Crypto ETFs See Further Outflows: Bitcoin & Ether Under Pressure

March 21, 2026 Priya Shah – Business Editor Business

Cryptocurrency exchange-traded funds (ETFs) experienced continued selling pressure on Thursday, with both Bitcoin and Ether funds reporting further outflows, according to market data. The declines come as investors reassess risk appetite in the digital asset space.

The ProShares Bitcoin & Ether Market Cap Weight ETF (BETH), which launched in October 2023, has seen significant volatility since its inception. As of February 28, 2026, BETH’s net asset value (NAV) was down 22.98% for the month and 29.66% for the quarter, with a 43.55% decline over the past six months. The market price mirrored this trend, falling 23.04% for the month. BETH differentiates itself from spot Bitcoin and Ether ETFs by investing in futures contracts rather than holding the underlying cryptocurrencies directly, and by offering protections under the Investment Company Act of 1940.

CoinShares’ Bitcoin and Ether ETF (BTF) likewise reflected the broader market downturn. BTF primarily invests in Bitcoin and Ether futures contracts, supplemented by holdings in U.S. Treasuries and corporate bonds. The fund’s objective is to provide exposure to the two leading digital assets through an actively managed, futures-based strategy. As of the latest available data, BTF’s performance mirrored the negative trend, with declines across one-month, three-month, and year-to-date periods.

The recent performance contrasts with the optimism surrounding the launch of spot Bitcoin and Ether ETFs earlier this year. Fidelity Investments, which offers its own suite of spot crypto ETFs – FBTC (Bitcoin), FETH (Ether), and FSOL (Solana) – has emphasized the convenience of accessing these assets through traditional brokerage accounts. Fidelity’s Ethereum Fund (FETH) aims to provide easier exposure to the price of Ether, while its Bitcoin Fund (FBTC) offers similar access to Bitcoin.

Evolve ETFs also offers exposure to a broader range of cryptocurrencies through its Evolve Cryptocurrencies ETF (ETC), which includes Bitcoin, Ether, Solana, and XRP. The fund is listed on the Toronto Stock Exchange (TSX) and provides a simplified way for investors to gain access to multiple digital assets.

Market analysts suggest the outflows may be attributed to profit-taking following the initial surge in interest surrounding the spot ETFs, as well as broader macroeconomic concerns. However, the underlying reasons for the shift in investor sentiment remain unclear.

As of close of trading Thursday, no statements were issued by ProShares, CoinShares, Fidelity, or Evolve regarding the recent outflows or their expectations for future performance.