Bitcoin, Ethereum, Solana ETFs Face Outflows on Final Quarter Day

KUALA LUMPUR, 4 OCTOBER 2026 —

On the last trading day of the third quarter, U.S. spot Bitcoin, Ethereum and Solana exchange‑traded funds all recorded net outflows, with Bitcoin funds shedding $148.7 million, Ethereum funds $59.6 million and Solana funds $11.1 million, according to SoSoValue data released on 30 September 2026. The outflows followed a nine‑day streak of inflows that had added roughly $3.1 billion to Bitcoin funds during September.

Despite the outflows, the total assets of the Bitcoin funds rose to about $108 billion on 30 September, largely because the Bitcoin they held increased in value.

The pattern of outflows at quarter‑end is not new. On 30 June 2026, Bitcoin funds recorded outflows of $222.6 million, a larger figure than the September outflows. The similarity of the two dates suggests a recurring trend rather than a sudden loss of confidence in crypto. The outflows are likely driven by institutional investors who maintain fixed allocations across asset classes and readjust their holdings at the end of each quarter to keep portfolios balanced.

As Bitcoin rose about 36 % in the quarter, Ethereum about 57 % and Solana about 48 %, managers holding these assets would have trimmed their positions to maintain target allocations for the new quarter.

On the first trading day of the new quarter, 1 October 2026, Bitcoin funds welcomed $102.7 million, largely driven by $196 million flowing into BlackRock’s iShares Bitcoin Trust. XRP funds also posted a small gain, adding $4.1 million. In contrast, Ethereum funds lost an additional $55.4 million, marking their third consecutive day of outflows, and Solana funds lost $5.9 million. These figures indicate a rotation between cryptocurrencies rather than a general exit from the market.

The primary drivers of the September 30 outflows were likely quarter‑end rebalancing and the substantial withdrawal from Fidelity’s fund, not a loss of confidence in crypto itself. Bitcoin funds rebounded quickly on October 1, and their total assets remained solid even on the outflow day. However, Ethereum’s ongoing outflows raise questions; if they continue into October, a shift in investor sentiment may be emerging rather than a simple seasonal adjustment.

The September outflows also highlight the volatility of crypto ETFs. Solana ETFs had posted 19 consecutive days of inflows earlier in the year, defying a sharp November downturn that erased billions in digital asset value. In mid‑November 2025, investors pulled nearly $900 million from spot Bitcoin ETFs in a single day, marking the second‑largest withdrawal since the funds launched in January 2024.

The outflows came as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) prices fluctuated, but the data show that crypto funds can experience rapid shifts in investor sentiment.

The pattern of quarter‑end outflows is consistent with the behaviour of institutional investors who maintain fixed allocations across asset classes. At the end of each quarter, they often readjust their holdings to keep their portfolios balanced. This means they sell off assets that have grown too large and add to those that haven’t performed as well.

As the last quarter closed, Bitcoin rose about 36 %, Ethereum gained about 57 % and Solana grew around 48 %. Managers holding these assets likely trimmed their crypto positions, not necessarily out of negativity, but to maintain target allocations as the new quarter began.

The September 30 outflows also underscore the importance of monitoring fund flows as a leading indicator of investor sentiment. While Bitcoin funds rebounded quickly on October 1, the continued outflows from Ethereum and Solana suggest that investors may be reallocating their crypto exposure rather than exiting the market entirely.