U.S. bitcoin ETFs eked out a $5.06 million inflow on Thursday, offering only limited relief after another volatile stretch of institutional positioning. Ether remained under sustained pressure, while selling intensified across solana, HYPE and zcash funds.
Key Takeaways
- Bitcoin ETFs added just $5.06M on Thursday, leaving recent institutional demand fragile.
- Ether lost $60.22M as solana, HYPE, and zcash also saw heavier selling.
- NEAR remains the outlier, continuing to attract capital while broader crypto ETF demand weakens.
Blackrock Adds $17M to Bitcoin ETF as Rivals Stay Weak
The headline was green for bitcoin, but the underlying tape was far less convincing.
Bitcoin exchange-traded funds (ETFs) attracted just $5.06 million, led by a $16.79 million inflow into Blackrock’s IBIT. Grayscale’s Bitcoin Mini Trust lost $7.64 million, while Invesco’s BTCO shed $4.09 million. Trading value reached $2.28 billion, with net assets closing at $105.71 billion.
The four three sessions show how unstable institutional positioning has become. Bitcoin ETFs lost $65.40 million on Monday, drew $175.62 million on Tuesday, lost $261.46 million on Wednesday, then barely returned to positive territory on Thursday.
That leaves the category down roughly $146 million across those four days. For bitcoin’s price, the pattern suggests investors are still willing to buy weakness, though conviction remains fragile and quick to reverse.
Ether Remains the Clearest Source of Weakness
Ether ETFs lost another $60.22 million.
Blackrock’s ETHA accounted for $44.39 million of the outflow, while Grayscale’s ETHE shed $18.28 million. Fidelity’s FETH attracted $2.44 million. Trading activity totaled $773.15 million, while net assets closed at $15.29 billion.
Tuesday’s $24.84 million inflow now looks increasingly isolated. Ether lost $85.40 million on Monday, $129.51 million on Wednesday and another $60.22 million on Thursday, extending the broader withdrawal trend that has dominated October.
Across the past four sessions, ether ETFs have lost roughly $250.29 million, almost twice bitcoin’s net outflow over the same period. That persistence makes ether the weakest institutional flow story among the two largest crypto assets.
Solana and HYPE Selling Accelerates
Pressure is also spreading further down the risk curve.
Solana ETFs lost $9.82 million, their ninth consecutive day of outflows. Grayscale’s GSOL shed $6.01 million, and Bitwise’s BSOL lost $3.80 million. The pace is accelerating, as solana’s losses were relatively modest earlier in the week before Thursday’s larger withdrawal. Net assets fell to $1.68 billion.
HYPE showed a similar deterioration.
All three active funds recorded outflows, producing a $10.28 million net exit. 21Shares’ THYP led with $7.10 million, while Bitwise’s BHYP and Grayscale’s HYPG also lost capital.
Zcash ETFs returned to redemptions with a $14.76 million withdrawal from Grayscale’s ZCSH, quickly reversing Wednesday’s brief inflow.
NEAR Remains the Unusual Exception
NEAR ETFs continued to attract capital.
Bitwise’s NRR brought in another $1.13 million, lifting net assets to $86.14 million. The category has repeatedly drawn money while larger and more established crypto ETFs have struggled.
XRP was essentially flat, posting a modest $104,510 outflow after competing flows between Franklin’s XRPZ and Bitwise’s XRP fund.
Thursday’s data reinforces a pattern that has developed all week. Bitcoin demand is volatile, ether selling remains persistent, and risk appetite for several altcoins is weakening.
Heading into Friday, the key question is whether bitcoin can turn its marginal inflow into something more durable. Without that broader recovery, this week’s ETF market still points toward institutional de-risking.