Institutions Put $265 Million Into Crypto ETFs on Thursday – The Details Are More Interesting Than the Total

Thursday’s U.S. spot crypto ETF flow data came in positive across the board, $265.14 million in total inflows on February 26th.

Bitcoin took the overwhelming majority of it, as usual. But the story inside those numbers, specifically which funds were buying and which were cutting, is worth more attention than the aggregate figure suggests.

Bitcoin Led, But Not Everyone Agreed

Spot Bitcoin ETFs collectively added approximately 3,740 BTC worth $254.40 million on Thursday, accounting for roughly 96% of total inflows across all crypto ETF categories for the day. The net number is clean. The individual fund activity underneath it is not.

BlackRock’s IBIT purchased 4,060 BTC worth $275.80 million in a single session. For the world’s largest asset manager to allocate that aggressively into Bitcoin on a day when price was under pressure in the mid-$60,000s is notable. Bitwise added another 1,020 BTC worth $69 million, a quieter contribution but consistent with recent patterns.

Fidelity moved in the opposite direction, selling 758 BTC worth $51.50 million. ARK 21Shares also trimmed, offloading 661 BTC worth $44.90 million. Two of the more prominent names in the Bitcoin ETF space reducing exposure on the same day BlackRock was buying hand over fist is the kind of divergence that doesn’t resolve itself into a simple narrative. Different institutions, same market, completely opposite conviction.

The net was positive. The internal disagreement was real.

Ethereum Told Almost the Same Story

Total Ethereum spot ETF inflows on February 26th came to $6.60 million, representing 3,210 ETH added across the category. Small relative to Bitcoin, but the fund-level breakdown mirrored the same dynamic almost exactly.

BlackRock bought 7,440 ETH worth $15.30 million. ARK 21Shares added 3,700 ETH worth $7.60 million on the buy side. Fidelity, however, sold 9,336 ETH worth $19.20 million, the largest single outflow relative to category size across any asset on Thursday. The fact that Fidelity was a net seller of both Bitcoin and Ethereum on the same day, while BlackRock was a net buyer of both in size, points less toward a macro disagreement and more toward fund-specific dynamics, redemption pressure, rebalancing, or a deliberate tactical trim ahead of end-of-month positioning.

Altcoins: In the Data, Not Yet in the Dollars

Solana ETFs recorded 5,681 SOL in inflows, the largest unit count of any non-Bitcoin asset, though the dollar value came to just $0.5 million given where SOL is currently priced. XRP ETFs added 848,590 XRP worth $1.22 million. Chainlink brought in $2.42 million across 266,830 LINK tokens.

DOGE, LTC, AVAX, and HBAR all posted zero flows for the session. Not outflows, zero. On a day when Bitcoin alone absorbed $254 million, the absence of any institutional movement into those four assets in either direction says something about where they sit in current allocation frameworks. They have ETF wrappers. The demand, for now, isn’t showing up.

Reading Thursday’s Data in Context

$265 million on a single day is a meaningful number regardless of where price is trading. What makes Thursday’s session particularly worth tracking is that it happened during a period of price weakness, Bitcoin was sliding back toward the mid-$60,000s, sentiment was cautious, and macro headwinds from hotter-than-expected inflation data were still fresh.

Sustained institutional inflows during price weakness have historically been more significant than inflows during rallies, where momentum alone can explain the buying. Thursday’s data suggests at least some of the largest players in the space, BlackRock prominently among them, are treating the current price range as an opportunity rather than a reason to wait.

Whether that read proves correct will show up in the price data over the coming sessions. For now, the flows on February 26th lean constructive. The split between buyers and sellers inside that constructive picture is the part worth keeping an eye on.

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