U.S. bitcoin ETFs posted $148.69 million in net withdrawals on Wednesday, snapping a nine-session inflow streak and triggering broad selling across the crypto ETF market.
Fidelity's FBTC led the outflows with $125.58 million in withdrawals. Bitwise's BITB lost $13.63 million, while Blackrock's IBIT posted a $9.48 million exit. Trading volume reached $2.36 billion, with net assets closing at $107.98 billion.
The reversal ended a nine-day buying period that had accumulated roughly $3 billion in inflows. Wednesday's session marked the first meaningful test of whether institutional demand remains steady following the recent accumulation period.
Selling Spreads Beyond Bitcoin
Pressure extended across multiple crypto assets. Ether ETFs recorded a second consecutive day of outflows, losing $59.58 million. Fidelity's FETH led with $26.60 million in withdrawals, followed by Grayscale's Ether Mini Trust at $25.48 million.
Zcash ETFs faced additional selling pressure, with Grayscale's ZCSH dropping $30.25 million. HYPE ETFs shed $5.03 million through Bitwise's BHYP fund.
Solana ETFs posted $11.10 million in net outflows, with Bitwise's BSOL losing $8.94 million. However, some demand persisted, with Fidelity's FSOL attracting $2.77 million and Canary's SOLC adding $1.43 million. XRP ETFs recorded no net flows for the session.
NEAR Offers Bright Spot
Bitwise's newly launched NEAR ETF was the sole bright spot, attracting $14.04 million in inflows and lifting net assets to $52.79 million. It was the only major crypto ETF category to finish the day with positive flows.
Analysts have pointed to a longer-term recovery in bitcoin ETF demand despite Wednesday's reversal. Bloomberg ETF analysts noted that lifetime cumulative flows are approaching previous highs despite challenging market conditions over the past eleven months. Bitcoin ETFs are positive for the year, though cumulative flows remain roughly $5 billion below their previous peak.
