US Spot Crypto ETFs Saw $92.1M in Net Outflows on March 20: BlackRock Led the Selling

Institutional demand through the spot ETF channel turned negative again on Thursday, with Bitcoin and Ethereum both recording outflows while every other tracked asset registered zero movement, according to SoSoValue data.

Bitcoin ETFs

US spot Bitcoin ETFs recorded a combined outflow of approximately $52.11 million on March 20, representing 746 BTC leaving the products on a net basis. BlackRock’s IBIT accounted for the majority of that figure, with 658 BTC worth $45.94 million in net outflows, representing roughly 88% of the total Bitcoin ETF redemption for the session. Fidelity’s FBTC recorded an outflow of 131 BTC worth $9.13 million. VanEck was the sole issuer on the Bitcoin side to record positive flow, taking in 42 BTC worth $2.96 million against the broader trend.

The net Bitcoin ETF outflow of $52.11 million is consistent with the pattern of institutional selling pressure that has characterized the spot ETF channel through early 2026, as covered in earlier reporting this week. What is notable in Thursday’s data is the concentration. BlackRock’s outflow alone exceeded the total outflow figure for the session, meaning VanEck’s inflow partially offset the headline number before the final net figure was calculated.

Ethereum ETFs

Spot Ethereum ETFs recorded a combined outflow of $41.97 million on March 20, representing 19,749 ETH leaving the products on a net basis. BlackRock’s ETHA accounted for 12,230 ETH worth $25.98 million of that total, the largest single Ethereum ETF outflow of the session. Fidelity’s FETH recorded an outflow of 5,730 ETH worth $12.18 million. Grayscale’s Ethereum product saw 1,060 ETH worth $2.26 million in outflows. No Ethereum ETF issuer recorded positive flow on the day.

The Ethereum outflow of $41.97 million represents approximately 45% of the total combined crypto ETF outflow for the session, a meaningful share given that Ethereum ETFs manage considerably less total assets under management than their Bitcoin counterparts. The proportional selling pressure on ETH was heavier relative to product size than the Bitcoin figures suggest.

The Rest of the Landscape

XRP ETFs were the only category to record positive flow on March 20, taking in 1.38 million XRP worth $1.98 million. That inflow is modest in absolute terms but represents continued directional demand in a session where every other asset category was either negative or flat. XRP ETF applications remain under active SEC review, with approval odds cited in recent regulatory coverage above 90%.

Every other tracked asset, including LINK, LTC, DOGE, DOT, HBAR, and AVAX, recorded zero flow for the session. That breadth of inactivity across the altcoin ETF category reflects the broader disengagement from risk assets visible in the on-chain and volume data covered earlier this week.

The Total

Combined US spot crypto ETF net outflows on March 20 reached approximately $92.1 million. Bitcoin ETFs contributed $52.11 million of that figure and Ethereum ETFs contributed $41.97 million, with XRP’s $1.98 million inflow providing a minor offset. BlackRock was responsible for $71.92 million in combined Bitcoin and Ethereum outflows across its two products, representing 78% of the total net outflow for the session from a single issuer.

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