By U.S. cryptocurrency exchange-traded funds recorded $650.6 million in combined net outflows on Wednesday, October 7, as investors withdrew capital from Bitcoin, Ethereum and Solana products amid renewed pressure across digital-asset markets.
Bitcoin ETFs suffered the largest withdrawals, losing $484.9 million, while Ethereum funds recorded $160.9 million in redemptions. Solana ETFs posted a smaller $4.8 million outflow, according to Farside Investors. The result marked a sharp deterioration from October 6, when Bitcoin ETFs attracted $118.8 million, partially offsetting Ethereum’s $201.9 million withdrawal and Solana’s $3.7 million decline.
Combined outflows consequently accelerated from $86.8 million on Tuesday to $650.6 million on Wednesday, an increase of $563.8 million. BlackRock’s flagship Bitcoin and Ethereum funds were the largest individual contributors to the latest withdrawals, highlighting a reversal in demand from an issuer that has frequently supported positive industry flows.
BlackRock Leads $484.9 Million Bitcoin ETF Selloff
BlackRock’s iShares Bitcoin Trust (IBIT) recorded $207.7 million in net outflows, accounting for approximately 43% of total Bitcoin ETF withdrawals.
Fidelity’s FBTC followed with $105.1 million in redemptions, while ARK 21Shares’ ARKB lost $101.7 million. Grayscale’s GBTC recorded $39.3 million in withdrawals, Bitwise’s BITB lost $27.6 million, and VanEck’s HODL posted a smaller $3.5 million outflow.
The remaining Bitcoin ETFs, including Morgan Stanley’s MSBT and Grayscale’s lower-fee Bitcoin Mini Trust, reported no net flows.
Unlike several previous sessions, when inflows into one major fund offset withdrawals elsewhere, October 7 showed broad-based selling across six Bitcoin products. The $484.9 million decline also reversed Tuesday’s $118.8 million inflow, which had been driven primarily by BlackRock’s $122 million contribution.
Across the first five October trading sessions, Bitcoin ETFs have now recorded approximately $163.3 million in net outflows, despite positive results on October 1, October 2 and October 6. The reversal coincided with Bitcoin trading under pressure around $84,000 as rising U.S. Treasury yields and a stronger dollar weighed on risk-sensitive assets.
Ethereum Extends Losing Streak; Solana Remains Negative
Ethereum ETFs recorded their seventh consecutive session of net withdrawals, with October 7 losses reaching $160.9 million.
BlackRock’s ETHA accounted for $116.1 million, following an even larger $201.9 million withdrawal on October 6. Grayscale’s ETHE lost $25.8 million, while 21Shares’ TETH recorded $6.3 million in redemptions.
Bitwise’s ETHW shed $5.9 million, VanEck’s ETHV lost $2.8 million, and both Invesco’s QETH and Grayscale’s Ethereum Mini Trust recorded $2 million in outflows.
Fidelity’s FETH and the remaining tracked Ethereum funds reported no net movement. Ethereum ETF withdrawals have now reached approximately $568.8 million across the seven-session losing streak beginning September 29, indicating sustained selling pressure rather than an isolated redemption event.
Solana funds also remained negative, although withdrawals were considerably smaller. Bitwise’s BSOL accounted for the entire $4.8 million Solana ETF outflow, while all six other tracked products recorded zero net flows. The decline followed $3.7 million in withdrawals on October 6 and $9.2 million on October 5, extending Solana’s negative run to three consecutive sessions.
The latest figures demonstrate a clear deterioration in institutional investment flows across the three cryptocurrency ETF categories. Bitcoin experienced the most significant one-day reversal, Ethereum continued its extended redemption streak, and Solana remained under modest but persistent pressure.
With $650.6 million leaving the three categories in one session, October 7 represents a substantial shift from the strong ETF demand observed during parts of September.
Whether the withdrawals continue will depend on broader market conditions and the willingness of investors to rebuild exposure following the latest decline.