Bitcoin exchange-traded funds (ETFs) managed to extend their winning streak to four days, but momentum is clearly fading. On May 13, 2025, the group recorded a net inflow of just $5.10 million, entirely driven by BlackRock's IBIT, which attracted $69.41 million in fresh capital. The remaining funds all saw outflows: Grayscale's GBTC lost $32.93 million, Bitwise's BITB shed $17.73 million, Fidelity's FBTC dropped $11.11 million, and Invesco's BTCO saw $2.54 million exit. Total trading volume remained robust at $3.42 billion, while net assets across all bitcoin ETFs stood at $119.67 billion.
Bitcoin ETFs: A Narrowly Supported Streak
The data highlights a stark concentration: without IBIT's massive inflow, the entire category would have posted a net loss. This reliance on a single product raises questions about the sustainability of the streak. Grayscale GBTC, once the dominant bitcoin fund, continues to bleed assets as investors rotate into lower-cost alternatives. Meanwhile, Fidelity and Bitwise products also faced redemptions, suggesting profit-taking or rebalancing among institutional participants.
Ether ETFs Return to Negative Territory
Ether ETFs, which had briefly paused their outflows, resumed their downward trajectory. The nine funds collectively lost $17.6 million, with only two products contributing to the outflow: Grayscale's ETHE fell $9.61 million and Fidelity's FETH lost $7.98 million. No inflows were recorded across any of the ether ETFs. Trading volume reached $678.24 million, while total net assets dropped to $8.46 billion.
Divergence in Investor Sentiment
The contrasting flows between bitcoin and ether ETFs underscore a polarization in institutional sentiment. Bitcoin's continued, albeit narrow, inflows suggest that many investors still view it as a macro hedge or store of value. In contrast, ether's persistent outflows may reflect uncertainty around Ethereum's network upgrades, regulatory clarity, or competition from layer-2 solutions. The total net assets of ether ETFs remain a fraction of their bitcoin counterparts, indicating a still-early stage in institutional adoption for Ethereum.
Outlook: What to Watch
Market participants will monitor whether bitcoin ETFs can maintain their inflow streak without further broadening beyond IBIT. For ether ETFs, the key catalyst could be the approval of spot ether ETFs in major jurisdictions, which might reignite interest. Additionally, macroeconomic factors such as interest rate decisions and regulatory developments in the U.S. could sway capital flows across both asset classes.
For now, the data paints a clear picture: bitcoin ETFs are holding steady on a narrow ledge, while ether ETFs are still searching for a floor. The coming weeks will be critical in determining whether this divergence is a temporary blip or a structural shift.