Last week turned into the bloodiest yet for U.S.-based spot Ethereum and Bitcoin ETFs. According to SoSoValue data, investors pulled nearly $800 million out of ETH products and more than $900 million out of BTC funds, marking the sharpest week of outflows since these products first launched. For a market that was once riding high on the institutional adoption narrative, this latest data suggests confidence is being tested.
Spot Ethereum ETFs saw $795.6 million in outflows during the week ending September 26. Trading volumes topped $10 billion, but redemptions outpaced new inflows at nearly every turn.
Two funds carried the brunt of the damage:
On Thursday and Friday alone, Ethereum ETFs saw $250 million in redemptions each day, triggered by a combination of technical breakdowns on the charts, macroeconomic jitters, and cascading liquidations in the derivatives market. ETH dipped below the critical $4,000 level before clawing back to $4,020 by Saturday.
Bitcoin funds weren’t spared either. Spot BTC ETFs registered $902.5 million in outflows, led by Fidelity’s FBTC, which shed $300.4 million on Friday. BlackRock’s IBIT fund proved more resilient, losing just $37.3 million the same day, further cementing its dominance in the market.
IBIT has consistently expanded its market share, often controlling more than 80 percent of all spot BTC ETF assets. Still, the industry leader hasn’t filed for a spot Solana ETF, a move some competitors have already taken to diversify offerings.
Three main forces explain the mass ETF withdrawals:
Ethereum and Bitcoin ETFs just posted their worst week of outflows on record. While ETH has managed a shaky rebound, both leading cryptocurrencies remain under pressure. If macro headwinds persist, ETF redemptions could accelerate, pushing prices lower before any meaningful recovery. For traders, the message is clear: watch fund flows closely — they’re becoming one of the best early warning signs for where crypto prices head next.
