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Spot Bitcoin ETFs shed a combined $233 million on May 12, with Fidelity's FBTC accounting for $86.13 million of the total, according to SoSoValue data. Spot Ethereum ETFs bled $131 million on the same session, with BlackRock's ETHA leading the way at $102 million.
Why it matters
The headline is the combined $364 million in net outflows across both product classes in a single trading day — a size that rarely shows up outside the early-2024 launch ramp or the worst weeks of the FTX unwind. Notably, Fidelity led the Bitcoin side while BlackRock led the Ethereum side, the inverse of the typical flow pattern where BlackRock's IBIT usually sets the tempo.
Market impact
The flip is itself the read: when the heaviest hitter on each side hands leadership to the other, it tends to mark book rebalancing rather than a one-way exit. The next sessions will be the test — a second straight day of $200M+ combined outflows would shift the framing from rotation to liquidation.
Source: [Bitcoin ETF Dashboard: Latest BTC Spot ETF Daily Data and Charts of Inflow and Outflow — SoSoValue](https://sosovalue.com/assets/etf/us-btc-spot?tid=soso-airdrop-exp-onetime_task)
Frequently asked questions
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How much did spot Bitcoin and Ethereum ETFs lose on May 12?
According to SoSoValue, spot Bitcoin ETFs recorded a net outflow of $233 million while spot Ethereum ETFs recorded a net outflow of $131 million on May 12, for a combined $364 million out the door.
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Which fund led the Bitcoin ETF outflows on May 12?
Fidelity's FBTC led the Bitcoin side with $86.13 million in outflows, per SoSoValue data.
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Which fund led the Ethereum ETF outflows on May 12?
BlackRock's ETHA led the Ethereum side with $102 million in outflows, the inverse of the typical pattern where IBIT sets the tempo on the BTC side.
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Why does the leadership flip between FBTC and ETHA matter?
When the heaviest hitter on each side hands leadership to the other, it tends to read as book rebalancing rather than a one-way exit from crypto. A second consecutive day of $200M+ combined outflows would shift the framing toward liquidation.
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What would signal this is rotation versus a broader sell-off?
A second straight day of $200M+ combined outflows across spot BTC and ETH ETFs would push the read from rotation into liquidation territory, per the typical pattern in prior flow cycles.
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