Grayscale Bucks the Trend as Bitcoin and Ethereum ETFs Start April With Fresh Outflows

U.S. spot Bitcoin ETFs (exchange-traded funds) recorded $173.73 million in net outflows on April 1, signaling that institutional selling pressure carried into the new quarter.

The withdrawals came one day after Q1 2026 ended with roughly $500 million in net redemptions, despite a partial recovery in March that brought $1.32 billion back into BTC funds.

Grayscale Products Swim Against the Current

BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) bore the brunt of redemptions on April 1.

IBIT saw $86.52 million in outflows, while FBTC recorded $78.64 million in withdrawals. Grayscale’s older GBTC fund also shed $13.26 million.

However, Grayscale’s lower-cost Bitcoin Mini Trust (ticker BTC) attracted $10.25 million in fresh capital. The fund charges a 0.15% expense ratio, the lowest among all U.S. spot Bitcoin ETFs.

That fee advantage has helped it draw steady inflows even during periods of broad selling across the category.

Total net assets across all spot Bitcoin ETFs stood at $87.71 billion as of April 1, with cumulative net inflows sitting at $55.95 billion since launch. BTC traded near $68,176 at the close.

Ethereum ETFs Follow a Similar Pattern

Spot Ethereum (ETH) ETFs posted $7.10 million in net outflows on the same day. Total net assets for the category reached $12.21 billion, representing about 4.72% of Ethereum’s total market capitalization.

Grayscale’s Ethereum Trust ETF (ETHE) stood out as the top performer. It pulled in $17.42 million, the largest single-day inflow among all ETH products. BlackRock’s iShares Ethereum Trust (ETHA) moved in the opposite direction, losing $32.26 million.

The divergence within Grayscale’s own product suite is notable. ETHE attracted capital despite its higher 2.50% fee, while the broader ETH category continued its losing streak.

Ether ETFs closed Q1 with $769 million in total quarterly outflows, their worst three-month stretch since launching.

Q2 Opens Under Pressure

The April 1 data suggests that March’s recovery in fund flows may have been temporary. Bitcoin fell roughly 22% during Q1, its worst first-quarter performance since 2018.

Persistent inflation, a cautious Federal Reserve, and geopolitical tension tied to the U.S.-Iran conflict weighed on risk appetite throughout the period.

Whether Q2 reverses the trend depends on renewed institutional demand, progress on U.S. crypto regulation, and a shift in broader monetary conditions.

For now, Grayscale’s ability to attract capital while larger competitors bleed offers an early signal that fee-conscious investors are repositioning rather than exiting the market entirely.