February 25 was a wild day for Bitcoin ETFs, which saw a pretty huge $1 billion exit in just one day.
And if you thought Bitcoin was the only one feeling the heat, Ether ETFs took a hit too, with a loss of $50 million.
The great ETF exodus
On that fateful Tuesday, U.S. spot Bitcoin ETFs experienced their largest single-day withdrawal ever, clocking in at $1.01 billion.
Fidelity’s FBTC led the charge with $344.65 million fleeing its grasp. Not far behind was BlackRock’s IBIT, which saw $164.37 million head for the hills. Valkyrie’s BRRR wasn’t spared either, reporting $100.02 million in outflows.
Other funds joined the exodus as well, Bitwise’s BITB lost $88.3 million, Grayscale’s BTC saw $85.76 million vanish, and Franklin’s EZBC shed $74.07 million.
Even Grayscale’s GBTC and Invesco’s BTCO felt the pinch, with outflows of $66.14 million and $62.01 million, respectively.
Ether ETFs feeling the pressure too
And it wasn’t just Bitcoin that suffered, Ether ETFs mirrored this downtrend with a collective net outflow of $50 million.
Grayscale’s ETHE led the way with a loss of $27.07 million, while Fidelity’s FETH saw $12.46 million slip away.
Bitwise’s ETHW and Grayscale’s ETH weren’t immune either, losing $8.21 million and $2.35 million.
What does this mean for crypto?
These massive withdrawals have significantly impacted the total net assets of crypto ETFs. Bitcoin ETFs now sit at about $101.44 billion in total net assets, while Ether ETFs are down to $9.30 billion.
But what does this mean for the future? Well, opinions are split among crypto experts on social media platform X, as some see this sell-off as a potential market bottom, suggesting that such capitulations often lead to rebounds in prices.
Others are less optimistic and view it as a sign that market pessimism is still running rampant.
The Bitcoin Fear and Greed Index is currently sitting at ‘Extreme Fear,’ with Bitcoin’s price hovering around $85,000 in the time of writing.
Have you read it yet? Bitcoin could crash to $70K?
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