Grayscale ETF sees net inflows despite the downturn; outflows for Bitcoin and Ethereum ETFs accelerate on the first day of April

Gate News reports that on April 1, 2026, U.S. spot Bitcoin ETFs experienced a net outflow of $173.73 million, continuing the pressure from institutional selling. Although some funds rebounded in March, the overall first quarter still saw approximately $500 million in net redemptions, with Bitcoin declining about 22% in the first quarter, marking the worst start since 2018.

Products under Grayscale showed divergence amid the turbulence. BlackRock’s iShares Bitcoin Trust (IBIT) saw an outflow of $86.52 million; Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced an outflow of $78.64 million; and the GBTC fund also lost $13.26 million. In contrast, the low-cost Bitcoin Mini Trust (BTC) attracted $10.25 million in new capital, with a fee rate of only 0.15%, maintaining inflows despite the overall market selloff. As of April 1, the total net assets of all spot Bitcoin ETFs reached $87.71 billion, with Bitcoin’s closing price around $68,176.

Ethereum ETFs also faced pressure, with a net outflow of $7.10 million on that day, and total net assets of $12.21 billion, accounting for about 4.72% of Ethereum’s total market value. Grayscale’s Ethereum Trust ETF (ETHE) performed notably well, attracting $17.42 million in inflows and setting a record for the largest single-day inflow, while BlackRock’s iShares Ethereum Trust (ETHA) suffered a contrary loss of $32.26 million. Despite ETHE’s high fee rate of 2.50%, it still attracted investor interest, indicating that investors are more focused on long-term value rather than short-term price fluctuations.

Market analysts pointed out that the first-quarter outflows from Bitcoin and Ethereum ETFs reflect ongoing risk asset suppression driven by inflation pressures, Federal Reserve monetary policy, and geopolitical tensions caused by the U.S.-Iran conflict. Whether the market can reverse its downward trend in the second quarter will depend on the recovery of institutional demand, regulatory environment changes, and the overall direction of monetary policy.

Overall, Grayscale’s contrarian capital inflows demonstrate that low fees and structured product strategies can still attract investors, while other major competitors are struggling with capital flows—highlighting that institutional investors are adjusting their allocation strategies rather than completely exiting the Bitcoin and Ethereum markets.