U.S. Spot Crypto ETFs Posted $66.7 Million in Net Outflows on Friday as BlackRock Sold Both BTC and ETH

U.S. spot cryptocurrency ETFs recorded approximately $66.72 million in net outflows on February 28, 2026, with Bitcoin and Ethereum ETFs both posting redemptions while Solana, XRP, and Hedera bucked the trend with modest inflows, and BlackRock driving the majority of the selling pressure across both major assets.

The Outflow Breakdown

Bitcoin spot ETFs saw a net reduction of 408 BTC worth $27.50 million across the category. Ethereum spot ETFs posted a larger dollar outflow, with 21,217 ETH worth $43 million leaving the products. Combined, the two largest crypto ETF categories accounted for the full outflow total and then some, with the smaller altcoin products partially offsetting the headline figures.

BlackRock was responsible for the bulk of the selling. The firm’s ETF sold 485 BTC worth $32.70 million and 21,217 ETH worth $43 million on the same day. That means BlackRock’s Bitcoin redemptions exceeded the net category outflow figure, implying other Bitcoin ETF operators were net buyers on the day while BlackRock trimmed.

On the Ethereum side, BlackRock’s 21,217 ETH outflow matched the total category figure exactly, meaning no other Ethereum ETF operator added meaningful exposure to offset it.

That dynamic mirrors a pattern that appeared earlier in the week, where Fidelity and BlackRock moved in opposite directions on the same session. Friday’s data shows BlackRock moving against the category again, this time as the sole meaningful seller across both BTC and ETH products.

The Altcoin Flows

While the major assets bled, the altcoin ETF category held up. Solana spot ETFs added 15,141 SOL worth $1.30 million. XRP ETFs saw inflows of 1.57 million XRP worth $2.21 million, the largest inflow in dollar terms among the altcoin products. Hedera ETFs added 2.73 million HBAR worth $272,100.

DOGE, LTC, AVAX, and LINK all registered zero flows for the session, continuing a pattern of inactivity in those products that has persisted across multiple recent sessions.

The contrast between the altcoin inflows and the BTC and ETH outflows is worth noting. On a day when the two largest products posted combined outflows of $70.50 million, smaller altcoin ETFs collectively attracted roughly $3.78 million. The offset is marginal in dollar terms but suggests that whatever drove Friday’s redemptions in Bitcoin and Ethereum was not a broad exit from crypto ETF products generally.

The Timing

Friday’s outflows land on the final trading day of February, a month that ends with Bitcoin well below its mid-month highs, geopolitical uncertainty from the Israel-Iran situation still unresolved, and the Clarity Act deadline falling on Sunday. End-of-month institutional rebalancing, risk reduction ahead of a weekend carrying two unresolved macro catalysts, and the general positioning cleanup visible in derivatives markets all provide plausible context for why a major fund manager like BlackRock would reduce exposure on this specific day.

Whether the outflow represents a tactical trim ahead of anticipated volatility or the beginning of a more sustained reduction in ETF positions is a question the data from next week will begin to answer.

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