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Invest Reports disagree2 publishers 2 min read Published Updated

Two funds account for 85% of Thursday's $317 million bitcoin and ether ETF outflow

US bitcoin and ether ETFs shed about $965 million in two sessions as ether funds logged an eighth straight day of redemptions. Most of Thursday's selling sat in Fidelity's FBTC and BlackRock's ETHA, consistent with a few large holders trimming positions.

The Investor · Invest desk

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Illustration accompanying Two funds account for 85% of Thursday's $317 million bitcoin and ether ETF outflow
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FBTC and ETHA drove most of Thursday's ETF outflow Thursday's net outflow by fund for US bitcoin and ether ETFs, in millions of dollars. Funds with inflows, and outflows the source left unsized, are not shown.

Ranked bar chart of Thursday's net outflows by fund. Fidelity's FBTC lost $197.09 million and BlackRock's ETHA $71.12 million, far ahead of ARKB at $20.29 million, BITB at $17.71 million, GBTC at $8.20 million, ETHE at $6.12 million and BlackRock's IBIT at $5.54 million.

FBTC and ETHA drove most of Thursday's ETF outflow (Net outflow on Thursday, US bitcoin and ether ETFs, $ million)
RankItemValueClaim
1Fidelity FBTC (bitcoin)$197.09 million4
2BlackRock ETHA (ether)$71.12 million7
3Ark/21Shares ARKB (bitcoin)$20.29 million5
4Bitwise BITB (bitcoin)$17.71 million5
5Grayscale GBTC (bitcoin)$8.2 million5
6Grayscale ETHE (ether)$6.12 million7
7BlackRock IBIT (bitcoin)$5.54 million6

What happened

  • Bitcoin ETFs lost $244.13 million on Thursday, $197.09 million of it from Fidelity's FBTC, while BlackRock's IBIT lost only $5.54 million.
  • Trading value in the bitcoin funds jumped to $3.81 billion on Thursday as their net assets fell to $104.91 billion.
  • Ether fell more than 9% over seven days to about $2,485, while bitcoin dropped more than 4% and traded below $82,800.
  • XRP funds took in $8.17 million through Franklin's XRPZ, and Bitwise's week-old NEAR fund added $4.04 million.

Why it matters

  • What doesn't add up contradiction The source calls the selling accelerating, but the two-session average of about $482 million a day is a pace Thursday's $317 million already fell well below, so extrapolating the headline total overstates current redemptions.
  • What it limits constraint With two funds carrying most of a day's outflow, the category total measures a few holders' decisions, so any claim of a broad institutional exit has to be checked fund by fund.
  • Who's exposed exposure At Thursday's pace ether funds lose about 0.46% of assets a day, twice bitcoin's rate, so a longer streak shrinks the smaller category disproportionately and lands mostly on ETHA.

Broken into its two sessions, the selling slowed. Of the roughly $964.5 million that left bitcoin and ether funds across Wednesday and Thursday [3], Thursday's share was $316.67 million [16], leaving about $648 million for Wednesday [18]. Thursday's redemptions came to about 49% of the previous session's [25]. News.bitcoin.com, the only source for these figures, wrote that institutional selling accelerated [32]. In dollars it fell by half, even as trading value in the bitcoin funds jumped [28].

Two funds carried most of Thursday. FBTC was about 81% of the bitcoin outflow [19] and ETHA about 98% of the ether outflow [20], so together they made up roughly 85% of the combined total [17]. The pattern reverses across the two issuers (the same two firms, in opposite assets). BlackRock's bitcoin fund supplied about 2% of the bitcoin outflow [26], and Fidelity's ether fund was one of only two ether funds to take in money [8]. If institutions as a class were cutting crypto exposure, I'd expect both issuers to lose money in both assets. Each lost heavily in one fund and held roughly flat or gained in the other.

The source takes heavier turnover alongside nearly $1 billion of redemptions as a sign that institutions are actively reducing exposure [33]. Its flow tables do not identify who redeemed. Net bitcoin outflow was about 6.4% of Thursday's trading value in those funds [31]. Every trade in that volume has a buyer as well as a seller, so rising turnover does not by itself say which side was institutional. A few large holders leaving two funds, possibly institutions, would produce the same concentration.

The smaller crypto categories were net sellers too. XRP and NEAR funds together took in $12.21 million, about 3.9% of Thursday's bitcoin and ether outflow [24], while Zcash funds lost $18.66 million [12], HYPE funds $9.70 million [13] and Solana funds $3.32 million on a fourth straight day of withdrawals [14], so across the five groups named in the report $19.47 million left on net [23]. Whatever money came out of the two large categories, the ETF data show little of it moving down the list into altcoin wrappers.

Wednesday could prove the peak, with Thursday the start of a fade. The selling could stay inside the two funds and stop when those holders finish. Or it could spread across issuers and funds, the pattern a broad institutional retreat would need. I think the second fits one day of fund-level data best. A session with the outflow spread across five or six funds at similar size, none above half the total, would prove it wrong.

What to watch

  • Whether ether funds post a ninth straight session of redemptions, and whether ETHA still accounts for nearly all of the net outflow.
  • IBIT and FETH daily flows: redemptions of tens of millions in either would mean the selling has spread to both issuers in both assets.
  • Thailand's framework for locally listed bitcoin and ether ETFs taking effect Oct. 16, a new venue outside the US flow tables.

Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.

Clarity's read

What the record supports and how the coverage leans. The claims behind it follow.

Reality

Evidence72
Adoption74
Hype gap+22
Incentives
Not scored
Confidence70
Why these scores

Claim ledger

Ranked by verification strength, evidence, and original report placement.

  1. [1]

    U.S. bitcoin ETFs lost $244.13 million on Thursday.

    Reported SupportedView cited source
  2. [2]

    Ether ETFs shed $72.54 million on Thursday, an eighth straight day of redemptions.

    Reported SupportedView cited source
  3. [3]

    Bitcoin and ether funds lost roughly $964.5 million combined across Wednesday and Thursday, about $965 million in two sessions.

    Reported SupportedView cited source
  4. [4]

    Fidelity's FBTC accounted for most of Thursday's bitcoin ETF selling, losing $197.09 million.

    Reported SupportedView cited source
  5. [5]

    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 on Thursday.

    Reported SupportedView cited source
  6. [6]

    BlackRock's IBIT slipped by $5.54 million on Thursday; Franklin's EZBC was the lone buyer, attracting $4.71 million.

    Reported SupportedView cited source
  7. [7]

    BlackRock's ETHA again carried most of the ether ETF pressure with a $71.12 million exit; Grayscale's ETHE lost $6.12 million, and 21Shares' TETH and VanEck's ETHV also posted redemptions.

    Reported SupportedView cited source
  8. [8]

    Fidelity's FETH attracted $5.50 million and Morgan Stanley's MSSE added $1.32 million on Thursday.

    Reported SupportedView cited source
  9. [9]

    Trading activity across the ether ETFs climbed to $1.92 billion, while net assets fell to $15.64 billion.

    Reported SupportedView cited source
  10. [10]

    XRP ETFs attracted $8.17 million, entirely through Franklin's XRPZ; net assets ended at $1.56 billion.

    Reported SupportedView cited source
  11. [11]

    Bitwise's NEAR ETF, NRR, launched last week, added $4.04 million on Thursday; net assets closed at $59.86 million, roughly 1% of NEAR's market capitalization.

    Reported SupportedView cited source
  12. [12]

    Zcash ETFs lost $18.66 million through Grayscale's ZCSH, pushing net assets to $655.95 million.

    Reported SupportedView cited source
  13. [13]

    HYPE ETFs shed $9.70 million through 21Shares' THYP.

    Reported SupportedView cited source
  14. [14]

    Solana ETFs posted a fourth consecutive day of withdrawals, losing $3.32 million.

    Reported SupportedView cited source
  15. [15]

    Thailand's SEC issued regulations allowing locally listed crypto ETFs, initially covering bitcoin and ether, with the framework taking effect Oct. 16.

    Reported SupportedView cited source
  16. [16]

    Thursday's combined bitcoin and ether ETF outflow was $316.67 million.

    Derived Supported
  17. [17]

    FBTC and ETHA together lost $268.21 million, about 85% of Thursday's combined bitcoin and ether ETF outflow.

    Derived Supported
  18. [18]

    Wednesday's implied combined bitcoin and ether ETF outflow was about $648 million.

    Derived Supported
  19. [19]

    FBTC accounted for about 81% of Thursday's net bitcoin ETF outflow.

    Derived Supported
  20. [20]

    ETHA's exit equalled about 98% of Thursday's net ether ETF outflow.

    Derived Supported
  21. [21]

    Thursday's bitcoin ETF outflow was about 0.23% of the funds' net assets.

    Derived Supported
  22. [22]

    Thursday's ether ETF outflow was about 0.46% of the funds' net assets, twice bitcoin's proportional rate.

    Derived Supported
  23. [23]

    Across the XRP, NEAR, Zcash, HYPE and Solana funds named, net flows on Thursday were an outflow of $19.47 million.

    Derived Supported
  24. [24]

    XRP and NEAR fund inflows totalled $12.21 million, about 3.9% of Thursday's bitcoin and ether ETF outflow.

    Derived Supported
  25. [25]

    Thursday's combined outflow was about 49% of Wednesday's implied outflow.

    Derived Supported
  26. [26]

    IBIT's outflow was about 2% of Thursday's net bitcoin ETF outflow.

    Derived Supported
  27. [27]

    The two-session total averages about $482 million a day.

    Derived Supported
  28. [28]

    Trading value across the bitcoin ETFs jumped to $3.81 billion on Thursday, while net assets fell to $104.91 billion.

    Reported ContestedView cited source
  29. [29]

    Bitcoin's price was down more than 4% over the last week, recently trading below $82,800.

    Reported ContestedView cited source
  30. [30]

    Ether's price dropped more than 9% over the last seven days to a recent price near $2,485.

    Reported ContestedView cited source
  31. [31]

    Thursday's net bitcoin ETF outflow equalled about 6.4% of the funds' trading value that day.

    Derived Contested
  32. [32]

    News.bitcoin.com wrote that bitcoin and ether ETFs lost about $965M in two days "as institutional selling accelerated."

    Reported Insufficient Source: news.bitcoin.com key takeawaysView cited source
  33. [33]

    News.bitcoin.com wrote that rising volumes alongside nearly $1 billion of bitcoin and ether redemptions in two days point to institutions actively reducing exposure.

    Reported Insufficient Source: news.bitcoin.com analysisView cited source

Sources

2 independent publishers whose own reporting we read for this story.

  1. cryptopolitan.com

    1 article · October 9, 2026

    Ether ETF outflows hit eight days as Fidelity's FBTC loses $197 million
  2. news.bitcoin.com

    1 article · October 9, 2026

    Bitcoin, Ether Prices Hit by ETF Selling as 2-Day Outflows Near $1 Billion

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