U.S. spot bitcoin exchange-traded funds continued to see money flow out on Thursday, marking a third straight day of net withdrawals as investors appeared to take profits and reassess short-term market conditions.
Data from SoSoValue shows that bitcoin ETFs recorded nearly $399 million in net outflows for the day. BlackRock’s iShares Bitcoin Trust (IBIT) led the decline, with about $193 million leaving the fund. Fidelity’s bitcoin ETF followed, posting outflows of roughly $120.5 million. Funds managed by Ark & 21Shares and Grayscale also reported net losses.
The recent pullback has been notable. Over the past three trading sessions, around $1.12 billion has exited U.S. spot bitcoin ETFs, effectively erasing most of the inflows seen during the opening days of 2026.
Ethereum-focused funds reflected a similar pattern. Spot Ethereum ETFs logged $159.17 million in net outflows on Thursday. BlackRock’s ETHA accounted for the largest share, with $107.6 million withdrawn, while Grayscale’s ETHE saw about $31.7 million in outflows.
Market analysts say the trend points more to short-term positioning than a loss of confidence in crypto assets. Nick Ruck, director of LVRG Research, described the outflows as a mix of portfolio rebalancing, profit-taking after the recent rally, and caution during a period of consolidation.
“The crypto market remains in a resilient consolidation phase,” Ruck said, noting that bitcoin continues to trade just above the $90,000 level, supported by ongoing institutional interest rather than long-term selling pressure.
Bitcoin was up slightly over the past 24 hours, gaining 0.26% to trade around $90,660, according to market data. The price briefly dipped below $90,000 earlier in the day before recovering. Ethereum, meanwhile, slipped 0.54% to approximately $3,104.
Not all crypto ETFs saw money leave. Spot XRP ETFs returned to positive territory on Thursday, recording $8.72 million in net inflows after posting their first-ever daily outflow the previous day. Spot Solana ETFs also extended their winning streak, attracting $13.64 million in inflows for an eighth consecutive session.
Looking ahead, Ruck advised investors to keep a close eye on ETF flow data, key technical levels — particularly bitcoin’s resistance near $95,000 — and broader macroeconomic signals such as potential shifts in U.S. Federal Reserve policy.
In the near term, ETF flows may continue to fluctuate, but market watchers say the broader picture suggests consolidation rather than a decisive change in institutional appetite for digital assets.
