Crypto ETFs continued to face selling pressure on Thursday, March 20, with Bitcoin and Ether posting another round of net outflows. While a handful of funds attracted capital, the overall trend remained cautious.
Bitcoin ETFs: $90.19M Net Outflow Led by IBIT
Bitcoin ETFs recorded a net outflow of $90.19 million, marking the second consecutive day of withdrawals. Select funds did see inflows: Grayscale's Bitcoin Mini Trust added $4.66M, Franklin's EZBC added $4.06M, and Valkyrie's BRRR added $3.17M. However, these were overwhelmed by larger outflows from major players. BlackRock's IBIT led the exodus with $38.25M in outflows, followed by Fidelity's FBTC ($26.02M), Bitwise's BITB ($17.18M), Ark & 21Shares' ARKB ($15.16M), and Grayscale's GBTC ($5.47M). Daily trading volume reached $3.21 billion, while net assets slipped to $90.83 billion.
Ether ETFs: $136.41M Net Outflow, ETHA Dominates
Ether ETFs faced even heavier pressure, with total outflows of $136.41 million. BlackRock's ETHA alone accounted for $102.31M of withdrawals. Other notable outflows included Fidelity's FETH ($11.76M), Grayscale's Ether Mini Trust ($8.52M), VanEck's ETHV, Bitwise's ETHW, 21Shares' TETH, and Invesco's QETH. On the positive side, BlackRock's ETHB bucked the trend with an inflow of $7.72M, extending its recent resilience. Ether ETF trading volume stood at $1.03 billion, with net assets closing at $12.46 billion.
Solana Modestly Positive, XRP Flat
Beyond the two largest assets, activity was limited. Solana ETFs registered a net inflow of $767,010, entirely driven by Franklin's SOEZ. Trading volume reached $27.81 million, while net assets ended at $876.13 million. XRP ETFs saw no trading activity, with assets unchanged at $1.21 billion, reflecting low investor engagement.
Market Context and Outlook
The outflows follow Wednesday's reversal, which ended a seven-day Bitcoin ETF inflow streak with a net outflow of about $164 million. Analysts attribute the current weakness to profit-taking after recent gains and a wait-and-see stance amid uncertain macro cues. The divergence among funds—selective inflows despite broad outflows—suggests investors are not fully abandoning crypto ETFs but are rebalancing positions. Solana's modest inflow and XRP's dormancy highlight a market searching for direction.
Overall, Thursday's data reinforces a cautious tone. While Bitcoin and Ether continue to see capital exits, the resilience of certain funds and occasional bright spots like Solana indicate that investor sentiment, though cautious, is not uniformly bearish.