U.S. Spot Crypto ETFs Recorded $456 Million in Outflows: Fidelity and BlackRock Led the Selling

U.S. spot cryptocurrency ETFs recorded approximately $456.08 million in total net outflows on March 6, reversing the strong inflow trend from earlier in the week and marking one of the larger single-day outflow sessions of the current cycle.

The Breakdown by Asset

Bitcoin ETFs saw the largest absolute outflows, with 4,920 BTC worth $348.90 million leaving the funds. Ethereum ETFs lost 40,006 ETH worth $82.90 million. XRP ETFs recorded $16.62 million in outflows across 11.85 million XRP. Solana ETFs shed 96,912 SOL worth $8.60 million. Chainlink was the only asset recording inflows, with 106,530 LINK worth $935,310 entering. DOGE, LTC, AVAX, HBAR, and DOT recorded zero flows in either direction.

Who Was Selling

Fidelity was the largest seller on the day, offloading 2,240 BTC worth $158.50 million and 32,623 ETH worth $67.60 million, a combined $226.10 million in outflows from a single issuer. BlackRock sold 2,030 BTC worth $143.50 million and 2,316 ETH worth $4.80 million, totaling $148.30 million. Grayscale sold 204 BTC worth $14.40 million and 3,668 ETH worth $7.60 million. Bitwise sold 313 BTC worth $22.20 million.

Fidelity and BlackRock together accounted for approximately $374 million of the $456 million total, or roughly 82% of all outflows on the day.

The Reversal in Context

March 4 saw $654 million in total inflows with BlackRock alone contributing $345.90 million. Two days later the same institutions are on the sell side for a combined $374 million. The directional reversal within 48 hours is sharp but not unprecedented. Institutional ETF flows tend to track price action closely, and Bitcoin’s slide from $73,500 on March 5 to $67,600 on March 7 morning provides the mechanical explanation. Managers reducing exposure as price falls and adding on strength is standard risk management behavior.

The Chainlink inflow of $935,310 is modest in absolute terms but notable as the only asset attracting net buying on a broadly negative day. Given Chainlink’s role in the Visa and ANZ Hong Kong cross-border settlement pilot reported earlier this week, the directional interest is worth tracking even at small size.

The five assets recording zero flows, DOGE, LTC, AVAX, HBAR, and DOT, continue to show no institutional ETF conviction in either direction, consistent with the pattern from earlier this week’s flow data.

The post U.S. Spot Crypto ETFs Recorded $456 Million in Outflows: Fidelity and BlackRock Led the Selling appeared first on ETHNews.