Key Takeaways
- Bitcoin and ether ETFs lost about $965M in 2 days as institutional selling accelerated.
- Fidelity led bitcoin outflows while Blackrock drove ether redemptions for an eighth session.
- Markets will test whether XRP and NEAR inflows can persist as broader crypto demand weakens.
Bitcoin ETFs Lose $244M as Fidelity Sheds $197M
The pressure on institutional crypto positioning intensified on Thursday, and trading activity rose with it.
Bitcoin ETFs followed Wednesday’s heavy withdrawal with another $244.13 million exit. Fidelity’s FBTC accounted for most of the selling, losing $197.09 million. Meanwhile, Ark and 21Shares’ ARKB shed $20.29 million, Bitwise’s BITB lost $17.71 million, and Grayscale’s GBTC recorded an $8.20 million outflow.
BlackRock’s IBIT slipped by $5.54 million. Franklin’s EZBC was the lone buyer, attracting $4.71 million. Overall trading value jumped to $3.81 billion across the funds, while net assets fell to $104.91 billion.
That combination of heavier turnover and persistent redemptions suggests active de-risking. For bitcoin’s price, the flow picture has shifted quickly from September’s accumulation phase toward a more defensive institutional posture. As of this writing, the price of bitcoin is down more than 4% over the last week, recently trading below $82,800.
Ether’s Losing Streak Becomes Entrenched
Ether ETFs lost $72.54 million on Thursday, meanwhile, extending their withdrawal streak to eight sessions.
Blackrock’s ETHA again carried most of the pressure with a $71.12 million exit. Grayscale’s ETHE lost $6.12 million, while 21Shares’ TETH and Vaneck’s ETHV also posted redemptions.
Fidelity’s FETH attracted $5.50 million, and Morgan Stanley’s MSSE added $1.32 million. Trading activity climbed to $1.92 billion across the ETH funds, while net assets fell to $15.64 billion.
Bitcoin and ether funds have now lost roughly $964.5 million combined across Wednesday and Thursday. The speed of that reversal is becoming harder to dismiss as routine portfolio noise.
The price of ETH has taken a much sharper hit over the last seven days, dropping more than 9% to a recent price near $2,485.
XRP and NEAR Resist the Broader Retreat
Some capital continued to find opportunities further down the crypto market.
XRP ETFs attracted $8.17 million, entirely through Franklin’s XRPZ. Trading volume reached $65.44 million, with net assets ending at $1.56 billion.
Bitwise’s NEAR ETF, NRR—launched last week—added $4.04 million on Thursday. Net assets closed at $59.86 million, representing roughly 1% of NEAR’s market capitalization.
Those inflows stand out because most competing categories remained under pressure.
Zcash, HYPE, and Solana Stay Under Pressure
Zcash ETFs lost another $18.66 million through Grayscale’s ZCSH, pushing net assets below $700 million to $655.95 million. The retreat has been substantial, though cumulative net inflows remain positive at $181.84 million.
HYPE ETFs shed $9.70 million through 21Shares’ THYP.
Solana ETFs posted a fourth consecutive day of withdrawals, losing $3.32 million. Bitwise’s BSOL shed $5.26 million, while Morgan Stanley’s MSOL and Invesco’s QSOL attracted smaller inflows.
The broader ETF landscape is still expanding internationally. Thailand’s SEC issued regulations allowing locally listed crypto ETFs, initially covering bitcoin and ether, with the new framework taking effect Oct. 16.
For U.S. markets, however, the immediate signal is defensive. Rising volumes alongside nearly $1 billion of bitcoin and ether redemptions in two days point to institutions actively reducing exposure rather than simply waiting on the sidelines.
