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U.S. spot Bitcoin ETFs recorded a net outflow of $137 million on Wednesday, marking six consecutive days of net outflows. Spot Ethereum ETFs also experienced their sixth consecutive day of outflows, with a net outflow of approximately $119 million.
In contrast, Solana ETFs recorded a net inflow of $9.7 million for the day. Bitwise’s Solana fund (BSOL) led with $7.5 million in inflows, followed by Grayscale’s SOL ETF (GSOL) with $2.2 million.
Bitcoin’s price slips amid outflows from BTC ETFs
BlackRock’s iShares Bitcoin ETF (IBIT) was the only BTC fund to record outflows, with a net outflow of more than $375.5 million. Fidelity’s FBTC recorded inflows of about $113.3 million, followed by Ark Investment’s BTC ETF, with a total of $82.9 million. Bitwise’s Bitcoin ETF and Grayscale’s BTC ETF both recorded inflows of about $17 million and $21.6 million, respectively.
Ethereum spot ETFs experienced outflows of $119 million, led by BlackRock’s Ethereum ETF (ETHA), which saw outflows of $146.6 million. Grayscale’s ETH fund recorded a net inflow of $24.1 million, followed by Fidelity’s ETH fund (FETH) with a total of $3.5 million in inflows.
At the time of publication, on-chain data shows the total net asset value of Bitcoin spot ETFs was $139.147 billion. The net asset ratio of ETFs also hit 6.72%, with the cumulative historical net inflow surpassing $60.285 billion.
“We said Bitcoin ETFs would grow via two steps fwd and one step back, and rn it is back step time. You can see this pattern in IBIT’s flows. If anything, we due a few steps back given all the steps fwd. Part of process IMO. Only a small child would expect green all day every day.”
–Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence.
According to data from Farside, investors have withdrawn a total of $2.6 billion from U.S. Bitcoin and Ethereum ETFs over the past seven days. The more than $1.9 billion that flowed out of BTC ETFs and $718.9 million cashed out of ETH funds since October 29 marks one of the largest redemption periods in the funds’ history.
Despite billions poured into spot Bitcoin ETFs this year, which propelled Bitcoin’s price to record highs, the market has temporarily reversed course. BTC is currently exchanging hands more than 20% below its recent peak. K33 Research reported that the average cost basis for a U.S. spot Bitcoin ETF is approximately $89,613, representing an 11% discount to current levels.
At the time of publication, Bitcoin is trading at $103,080, up more than 1% in the last 24 hours. BTC has also dropped 7.3% in the past 7 days and more than 16.6% in the last 30 days.
Ethereum is trading around $3,381.50, up more than 2% in the last 24 hours. However, the digital asset has dropped by 7.5% in the past 7 days and more than 27.30% in the last 30 days. ETH is still struggling to trade near the record highs it reached in August of $4,946.
Macro uncertainty causes massive outflows from U.S. spot Bitcoin and Ethereum ETFs
Financial advisor Ric Edelman, head of the Digital Assets Council of Financial Advisors, argued that despite the outflows, Bitcoin’s price hasn’t crashed because of the strong institutional inflows that are simultaneously occurring. He believes that it shows the continuing maturity of the asset class.
Edelman noted that investors have shifted away from crypto and other risk-on assets since October, amid growing macroeconomic uncertainty. The trade uncertainty between the U.S. and China, the current government shutdown, low market liquidity, and diminishing probability of a third U.S. interest rate cut before the end of the year.
Bitcoin ETFs recorded their longest losing streak in February, with a net outflow of over $2.2 billion over eight consecutive days. The President’s tariff announcement caused a drawdown in investor interest from BTC funds.
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