TL;DR
- Crypto ETFs saw $253 million exit on Feb. 23, as investors kept trimming Bitcoin and Ethereum exposure amid fragile sentiment overall today.
- Spot Bitcoin ETFs lost $203.8 million led by IBIT ($116.4 million), while BITB ($43.6 million), FBTC ($27.9 million), ARKB and GBTC also saw withdrawals.
- Spot Ethereum ETFs shed $49.5 million, mostly from ETHA ($45.4 million), while Solana ETFs gained $8 million and XRP products recorded zero net flows.
U.S.-listed crypto exchange-traded funds extended their withdrawal streak, with both Bitcoin and Ethereum products posting net redemptions. The key read is defensive positioning across the two largest ETF complexes. Combined exits totaled $253 million, signaling that investors are still trimming core exposure as digital-asset sentiment remains fragile. The day’s tape also showed a notable split: capital left BTC and ETH while smaller vehicles attracted selective demand. For allocators, the message is not panic, but disciplined de-risking and risk budgets until momentum and confidence improve. That keeps liquidity cautious and flows the signal.
Flow breakdown and positioning signals
Spot Bitcoin ETFs recorded $203.8 million in net outflows on Feb. 23, one of the larger daily withdrawals this month. Redemptions were concentrated in the largest issuers, led by BlackRock’s IBIT. The fund saw $116.4 million exit, while Bitwise’s BITB lost $43.6 million and Fidelity’s FBTC shed $27.9 million. ARK’s ARKB posted $9.2 million in withdrawals and Grayscale’s GBTC saw $13.1 million leave. Other issuers were largely flat, leaving little offsetting demand to blunt the move. The flow profile points to continued institutional caution amid heightened volatility and risk-off positioning across digital assets this week.
Ethereum products also stayed in the red, with spot Ether ETFs posting $49.5 million in net outflows. ETHA drove most of the drawdown, showing that selling pressure is concentrated, not broad-based. BlackRock’s ETHA accounted for $45.4 million of redemptions, Fidelity’s FETH recorded $1.4 million in outflows, and VanEck’s ETHV saw $2.7 million exit. Other products were largely unchanged. The withdrawals came despite short-term stabilization in Ether’s price action, suggesting institutional flows have yet to turn decisively constructive. For strategy desks, that keeps the focus on capital preservation, incremental sizing, and waiting for clearer inflow confirmation.
Against the outflows, Solana-linked ETFs attracted $8 million in net inflows, extending a modest streak of positive demand. Selective allocation into smaller vehicles highlights rotation, not a broad risk-on rebound. Bitwise’s BSOL led with $6.3 million in inflows, Fidelity’s FSOL added $0.9 million, and Grayscale’s GSOL posted $0.8 million, while others were flat. Spot XRP ETF products recorded no net flows. The divergence underscores a defensive tilt, with investors withdrawing from BTC and ETH while testing alternative Layer-1 exposure as sentiment remains risk-off. Whether this persists may hinge on price stabilization and a sentiment recovery.
