Fidelity’s U.S. spot bitcoin and Ethereum exchange-traded funds (ETFs) experienced their biggest one-day outflows to date on Wednesday.
FBTC, the issuer’s bitcoin ETF, reported $258.7 million in net outflows yesterday, bringing the day’s negative flows to $582.9 million, according to data from SoSoValue. Seven other ETFs experienced net outflows, with Ark and 21Shares ARKB recording $148.3 million in outflows.
BlackRock’s IBIT, the largest bitcoin ETF by net assets, recorded negative flows worth more than $124 million, marking its third largest daily net outflow ever. Funds from Valkyrie, Bitwise, Invesco, Grayscale and Franklin Templeton also saw net outflows yesterday.
US spot bitcoin ETFs saw $3.4 billion in trading volume on Wednesday, and with the latest outflows, their total cumulative net inflows stood at $36.37 billion.
Meanwhile, Fidelity’s FETH accounted for the majority of Wednesday’s spot Ethereum ETF outflows, representing $147.7 million of the $159.3 million total.
While FETH experienced its largest outflow to date, the nine ether ETFs also saw their largest combined outflow since July 26 of last year. Grayscale’s ETHE and mini Ethereum trust also reported negative flows for the day.
Total trading volume for the spot ether ETFs shrank to $458.6 million on Wednesday from $818.9 million the day before, and their cumulative total net inflows totaled $2.52 billion.
Despite Wednesday’s record outflows, Fidelity’s ETFs still had the second-largest cumulative net inflows among spot bitcoin and ether funds.
Bitcoin is currently trading at $93,349, down 2.89% over the past 24 hours at the time of writing, while ether is changing hands at $3,313, down 1.78%, according to The block’s crypto price page.
