Bitcoin and Ethereum ETFs Extend Withdrawals With $253 Million Exit

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U.S.-listed cryptocurrency exchange-traded funds posted diverging flows on Feb. 23, with Bitcoin products extending outflows while Ethereum funds also saw redemptions.

Key Takeaways:

• Bitcoin ETFs recorded $203.8 million in net outflows.
• Ethereum funds saw $49.5 million in redemptions.
• Solana ETFs posted $8 million in net inflows.
• XRP products were unchanged with zero net flows.

Solana vehicles attracted modest inflows, and XRP products were flat on the day.

Aggregate data show investors continuing to trim exposure to Bitcoin and Ether as broader digital-asset sentiment remains fragile.

Bitcoin: $203.8 Million in Net Outflows

Spot Bitcoin ETFs recorded $203.8 million in net outflows on Feb. 23, marking one of the larger daily withdrawals this month.
BlackRock’s IBIT led redemptions with $116.4 million exiting the fund. Fidelity’s FBTC saw $27.9 million in outflows, while Bitwise’s BITB lost $43.6 million. ARK’s ARKB shed $9.2 million, and Grayscale’s GBTC posted $13.1 million in withdrawals.

Other issuers were largely flat, with limited offsetting inflows. The data suggest continued institutional caution toward Bitcoin exposure amid heightened volatility and risk-off positioning across digital assets.

Ethereum: $49.5 Million in Net Outflows

Spot Ethereum ETFs posted $49.5 million in net outflows on the day.

BlackRock’s ETHA accounted for the largest share, with $45.4 million in redemptions. Fidelity’s FETH recorded $1.4 million in outflows, while VanEck’s ETHV saw $2.7 million exit.

Other products were largely unchanged. The withdrawals come despite short-term stabilization in Ether’s price action, indicating that institutional flows have yet to turn decisively constructive.

Solana: $8 Million in Net Inflows

In contrast, Solana-linked ETFs recorded $8 million in net inflows, extending a modest streak of positive demand.
Bitwise’s BSOL led with $6.3 million in inflows, while Fidelity’s FSOL added $0.9 million. Grayscale’s GSOL posted $0.8 million, with other issuers flat.

Though small relative to Bitcoin and Ethereum products, the inflows suggest selective appetite for alternative Layer-1 exposure even as broader crypto ETF flows remain pressured.

XRP: Flows Flat

Spot XRP ETFs recorded no net inflows or outflows on Feb. 23.

Products from Canary, Franklin, Bitwise and Grayscale were unchanged, indicating a pause in allocation shifts following recent volatility in the token.

Divergence Highlights Defensive Positioning

The Feb. 23 data underscore a defensive tilt in crypto ETF positioning. Investors continued to withdraw capital from Bitcoin and Ethereum products while selectively allocating to smaller vehicles such as Solana.

Whether the outflows represent short-term de-risking or the start of a broader trend may depend on price stabilization and a recovery in sentiment indicators, which remain in risk-off territory.

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Author

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.

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