In a recent trading session, exchange-traded funds (ETFs) tracking Bitcoin (BTC) and Ethereum (ETH) experienced significant net outflows. Bitcoin ETFs saw an overall outflow of approximately 1,283 BTC, valued at around $90.19 million. BlackRock led the decline, with a net sale of 544 BTC worth $38.25 million, accounting for 42.5% of the institution's total Bitcoin ETF outflows. Fidelity followed with an outflow of 370 BTC ($26 million), Bitwise with 244 BTC ($17.18 million), and ARK 21Shares with 216 BTC ($15.16 million). Grayscale's outflow was relatively smaller, at 12 BTC ($810,000).
Compared to the previous trading day, the distribution of outflows from Bitcoin ETFs was more balanced. Previously, Fidelity accounted for 63.8% of the total outflows. This time, BlackRock emerged as the largest seller of Bitcoin, reflecting the volatility of institutional investors' short-term position adjustments rather than a sustained directional shift by a single issuer.
Ethereum ETFs showed a more striking performance. The net outflow for the day reached 61,180 ETH, valued at approximately $131.16 million, a figure nearly 45% higher than the outflows from Bitcoin ETFs. BlackRock dominated Ethereum ETF outflows, with a net sale of 44,130 ETH worth $94.59 million, representing 72.1% of the institution's total Ethereum ETF outflows.
The high concentration of outflows is key to the analysis. BlackRock's leading outflows in both Bitcoin and Ethereum suggest that institutional investors may be broadly de-risking across both major crypto assets, rather than making adjustments to specific assets. Fidelity increased its outflows by 5,480 ETH ($11.76 million), Grayscale sold 3,970 ETH ($8.52 million), and Bitwise saw an outflow of 2,720 ETH ($5.83 million).
Overall, BlackRock's net outflows from Bitcoin and Ethereum ETFs on March 20th totaled approximately $132.84 million in a single day, a figure that surpassed the combined outflows of all other issuers on the same day.
Amidst the overall trend of outflows, Solana (SOL) ETFs attracted inflows of 8,630 SOL, valued at $767,000. Chainlink (LINK) ETFs performed even more impressively, recording inflows of 369,290 LINK, worth $3.34 million. Although these inflows are relatively small compared to the outflows from Bitcoin and Ethereum, they represent the only signals of net institutional inflows during the trading day.
Meanwhile, ETFs for cryptocurrencies such as XRP, Litecoin (LTC), Dogecoin (DOGE), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX) recorded zero trading volume for two consecutive trading days, meaning no inflows or outflows.
Two consecutive days of net outflows come as Bitcoin prices hover around the $70,000 mark amidst hawkish signals from the Federal Reserve and geopolitical pressures. The large-scale redemptions from institutional ETFs reflect a cautious reduction in crypto exposure by large holders, rather than isolated rebalancing activities. Whether a third consecutive day of outflows will occur remains to be seen.