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Fidelity’s U.S.-based spot Bitcoin 
$101,892 and Ethereum 
$2,540 exchange-traded funds (ETFs) recorded their largest daily net outflows in history on Wednesday. The spot Bitcoin ETF, named FBTC, drew attention with a net outflow of $258.7 million, contributing to a total negative flow of $582.9 million. Similarly, Fidelity’s spot Ethereum ETF, FETH, dominated the day with a $147.7 million outflow.
Massive Withdrawals from Spot Bitcoin ETFs Shake the Market
Fidelity’s FBTC reported a standalone net outflow of $258.7 million on Wednesday. This led spot Bitcoin ETFs to reach a total of $582.9 million in negative flow.
BlackRock’s IBIT Bitcoin ETF also experienced significant outflows exceeding $124 million, marking the fund’s third-largest withdrawal to date. Additionally, Ark and 21Shares’ ARKB fund reported a $148.3 million outflow, while funds from companies like Valkyrie, Bitwise, Invesco, and Grayscale also faced negative flows.
On Wednesday, U.S. spot Bitcoin ETFs achieved a total trading volume of $3.4 billion. However, despite the recent outflows, the cumulative net inflows for the funds stand at $36.37 billion. Experts suggest that investors are reassessing their positions amid volatile market conditions.
Spot Ethereum ETFs Also Face Record Losses
A similar trend was observed in spot Ethereum ETFs. Fidelity’s FETH experienced a net outflow of $147.7 million, marking its largest loss to date. On Wednesday, total outflows from spot Ethereum ETFs reached $159.3 million, resulting in the highest combined outflow seen since July 26 of the previous year across nine Ethereum ETFs in the U.S. Grayscale’s ETHE and mini Ethereum funds also reported negative flows.
The trading volume for spot Ethereum ETFs dropped from $818.9 million the previous day to $458.6 million. However, the total cumulative net inflow remains at $2.52 billion. The current downward trend indicates a temporary decline in investor interest towards Ethereum assets.
Currently, BTC is trading at $93,349, reflecting a 2.89% decrease over the last 24 hours. Meanwhile, the altcoin king ETH is priced at $3,313, experiencing a 1.78% drop during the same period. Whether outflows from ETFs will continue will be crucial for determining the short-term direction of the cryptocurrency market.
