Bitcoin ETFs See $174 Million Outflows on April 1 as Ether ETFs Extend Losing Streak

On April 1, 2026, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net outflows of $173.73 million, while Ethereum ETFs posted $7.10 million in outflows, marking a fragile start to the second quarter after a partial recovery in March.

The selling was concentrated in BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC), even as Grayscale’s lower-cost Bitcoin Mini Trust attracted inflows, highlighting continued investor uncertainty amid persistent inflation and geopolitical tensions.

Bitcoin ETFs Lead Outflows with $174 Million Exit as Q2 Begins

Bitcoin ETFs saw renewed selling pressure on April 1, with net outflows of $173.73 million erasing much of the week’s earlier gains. BlackRock’s IBIT led the redemptions with an $86.52 million outflow, closely followed by Fidelity’s FBTC at $78.64 million. Grayscale’s older GBTC fund also shed $13.26 million, while Bitwise’s BITB recorded a $5.55 million outflow.

Despite the broad selling, Grayscale’s Bitcoin Mini Trust attracted $10.25 million in inflows. The fund charges a 0.15% expense ratio, the lowest among all U.S. spot Bitcoin ETFs, and has drawn steady inflows even during periods of market stress. Total net assets across all spot Bitcoin ETFs stood at $87.71 billion as of April 1, with cumulative net inflows at $55.95 billion since launch. Bitcoin traded near $68,176 at the close.

The outflows followed a first quarter in which Bitcoin ETFs experienced roughly $500 million in net redemptions, despite a partial recovery in March that brought $1.32 billion back into BTC funds. Bitcoin fell approximately 22% during Q1, its worst first-quarter performance since 2018, as persistent inflation, a cautious Federal Reserve, and geopolitical tensions tied to the U.S.-Iran conflict weighed on risk appetite.

Ethereum ETFs Follow with Mixed Flows as Grayscale Products Show Divergence

Ethereum ETFs posted $7.10 million in net outflows on April 1, despite multiple funds recording gains. Grayscale’s Ethereum Trust ETF (ETHE) led inflows with $17.42 million, while its Ether Mini Trust added $6.49 million. BlackRock’s ETHB continued to attract capital with $5.49 million, and smaller inflows were seen in Bitwise’s ETHW ($4.28 million) and 21Shares’ TETH ($3.20 million).

These gains were outweighed by heavy redemptions elsewhere. BlackRock’s ETHA saw a $32.26 million outflow, and Fidelity’s FETH lost $11.73 million, pushing the sector back into negative territory. The divergence within Grayscale’s own product suite is notable: ETHE attracted capital despite its higher 2.50% fee, while the broader Ethereum ETF category continued its losing streak. Ethereum ETFs closed Q1 with $769 million in total quarterly outflows, their worst three-month stretch since launching.

Total net assets for the Ethereum ETF category reached $12.21 billion, representing about 4.72% of Ethereum’s total market capitalization. Trading volume stood at $1.01 billion on April 1.

XRP ETFs Slip Modestly While Solana ETFs Remain Inactive

XRP ETFs recorded a $1.32 million outflow on April 1, driven entirely by withdrawals from 21Shares’ TOXR product. Trading activity came in at $16.90 million, with net assets closing at $947.70 million.

Solana ETFs remained quiet for a second consecutive session, with no trading activity recorded. Net assets held at $818.70 million, reflecting reduced investor interest or a pause in positioning as market participants wait for clearer signals.

The pattern across crypto ETFs has become familiar: short bursts of inflows are quickly met with renewed selling. Conviction remains lacking, and investors appear quick to rotate or step aside. The market continues to move in short, uncertain cycles rather than sustained trends. Whether Q2 reverses the trend depends on renewed institutional demand, progress on U.S. crypto regulation, and a shift in broader monetary conditions.

FAQ

Why did Bitcoin ETFs return to outflows after recent inflows?

Bitcoin ETFs saw renewed selling pressure on April 1, with $173.73 million in net outflows, as investors took profits quickly after two days of inflows. The selling was concentrated in BlackRock’s IBIT and Fidelity’s FBTC, reflecting ongoing uncertainty in market sentiment amid persistent inflation and geopolitical tensions.

Why did Ethereum ETFs post outflows despite multiple inflows?

Ethereum ETFs recorded $7.10 million in net outflows because large withdrawals from BlackRock’s ETHA ($32.26 million) and Fidelity’s FETH ($11.73 million) outweighed inflows from Grayscale’s ETHE ($17.42 million) and several smaller funds. The divergence highlights uneven investor appetite across different Ethereum ETF products.

What is the significance of Grayscale’s Bitcoin Mini Trust attracting inflows?

Grayscale’s Bitcoin Mini Trust, which charges a 0.15% expense ratio (the lowest among all U.S. spot Bitcoin ETFs), attracted $10.25 million in inflows even as larger funds like IBIT and FBTC saw heavy redemptions. This suggests that fee-conscious investors are repositioning within the Bitcoin ETF category rather than exiting the market entirely.