- Bitcoin spot ETFs recorded $349M outflows on March 6, with Fidelity FBTC leading withdrawals at $159M.
- Ethereum spot ETFs saw $82.85M outflows, while Fidelity FETH alone recorded $67.57M in one day.
- Public companies and spot ETFs now hold nearly 12% of Bitcoin’s circulating supply, according to Fidelity data.
Bitcoin spot exchange-traded funds recorded notable capital withdrawals on March 6 as market flows shifted across major products. Data shows that Bitcoin spot ETFs posted a combined net outflow of about $349 million during the day. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded the largest single-day withdrawal among all products.
Bitcoin Spot ETFs Record $349 Million in Daily Outflows
Market data shows that Bitcoin spot ETFs experienced a combined net outflow of about $349 million on March 6. The figures reflect investor withdrawals across several major ETF products. Fidelity’s FBTC led the outflows during the session.
The fund recorded about $159 million in net withdrawals for the day. Fund tracking data shows that FBTC’s cumulative historical net outflow has reached about $153 million. The fund has experienced both inflows and withdrawals since its launch.
On March 6 (ET), Bitcoin spot ETFs recorded a total net outflow of $349 million yesterday. The Bitcoin spot ETF with the largest single-day net outflow was Fidelity’s FBTC, with $159 million in net outflows. FBTC's cumulative historical net outflow has now reached $153 million.… pic.twitter.com/fF1MEEf3Xg
— Wu Blockchain (@WuBlockchain) March 7, 2026
Spot Bitcoin ETFs allow investors to gain exposure to Bitcoin through traditional financial markets. These products hold Bitcoin directly and track the asset’s price movements.
Institutional participation has grown since these ETFs began trading in the United States. Asset managers continue to report daily flow data as investor demand changes.
Ethereum Spot ETFs Also Report Net Withdrawals
Ethereum spot ETFs also experienced net outflows during the same trading period. Total withdrawals across these funds reached about $82.85 million on March 6. Fidelity’s Ethereum Fund, listed as FETH, recorded the largest daily outflow among Ethereum ETFs.
The product saw about $67.57 million leave the fund during the session. Historical fund data shows that FETH’s cumulative net outflow has reached about $218 million. The figure reflects changes in investor positioning over time.
Ethereum spot ETFs operate under a structure similar to Bitcoin spot ETFs. These products hold Ether directly and track the market price of the asset. Institutional investors often use ETFs to access digital assets through regulated financial markets. Flow data often changes based on market sentiment and price movement.
Fidelity Research Examines Changes in Bitcoin Market Cycles
Fidelity Digital Assets recently released a research report examining Bitcoin market behavior. The report states that the asset’s traditional four-year boom and bust cycle may be changing.
According to the research, Bitcoin reached a market value of about $2.5 trillion during its October 2025 peak. At the same time, realized volatility continued to decline.
Fidelity Digital Assets just published a research report arguing Bitcoin's classic four-year boom-bust cycle is over.
Their core finding: Bitcoin's market cap hit $2.5 trillion at its October 2025 peak, but one-year realized volatility hit 17 new all-time lows in January 2026.… pic.twitter.com/PcLDPLqXkj
— TFTC (@TFTC21) March 6, 2026
The report states that one-year realized volatility recorded 17 new lows during January 2026. This pattern has not appeared so soon after a major price peak in earlier cycles. Fidelity researchers said the demand structure has shifted during recent years.
Public companies and spot ETFs now hold nearly 12% of Bitcoin’s circulating supply. The report also notes that 49 public companies each hold more than 1,000 BTC. Institutional accumulation has increased steadily since 2023.
Institutional Adoption and On Chain Metrics Show Market Changes
Fidelity data also pointed to rapid growth in ETF assets under management. The largest Bitcoin ETF reached about $75 billion in assets within two years. For comparison, the SPDR Gold Shares ETF reached a similar size after nearly seven years.
Researchers used this data to measure adoption speed. The report also reviewed on-chain indicators such as the Market Value to Realized Value ratio. During the current cycle, the MVRV ratio has remained close to 2× realized cap.
Earlier cycles recorded higher peaks for the same indicator. The ratio reached about 6× realized cap in 2013 and about 4× in 2017 and 2021.
Fidelity also introduced a metric called the Profit to Volatility Ratio. The measure has stayed above 0.015 since late 2023, according to the report.
