Bitcoin exchange-traded funds recorded a $394.68 million net outflow, snapping a recent streak of inflows and signalling a clear pullback in investor demand. Fidelity’s FBTC led the retreat with a $205.22 million exit, followed by Bitwise’s BITB ($90.38M) and Ark & 21Shares’ ARKB ($69.42M); Grayscale’s GBTC also shed assets during the session. BlackRock’s IBIT was a lone positive, drawing $15.09 million, but that inflow was insufficient to offset the broader selling. Total value traded in Bitcoin ETFs reached $3.60 billion, while net assets held near $124.56 billion.
Bitcoin ETFs Experience Significant Outflows
The $394.68 million outflow represented the largest drag on crypto ETF flows for the day, concentrated in a few large products rather than spread evenly across the sector. Fidelity’s FBTC accounted for the biggest single exit at $205.22 million, with Bitwise’s BITB and Ark & 21Shares’ ARKB responsible for sizable follow-on withdrawals. For context on nearby moves in ETF flows, see a report on a recent outflow that examined similar dynamics across funds.
Ether ETFs Remain Resilient
Ether-focused ETFs narrowly stayed in positive territory, posting a $4.64 million net inflow and showing selective investor interest despite the broader pullback in Bitcoin products. BlackRock’s ETHA contributed $14.87 million of that inflow, which partly offset a $10.22 million exit from Grayscale’s ETHE. Trading volume for ether ETFs was steady and net assets held firm, supporting the picture of modest but persistent demand for ether exposure.
XRP and Solana ETFs Show Low-Conviction Moves
XRP funds recorded a marginal $1.12 million inflow, driven entirely by Franklin’s XRPZ and reflecting narrowly focused buying rather than broad market conviction. Solana ETFs slipped with a $2.22 million net outflow led by Grayscale’s GSOL, while smaller moves across 21Shares’ TSOL and Fidelity’s FSOL partially offset each other. Overall activity in these token funds was subdued, consistent with a market that has shifted toward caution.
Market Sentiment Shifts to Caution
The mixed flows across asset classes suggest that the strong momentum seen in prior sessions has paused and investors are taking a more wait-and-see approach. Bitcoin absorbed the bulk of selling pressure while ether held modest gains and other tokens showed only tentative interest, a pattern noted in earlier outflows as well. In sum, trading remained active but the market tone turned more cautious heading into the next trading week.
Why this matters
If you run mining equipment in Russia, this flow snapshot matters mainly for sentiment and short-term liquidity, not for the fundamentals of your rigs. Large ETF outflows can coincide with increased volatility in spot prices, which affects the value of coins you mine and when you might choose to sell them. At the same time, ether’s small inflow and stability in net assets show there is still selective investor demand for non-Bitcoin crypto exposure.
What to do?
- Monitor spot prices and flows: track ETF flows and spot price moves during your planned coin sell-offs to avoid selling into short-term dips.
- Stress-test operating costs: recalculate electricity and maintenance budgets for 1–1,000 rigs under lower-price scenarios to ensure continued profitability.
- Manage coin inventory: consider holding a portion of mined coins if you can cover operating costs, and sell incrementally rather than all at once.
- Keep liquidity for bills: prioritize cash for power and maintenance to avoid forced shutdowns during volatile stretches.
- Follow flow updates: check regular flow reports to spot changing demand for Bitcoin versus ether and token ETFs, which can help time sales.
