In a significant shift within the cryptocurrency landscape, spot Bitcoin and Ethereum exchange-traded funds (ETFs) experienced a dramatic loss of over $1 billion in assets during a single tumultuous trading day. The downturn coincided with a slump in the broader crypto market, where Bitcoin fell to its lowest level in six months, underscoring the volatility and uncertainty that currently characterize digital assets.
On Thursday, the 11 existing spot Bitcoin ETFs collectively shed nearly $867 million, marking the second-highest outflow in their 22-month history. Simultaneously, nine Ethereum funds faced a decline of approximately $260 million, as reported by UK asset manager Farside Investors. The poor performance of these well-established funds contrasted sharply with the debut of a new XRP ETF, which reported a record for daily net inflows in 2025.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin fund with over $80 billion in assets under management, was particularly hard hit, suffering net outflows surpassing a quarter of a billion dollars. The Fidelity Wise Origin Bitcoin Fund (FBTC), holding the position of the second-largest Bitcoin fund, lost more than $119 million. Over recent weeks, interest in these leading funds has dwindled dramatically; IBIT has seen a loss exceeding $1 billion over the past 13 trading days, while FBTC has bled more than $681 million.
On the broader crypto market front, Bitcoin slipped below the $98,500 mark for the first time in over six months, representing a nearly 20% decrease from its peak earlier in October. This downward trend worsened later, with Bitcoin falling under $97,000 during Friday morning trading sessions. Ethereum and Solana also experienced declines, hitting four- and five-month lows respectively, as investors continued to withdraw from riskier assets amid an unstable U.S. economic and political climate.
In stark contrast, the newly launched spot XRP ETF (XRPC) opened to an impressive first-day trading volume of $58 million, making it the most successful debut for any exchange-traded fund this year. This performance significantly outstripped initial expectations, as Bloomberg Senior ETF Analyst Eric Balchunas had predicted only around $17 million in volume. The XRPC’s remarkable start narrowly edged out the Bitwise Solana Staking ETF (BSOL), which launched two weeks prior with a $57 million opening and has since accumulated over $550 million in net inflows, although it saw a modest $1.5 million on Thursday.
The contrasting fortunes of these ETFs reflect the current turbulence within the cryptocurrency market, where investors appear increasingly wary of risk-laden assets as they navigate economic uncertainties. With ongoing shifts and developments in this space, observers remain keenly focused on how these trends will evolve in the coming weeks.
