U.S. crypto ETF demand reversed sharply in the week through Oct. 9, with bitcoin and ether funds losing more than $1.2 billion combined. Solana also snapped a 14-week inflow streak, while XRP and NEAR emerged as rare pockets of demand.
Key Takeaways
- Bitcoin and ether exchange-traded funds (ETFs) lost over $1.2B through Oct. 9 as institutional demand reversed sharply.
- Solana snapped a 14-week inflow streak, while XRP and NEAR remained rare pockets of demand.
- The key test is whether Blackrock-led bitcoin buying can revive broader institutional support.
Bitcoin ETFs Lose $681M as 3-Week Inflow Streak Ends
The institutional bid that supported crypto through late September finally cracked.
Bitcoin ETFs recorded $681 million in net outflows, ending three consecutive positive weeks. Ether funds lost another $542 million, their largest weekly withdrawal since January.
The timing was striking. Oil climbed back above $100 a barrel, Treasury yields pressed higher, and concerns over inflation returned to the center of global markets. Bitcoin’s price briefly fell below $81,000 before recovering above $82,000 as investors cut risk.
Monday opened with $89.90 million leaving bitcoin funds. Tuesday produced a temporary $118.86 million rebound before selling accelerated. Wednesday delivered the week’s biggest blow: $487.07 million in bitcoin ETF outflows, followed by another $244.13 million on Thursday. Friday’s modest $21.13 million inflow provided some late stabilization.
Fidelity’s FBTC suffered the largest weekly withdrawal at about $380.3 million. Ark & 21Shares’ ARKB lost $207.2 million, while Grayscale’s GBTC shed $47.5 million. Blackrock’s IBIT managed to finish slightly positive with a net inflow of $1 million.
Ether Selling Becomes the Deeper Concern
Ether’s flow picture was even more persistent.
Spot ether ETFs lost about $542 million across five negative sessions, extending their losing streak to nine consecutive trading days. Since Sept. 29, cumulative outflows have reached roughly $697 million.
Blackrock’s ETHA accounted for about $477 million of last week’s redemptions, close to 88% of the category total. Tuesday alone produced a $201.89 million exit. Wednesday followed with $160.77 million, and withdrawals continued through Friday.
That sustained selling has created a clear divergence within the crypto ETF market. Bitcoin still found occasional buyers during the week. Ether did not.
Solana’s 14-Week Streak Finally Breaks
Solana ETFs recorded $24.81 million in net outflows, their first negative week after 14 consecutive weeks of inflows. Every session ended in red.
Bitwise’s BSOL accounted for roughly $20.9 million of the weekly withdrawals, about 84% of the total. By Friday, Solana ETF assets had fallen to $1.73 billion.
The significance goes beyond the absolute dollar amount. Solana had been one of the most consistent destinations for incremental institutional capital among higher-beta digital assets.
Its reversal shows that tighter financial conditions are now reaching areas of the market that had previously remained resilient.
XRP and NEAR Buck the Broader Retreat
Some capital still moved into smaller categories.
XRP ETFs attracted $11.31 million for the week, supported by a $3.14 million inflow on Tuesday and $8.17 million on Thursday. NEAR ETFs added $13.05 million, continuing a surprisingly resilient start for the newly launched category.
Zcash moved the other way, losing $30.72 million as enthusiasm around its launch continued to fade. HYPE ETFs also finished negative, with $9.43 million leaving the category.
The week ultimately marked a regime change. Bitcoin, ether and solana all faced meaningful redemptions at the same time, while higher yields and inflation concerns tightened financial conditions.
Friday’s modest bitcoin inflow showed that buyers have not disappeared. The next test is whether they return with enough force to rebuild the institutional support that carried crypto through September.