Bitcoin, ether ETFs snap multi-day inflow streaks with $219 million in combined outflows

Investors pulled $219.2 million from U.S.-listed spot bitcoin and ether funds on Wednesday, marking the first day of net redemptions for both asset classes after a week of consecutive inflows.

A $163.5 million outflow ended a seven-session streak of net inflows for spot bitcoin products, while the ether fund cohort posted its first net negative flow of $55.7 million since March 9, according to data from Farside and CoinGlass.

BlackRock's IBIT, the largest spot bitcoin fund by assets, recorded its first net outflow in eight days, with $33.9 million exiting the vehicle. The product had taken more than $900 million over the prior seven sessions, including $169.3 million on March 17.

Fidelity's FBTC led the bitcoin ETF redemptions overall, posting $103.8 million in net outflows, its second-largest single-day exit for the month so far, while Grayscale’s GBTC saw $18.8 million leave the fund. Bitwise’s BITB also recorded a $7 million net outflow as the rest of the funds posted zero flows. 

The ether fund cohort saw $55.7 million exit, led by Fidelity's FETH, which witnessed $37.1 million in net outflows for the day. Grayscale's ETHE posted $8.9 million in redemptions, while Bitwise's ETHW recorded outflows of $4.7 million. VanEck's ETHV also saw $4.8 million exit the fund as BlackRock's ETHA posted a $1.3 million net outflow compared to a $1.1 million net inflow for its new ETHB Ethereum staking ETF.

The outflows coincided with a broader market decline. Bitcoin (BTC) fell below $70,000 during Asian trading hours on Thursday and is currently changing hands for $69,699, according to The Block's BTC price page. The world's largest cryptocurrency is down around 4.1% over the past 24 hours. 

Ether (ETH) dropped 4.3% to $2,159 over the same period, The Block’s ETH price page shows.