U.S. spot bitcoin exchange-traded funds recorded a second consecutive day of net outflows on Wednesday, with investors withdrawing nearly $545 million as market sentiment turned cautious, according to data from SoSoValue.
The largest share of the selling came from BlackRock’s iShares Bitcoin Trust (IBIT), which saw $373.44 million exit the fund in a single day. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $86.44 million in outflows, while Grayscale’s GBTC recorded $41.77 million. Smaller withdrawals were also reported across products from Ark & 21Shares, VanEck, and Franklin Templeton.
Bitcoin price slide weighs on sentiment
The renewed outflows coincided with a pullback in bitcoin’s price. The cryptocurrency briefly slipped below the $71,000 mark late Wednesday, reaching its lowest level since October 2024, according to market data. The move came amid broader risk-off sentiment across global financial markets, with investors dialing back exposure to higher-risk assets.
Taken together, the past two days have seen $816.96 million leave U.S. spot bitcoin ETFs. The reversal follows a sharp contrast earlier in the week, when the funds attracted $562 million in net inflows on Monday, their strongest single-day intake since mid-January. The largest inflow of the year remains $843.62 million, recorded on January 14.
Long-term picture remains sizable
Despite the recent volatility, spot bitcoin ETFs continue to hold a significant position in the market. Since their launch two years ago, these funds have amassed $54.75 billion in cumulative net inflows. Combined, their net assets now account for roughly 6.36 percent of bitcoin’s total market capitalization, underscoring their lasting footprint even during periods of short-term selling.
Outflows extend beyond bitcoin
The cautious tone was not limited to bitcoin-linked products. U.S. spot Ethereum ETFs also posted net outflows totaling $79.48 million on Wednesday. Most of that activity was concentrated in two funds: BlackRock’s iShares Ethereum Trust, which saw $58.95 million leave, and Fidelity’s Ethereum Fund (FETH), which recorded $20.53 million in withdrawals. Other spot Ethereum ETFs reported no daily flows.
Elsewhere in the digital asset ETF space, U.S. spot XRP ETFs bucked the trend with a modest net inflow of $4.83 million. Franklin Templeton’s XRP Fund (XRPZ) accounted for more than half of that total. Spot Solana ETFs, however, ended the day with net outflows exceeding $6 million.
