Grayscale Opposes the Trend as Exchange-Traded Fund (ETF) Bitcoin and Ethereum Start April with New Outflows

The US spot Bitcoin exchange-traded fund (ETF) recorded a net outflow of US$173.73 million on April 1, indicating continued institutional selling pressure into the new quarter.

The withdrawal occurred one day after Q1 2026 ended with total net outflows of around US$68,176,000, despite a partial recovery in March that brought US$32.26 million back into Bitcoin funds.

Grayscale Products Move Against the Flow

iShares Bitcoin Trust
I
IBIT
owned by BlackRock and Wise Origin Bitcoin Fund $500 FBTC( from Fidelity experienced the largest outflows on April 1.

IBIT saw an outflow of US$86.52 million, while FBTC recorded withdrawals of US$78.64 million. Grayscale’s older GBTC fund also lost US$13.26 million.

However, Grayscale’s low-cost Bitcoin Mini Trust ) with ticker BTC( successfully attracted fresh funds of US$10.25 million. This fund charges a fee of 0.15%, the lowest among all US spot Bitcoin ETFs.

This cost advantage helped it maintain steady inflows even amid large-scale selling in similar ETF categories.

Total net assets across all US spot Bitcoin ETFs reached US$87.71 billion as of April 1, with total net inflows since launch amounting to US$55.95 billion. BTC was trading around US$68,176 at the close.

Ethereum ETF Follows a Similar Pattern

Ethereum
ETHUSD
spot recorded a net outflow of US$7.10 million on the same day. Total net assets in this category reached US$12.21 billion, about 4.72% of Ethereum’s overall market capitalization.

Grayscale’s Ethereum Trust ETF )ETHE( stood out as the top product. It attracted US$17.42 million in inflows, the largest daily inflow among all ETH products. Conversely, BlackRock’s iShares Ethereum Trust )ETHA( experienced outflows of US$32.26 million.

The performance difference among Grayscale’s products drew attention. ETHE managed to attract capital despite a higher fee of 2.50%, while the broader ETH category continued to see outflows.

At the end of Q1, the Ether ETF closed the quarter with total outflows of US$68,176,000, marking its worst three-month performance since launch.

Q2 Opens with Pressure

Data as of April 1 indicates that the recovery in fund flows in March may be only temporary. Bitcoin’s price fell about 22% during Q1, marking its worst first quarter performance since 2018.

Ongoing inflation, cautious stance from the Fed, and geopolitical tensions stemming from the US-Iran conflict continued to suppress risk appetite throughout the period.

Whether this trend can reverse in Q2 will heavily depend on renewed institutional demand, progress in US crypto regulation, and broader monetary policy changes.

Currently, Grayscale’s ability to attract inflows while major competitors are experiencing outflows signals early investor repositioning—those sensitive to costs are likely reallocating rather than completely retreating from the market.