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U.S. spot bitcoin ETFs lost another $396.60 million on Wednesday, extending a 13-session outflow streak. The funds have now shed $4.37 billion since mid-May, while ether, solana, and XRP products also joined the redemption wave.
BlackRock’s IBIT took the biggest hit, with $342.34 million leaving the fund. Fidelity’s FBTC followed with $54.26 million in outflows. Together, the two funds tracked bitcoin’s slide as the price fell to about $65,462.
The drop came after Bitcoin traded above $71,000 at the start of the week. Total net assets across U.S. spot bitcoin ETFs fell to $82.83 billion from $104.29 billion on May 15.
That marks a loss of $21.46 billion in about three weeks. Redemptions and weaker bitcoin prices drove the decline. Even so, bitcoin ETF assets still represent 6.36% of bitcoin’s circulating market cap.
Ether ETFs also moved lower on the day, losing a combined $52.94 million. BlackRock’s ETHA accounted for nearly all of the damage with $51.58 million in outflows. Ether traded below $1,900 as the fund dropped 5.56%.
Solana ETFs lost $12.74 million on Wednesday. Bitwise’s BSOL led that decline with $11.56 million in redemptions. XRP funds also posted losses, shedding $5.34 million during the session.
These categories have now recorded multiple consecutive days of net outflows. That shift ended a stretch in which altcoin ETFs drew modest but steady retail interest while bitcoin funds absorbed the bulk of the selling.
What explains the sudden collapse in ETF demand across several crypto sectors? The flows suggest a broad retreat rather than an isolated move in one token. As a result, the redemptions now span Bitcoin, Ether, Solana, and XRP products.
Hyperliquid’s spot HYPE ETF complex remained the exception. 21Shares’ THYP brought in another $2.99 million on Wednesday. That lifted cumulative HYPE ETF inflows to $139.51 million since the May 12 launch.
Total net assets in HYPE products reached $192.01 million. The token gained 3.45% on the day to $73.39, even as other crypto assets weakened. For now, HYPE remains the only major crypto ETF category still attracting new money.
Read More: Bitcoin ETF Outflows Drive Investors Toward Prominent Altcoins
Grayscale also launched its own Hyperliquid product, HYPG, on Wednesday. It described the fund as the lowest-fee U.S. spot HYPE vehicle. The launch places it against Bitwise’s BHYP and 21Shares’ THYP on expense ratio.
Citi told clients on Tuesday that spot Bitcoin ETF flows explain roughly 45% of weekly BTC price moves. The bank also said sentiment may stay weak while ETF flows remain negative and the U.S. crypto market structure bill stalls.
The Altcoin Season Index stood at 57 on Wednesday, unchanged from the previous day. The reading remained in neutral territory, with no clear edge for Bitcoin or altcoins over the last 90 days.
Bitcoin ETF outflows widened as U.S. spot bitcoin funds, ether ETFs, solana funds, and XRP products all posted redemptions. BlackRock’s IBIT led the decline, while Hyperliquid HYPE stayed positive with new inflows. Market flows now point to weak sentiment and close attention on ETF trends.
