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BlackRock Pulls $54 Million from IBIT as Bitcoin ETF Declines Push Fund Assets Below $100 Billion
Bitcoin and Ether ETFs recorded outflows for a third consecutive day, signaling a shift toward a more cautious stance as investors continue reducing exposure following last week’s strong inflow streak. Smaller assets such as $XRP continue to attract selective investments, while Solana‑based products remain unchanged.
Key Takeaways
- Bitcoin ETFs posted net outflows of $137.8 million, led by BlackRock’s IBIT, marking the third straight day of withdrawals.
- Ether ETFs lost $87.73 million due to declines in Fidelity’s FETH, reflecting broader market caution.
- $XRP ETFs attracted $3.59 million in inflows through Bitwise, while Solana products remained flat for a third consecutive session.
Traders Moved $2.04 Billion Through Bitcoin ETFs as Outflows Shift Market Expectations
The pullback in cryptocurrency exchange‑traded funds (ETFs) accelerated on Wednesday, April 29, amid persistent selling pressure across both Bitcoin and Ether products. What initially appeared to be a pause now increasingly resembles a short‑term repositioning.
Bitcoin ETFs registered net outflows of $137.8 million, extending their losing streak to three consecutive days. BlackRock’s IBIT led the declines with $54.73 million in withdrawals, followed by Fidelity’s FBTC with $36.13 million and ARKB from Ark & 21Shares with $30.04 million. Grayscale’s GBTC and Franklin’s EZBC added further pressure, posting outflows of $21.15 million and $6.54 million respectively.
There was limited offsetting demand. Morgan Stanley’s MSBT attracted $10.81 million, marking a rare case of positive inflow. However, this did little to alter the broader picture.
Over three consecutive days of withdrawals, Bitcoin ETFs lost nearly $500 million.
Trading activity nevertheless remained elevated. Total Bitcoin ETF trading volume reached $2.04 billion, indicating sustained market interest despite the outflows. Net assets fell below the $100 billion threshold, closing at $99.27 billion — a level that may hold psychological significance for investors.
Ether ETFs followed a similar trajectory, though with a sharper proportional decline. The segment recorded net outflows of $87.73 million, driven primarily by Fidelity’s FETH and BlackRock’s ETHA, which lost $48.37 million and $37.06 million respectively. BlackRock’s ETHB, typically viewed as a stable inflow vehicle, recorded an unusual outflow of $2.30 million.
Trading volume across Ether ETFs increased to $750.60 million, indicating that while sentiment weakened, activity remained strong. Net assets across the segment totaled $13.10 billion.
Beyond the two largest crypto assets, fund flows reflected a more nuanced picture. XRP ETFs attracted $3.59 million in inflows, split between Bitwise’s XRP product and Franklin’s XRPZ, which drew $2.12 million and $1.47 million respectively. Total trading volume amounted to $9.31 million, while net assets closed at $1.04 billion.
Solana ETFs remained unchanged for a third straight session. No inflows or outflows were recorded, leaving net assets steady at $840.78 million, confirming the segment’s current lack of momentum.
Overall, the data suggests a market recalibration following a period of strong gains. Persistent outflows from Bitcoin and Ether indicate profit‑taking and a more defensive investor stance, while isolated inflows into $XRP point to selective risk appetite rather than a broad retreat. The remainder of the trading week will be critical in determining whether this trend deepens or stabilizes.
See also: "Morgan Stanley explains five reasons why the company remains bullish on cryptocurrencies"
