The Bitcoin ETF hemorrhaging has spread across crypto.
U.S. spot bitcoin funds shed another $396.60 million on Wednesday, extending a record outflow to 13 consecutive sessions and spending of $4.37 billion since mid-May, while ether, solana and XRP products joined the redemption wave.
Hyperliquid’s spot HYPE ETF was the only major crypto fund still pulling in net new money.
BlackRock’s IBIT, the largest bitcoin ETF by net assets, absorbed the majority of Wednesday’s outflow, with $342.34 million in redemptions, according to SoSoValue data. Fidelity’s FBTC lost another $54.26 million.
The two funds fell 2.76% and 2.65%, respectively, as bitcoin traded around $65,462, down from over $71,000 at the start of the week.
Total net assets across all U.S. spot bitcoin ETFs have fallen from $104.29 billion on May 15, the last session before the outflow streak began, to $82.83 billion on Wednesday.
That’s a drop of $21.46 billion in about three weeks, with redemptions and bitcoin’s price decline combining to do the damage. Bitcoin ETF AUM now represents 6.36% of bitcoin’s circulating market capitalization, down from over 7% at its peak in May.
Elsewhere, Ether ETFs lost a combined $52.94 million on the day. BlackRock’s ETHA accounted for almost all of it at $51.58 million, and the fund fell 5.56% as ether traded below $1,900.
Solana funds lost $12.74 million on Wednesday, led by Bitwise’s BSOL with $11.56 million in outflows. XRP funds lost $5.34 million, with Bitwise’s flagship XRP ETF taking a hit.
Both categories have now joined bitcoin and ether in net daily outflows for multiple consecutive sessions, ending a period in which altcoin ETFs had drawn modest but consistent retail interest while bitcoin funds bled.
Hyperliquid’s spot ETF complex was the only outlier. 21Shares’ THYP took in another $2.99 million, pushing cumulative HYPE ETF net inflows to $139.51 million since its May 12 launch and total net assets to $192.01 million. The token rose 3.45% on the day to $73.39 as the rest of the crypto sold off.
Grayscale launched its own Hyperliquid product, HYPG, on Wednesday, pitching it as the lowest US spot HYPE vehicle and undercutting Bitwise’s BHYP and 21Shares’ THYP on expense ratios. The launch comes at a time when every other major crypto ETF category is in net redemptions.
Citi told clients on Tuesday that spot bitcoin ETF flows explain about 45% of weekly BTC price movements, calling them the best target for investor adoption. The bank expects sentiment to remain muted as long as ETF flows turn negative and the US crypto market structure stagnates.
