughly one-seventh of the total assets. That concentration, with ETHA alone responsible for three-quarters of the Ether bleed, suggests this may be less about a broad institutional exit from ETH and more about product-level rotation within BlackRock’s own lineup.
BlackRock’s ETHB simultaneously attracted inflows while ETHA hemorrhaged capital. This intra-issuer divergence points to fee optimization or structural repositioning by large holders rather than a wholesale rejection of Ether exposure. For investors tracking daily ETF flow patterns, the distinction matters.
On the price front, neither asset cratered despite the fund-level selling. Bitcoin held near $70,529 with a modest 0.95% gain over 24 hours, while Ether traded at $2,146.85, up 0.50%. The disconnect between ETF outflows and spot price resilience suggests underlying demand from non-ETF channels, whether through direct exchange buying or OTC desks.
Meanwhile, the altcoin ETF picture was mixed. XRP ETFs reported zero trading activity, with assets steady at $1.21 billion. Solana ETFs bucked the trend entirely, recording a small $767,010 inflow driven by Franklin’s SOEZ product, with trading volume at $27.81 million and net assets at $876.13 million.
What the Outflow Data Signals for Institutional Crypto Sentiment
Thursday’s withdrawals are not isolated. Over the past four months, Bitcoin ETFs have shed $6.39 billion in cumulative outflows, while Ether ETFs have lost $2.76 billion, bringing the combined total past $9 billion. That sustained capital flight represents the longest outflow streak since spot crypto ETFs launched in the U.S.
The macro backdrop helps explain the caution. The Federal Reserve held rates at 3.5% to 3.75% on March 18, citing inflation above target and rising geopolitical uncertainty in the Middle East. With rate cuts pushed further out, risk assets across the board have faced headwinds, and crypto ETFs have absorbed a disproportionate share of the risk-off repositioning.
The Fear & Greed Index sat at 12 on Thursday, deep in “Extreme Fear” territory. That reading reflects broad investor pessimism, though historically, readings below 15 have preceded relief rallies as sellers exhaust themselves.
For institutions weighing crypto ETF allocations, the key question is whether the evolving regulatory landscape around digital assets and upcoming April FOMC meeting will shift the calculus. A dovish signal from the Fed could trigger a reversal in ETF flows, as it did during prior easing cycles. Until then, the data points to continued institutional caution, with Solana ETFs’ small counter-trend inflow serving as the narrowest of exceptions.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
