TL;DR
- U.S. spot crypto ETFs recorded more than $540 million in combined net outflows Thursday, with Bitcoin products accounting for $430.2 million and Ethereum funds losing roughly $99.9 million.
- Fidelity’s FBTC led Bitcoin withdrawals with $199.9 million, while BlackRock’s ETHA drove Ethereum redemptions with $75.2 million.
- Solana, Zcash and Hyperliquid ETFs also posted outflows, while XRP products recorded zero flows as weekly withdrawals across major U.S. crypto funds exceeded $1.1 billion.
U.S. spot crypto ETFs recorded more than $540 million in combined net outflows on Thursday as digital assets and technology stocks sold off after the midterm elections. According to SoSoValue data, Bitcoin funds alone posted $430.2 million in net redemptions. The session marked a broad retreat from regulated crypto exposure rather than a Bitcoin-only move, putting renewed focus on Bitcoin ETFs as investors reassessed risk across markets.
Bitcoin and Ethereum ETFs Lead the Withdrawals
Fidelity’s FBTC led Bitcoin ETF outflows with $199.9 million, followed by BlackRock’s IBIT at $105 million and Grayscale’s GBTC at $49.9 million. Franklin Templeton’s EZBC, VanEck’s HODL and ARK 21Shares’ ARKB also recorded withdrawals, while the remaining Bitcoin products showed no flows. Bitcoin ETFs accounted for most of Thursday’s crypto fund redemptions, extending a period of unstable institutional positioning after recent Bitcoin ETF outflows.
Ethereum funds added roughly $99.9 million in net withdrawals. BlackRock’s ETHA led with $75.2 million, while ETHB lost $22 million and Fidelity’s FETH also posted redemptions. Bitcoin and Ethereum funds therefore shed about $530 million combined. The selling was concentrated in the two largest spot crypto ETF categories, resembling earlier sessions when Bitcoin and Ethereum ETFs moved together into net outflows rather than showing a rotation between the two assets.
Smaller crypto ETF categories also finished mostly negative. Solana products recorded about $1.2 million in net outflows, Zcash funds lost $11 million and Hyperliquid ETFs shed roughly $3 million. XRP products were the exception, recording zero net flows for the session. The cross-asset pattern points to broad risk reduction across regulated crypto products, although the magnitude varied significantly by asset, consistent with previous periods of mixed crypto ETF positioning.
The ETF withdrawals coincided with a wider market decline. Bitcoin fell 5.6% on Thursday, Ether dropped 7.8%, and a broad crypto market index lost 6.4%. Technology equities also weakened sharply, with the Nasdaq Composite down 5.5% and the S&P 500 falling 4.4%. More than $1 billion in leveraged crypto positions were liquidated over 24 hours. The simultaneous declines show a broad risk-off session, but ETF outflows alone do not establish what caused the market selloff, even as weekly withdrawals across major U.S. crypto ETFs moved above $1.1 billion and echoed earlier broad ETF redemption waves. That keeps institutional flow trends under scrutiny. Institutional flows therefore remain a key signal.