US Crypto Spot ETFs Experience Sharp Net Outflows Amid Institutional Rebalancing

US crypto spot ETFs saw a significant shift in investor sentiment on May 12, with a combined net outflow of $364 million across Bitcoin and Ethereum products.

The numbers reveal that Bitcoin spot ETFs alone suffered a loss of $233 million, with Fidelity's FBTC being the hardest hit, accounting for $86.13 million in net redemptions.

Fidelity has been one of the more resilient issuers since its January 2024 launch, consistently attracting flows even when rivals like Grayscale lost assets.

However, the nearly nine-figure daily exit from FBTC suggests that even stalwarts are not immune to profit-taking or rebalancing.

Ethereum spot ETFs did not escape the outflow trend, with a combined net loss of $131 million. BlackRock's ETHA accounted for $102 million of this total, indicating that large holders are willing to trim exposure when market conditions are uncertain.