Bitcoin and Ethereum ETFs Extend Withdrawals With $253 Million Exit
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.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
