Spot Bitcoin and Ethereum exchange-traded funds experienced significant outflows on Wednesday, with Bitcoin ETFs hemorrhaging $22.64 million and Ethereum ETFs shedding $27.6 million in a single day, extending June's broader exodus from crypto-tracking funds.
The outflows extended across multiple digital assets, with Ripple (XRP) down $2.83 million, Solana (SOL) declining $2.5 million, and the emerging token HYPE dropping $3.01 million. Bitcoin ETFs have now bled nearly $4.5 billion since June began. Other major holdings including BNB, Litecoin (LTC), Dogecoin (DOGE), Chainlink (LINK), Hedera (HBAR), Avalanche (AVAX), and Polkadot (DOT) recorded zero flows.
The outflows coincided with a notable institutional move: BlackRock transferred 3,625 Bitcoin worth approximately $212.4 million and 20,598 Ethereum valued at $32.4 million to its Coinbase Prime custody wallet. While the transfer does not necessarily indicate a liquidation, the timing underscores ongoing institutional repositioning amid persistent ETF redemptions that suggest cooling demand for spot crypto exposure among institutional investors.