Bitcoin ETFs Shed $138 Million as Zcash Inflow Streak Continues

U.S. bitcoin exchange-traded funds recorded $137.94 million in net outflows Friday, closing a volatile week in which substantial buying was followed by sharp withdrawals, according to Bitcoin.com News. Ether funds returned to modest inflows, while Zcash extended its run of positive flows to three consecutive sessions.

BlackRock’s IBIT accounted for $110.34 million of Friday’s withdrawals, while Fidelity’s FBTC lost $31.78 million, the report said. Morgan Stanley’s MSBT was the only bitcoin fund to attract new money, taking in $4.19 million. The distribution showed that the daily result was driven primarily by withdrawals from two products rather than uniform selling across every fund.

The reversal followed more than $1 billion in combined bitcoin ETF inflows from Monday through Wednesday. Thursday then brought $635.49 million in withdrawals before Friday’s further losses, according to the report. That sequence makes the closing session part of a broader shift within the week, rather than an isolated negative reading.

Bitcoin ETF trading value fell to $1.33 billion Friday, with net assets ending at $104.43 billion. Trading activity and net flows describe different aspects of the market: turnover measures transactions, while flows track money entering or leaving funds. Neither measure alone establishes why investors changed their exposure or whether they intend to return.

Ether funds attracted $4.35 million, with Fidelity’s FETH contributing $3.58 million and Morgan Stanley’s MSSE adding $773,440, Bitcoin.com News reported. No ether fund recorded a net outflow. The positive result contrasted with bitcoin’s withdrawals, although one session does not establish a sustained recovery in demand.

Zcash stood out among the smaller categories, with Grayscale’s ZCSH receiving $20.52 million and extending its inflow streak. Bitwise’s NEAR product added $992,690, while XRP, solana and HYPE products registered no net flows, the report said. These differences point to an uneven allocation pattern rather than a single direction across cryptocurrency funds.

The distinction matters when interpreting the bitcoin losses. Withdrawals from one category alongside inflows elsewhere do not, by themselves, prove that investors transferred money directly between those products. The reported figures show the destination of net subscriptions and redemptions, but do not identify the investors involved or explain their decisions.

The next sessions will help establish whether bitcoin’s late-week withdrawals persist and whether ether’s positive reading develops into a longer run. For Zcash, the immediate question is whether fresh subscriptions continue beyond three days. Taken together, the reported results leave evidence of continuing demand in parts of the market, but not a consistent recovery across the major categories.