U.S. spot cryptocurrency exchange-traded funds (ETFs) experienced a significant wave of outflows on February 12, 2026, with total net redemptions reaching approximately $514.35 million. This signals a continuation of institutional de-risking, with Bitcoin and Ethereum ETFs bearing the brunt of the selling pressure.
Bitcoin-specific ETFs reported net outflows of 6,120 BTC, valued at roughly $410.37 million. Major issuers contributed to this sell-off: BlackRock sold 2,350 BTC (~$157.56M), Fidelity sold 1,550 BTC (~$104.13M), and Grayscale sold 1,381 BTC (~$92.66M). This activity represents a meaningful portion of daily spot market supply, reinforcing the influence of ETF positioning on short-term price dynamics.
Ethereum spot ETFs also faced substantial redemptions, with 58,300 ETH withdrawn, totaling about $113.10 million. Issuer-level data showed BlackRock sold 14,950 ETH (~$28.99M), Fidelity sold 22,420 ETH (~$43.52M), and Grayscale sold 16,240 ETH (~$31.54M), reflecting persistent pressure on ETH-linked products amid cautious market sentiment.
The outflow trend is not isolated. Data indicates U.S. spot Bitcoin and Ethereum ETFs have seen only two weeks of positive inflows so far in 2026. Total assets under management have dropped sharply, with Bitcoin ETFs falling from recent highs near $115 billion to roughly $83 billion, and Ethereum ETFs contracting from around $18 billion to near $11 billion.
Analysts attribute this capital flight to a broader rotation into international equity markets. January 2026 saw record allocations into global ex-US stock funds, which absorbed about one-third of total ETF inflows. This shift is driven by rising Treasury yields, a resilient U.S. labor market, and improving macroeconomic conditions abroad, making overseas markets more attractive than crowded U.S. growth trades like crypto.
While Bitcoin and Ethereum ETFs faced heavy selling, there were pockets of strength. Solana ETFs recorded an inflow of approximately 34,070 SOL (~$2.70M), and XRP ETFs saw an inflow of about 4.69 million XRP (~$6.42M). ETFs for AVAX, LINK, DOGE, LTC, and HBAR recorded zero net flows for the day.
The combined $514 million outflow suggests institutional caution rather than a rotation into other crypto assets at scale. When ETF outflows align with broader risk-off sentiment, they can amplify short-term volatility by increasing spot supply. The reversal of the ETF inflow mechanism—once a source of demand that amplified rallies—into a distribution channel creates a structural headwind for Bitcoin, Ethereum, and the broader crypto market in the near term.
