Bitcoin and Ethereum Spot ETFs Bleed $364M in a Single Day as Fidelity and BlackRock Lead Outflows!

Bitcoin spot ETFs recorded a combined net outflow of $233 million on May 12, according to SoSoValue data, with Fidelity's FBTC leading the exodus at $86.13 million. The scale of the single-day drawdown signals a meaningful shift in institutional positioning, not a routine rebalancing tick.

Ethereum spot ETFs fared worse in relative terms, posting $131 million in net outflows on the same day — with BlackRock's ETHA alone accounting for $102 million of that figure. The fact that the two largest and most credible ETF issuers in each category are driving the outflows, rather than smaller vehicles, gives the data added weight.

Combined, the two asset classes shed $364 million in a single session. When FBTC and ETHA — the institutional bellwethers — are leading redemptions simultaneously, the market reads it as risk-off, not rotation.