InvestReports disagree2 publishers2 min readPublished
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
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
- 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.
- 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.
- 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.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence72
- Adoption74
- Hype gap+22
- Incentives
- Insufficient
- Confidence70
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
U.S. bitcoin ETFs lost $244.13 million on Thursday.
- [2]
Ether ETFs shed $72.54 million on Thursday, an eighth straight day of redemptions.
- [3]
Bitcoin and ether funds lost roughly $964.5 million combined across Wednesday and Thursday, about $965 million in two sessions.
- [4]
Fidelity's FBTC accounted for most of Thursday's bitcoin ETF selling, losing $197.09 million.
- [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.
- [6]
BlackRock's IBIT slipped by $5.54 million on Thursday; Franklin's EZBC was the lone buyer, attracting $4.71 million.
- [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.
- [8]
Fidelity's FETH attracted $5.50 million and Morgan Stanley's MSSE added $1.32 million on Thursday.
- [9]
Trading activity across the ether ETFs climbed to $1.92 billion, while net assets fell to $15.64 billion.
- [10]
XRP ETFs attracted $8.17 million, entirely through Franklin's XRPZ; net assets ended at $1.56 billion.
- [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.
- [12]
Zcash ETFs lost $18.66 million through Grayscale's ZCSH, pushing net assets to $655.95 million.
- [13]
HYPE ETFs shed $9.70 million through 21Shares' THYP.
- [14]
Solana ETFs posted a fourth consecutive day of withdrawals, losing $3.32 million.
- [15]
Thailand's SEC issued regulations allowing locally listed crypto ETFs, initially covering bitcoin and ether, with the framework taking effect Oct. 16.
- [16]
Thursday's combined bitcoin and ether ETF outflow was $316.67 million.
- [17]
FBTC and ETHA together lost $268.21 million, about 85% of Thursday's combined bitcoin and ether ETF outflow.
- [18]
Wednesday's implied combined bitcoin and ether ETF outflow was about $648 million.
- [19]
FBTC accounted for about 81% of Thursday's net bitcoin ETF outflow.
- [20]
ETHA's exit equalled about 98% of Thursday's net ether ETF outflow.
- [21]
Thursday's bitcoin ETF outflow was about 0.23% of the funds' net assets.
- [22]
Thursday's ether ETF outflow was about 0.46% of the funds' net assets, twice bitcoin's proportional rate.
- [23]
Across the XRP, NEAR, Zcash, HYPE and Solana funds named, net flows on Thursday were an outflow of $19.47 million.
- [24]
XRP and NEAR fund inflows totalled $12.21 million, about 3.9% of Thursday's bitcoin and ether ETF outflow.
- [25]
Thursday's combined outflow was about 49% of Wednesday's implied outflow.
- [26]
IBIT's outflow was about 2% of Thursday's net bitcoin ETF outflow.
- [27]
The two-session total averages about $482 million a day.
- [28]
Trading value across the bitcoin ETFs jumped to $3.81 billion on Thursday, while net assets fell to $104.91 billion.
- [29]
Bitcoin's price was down more than 4% over the last week, recently trading below $82,800.
- [30]
Ether's price dropped more than 9% over the last seven days to a recent price near $2,485.
- [31]
Thursday's net bitcoin ETF outflow equalled about 6.4% of the funds' trading value that day.
- [32]
News.bitcoin.com wrote that bitcoin and ether ETFs lost about $965M in two days "as institutional selling accelerated."
ReportedInsufficientSource: news.bitcoin.com key takeaways2 sources— create a free account to open themView cited source - [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.
ReportedInsufficientSource: news.bitcoin.com analysis2 sources— create a free account to open themView cited source
Sources
2 independent publishers whose own reporting we read for this story.
- cryptopolitan.comEther ETF outflows hit eight days as Fidelity's FBTC loses $197 million
1 article · October 9, 2026
- news.bitcoin.comBitcoin, Ether Prices Hit by ETF Selling as 2-Day Outflows Near $1 Billion
1 article · October 9, 2026
Topics and entities
Follow any of these and your For You feed starts watching them — no settings page required.