Original source：J.P. MorganFirst published on Unhidea：Original source date：
Key takeaway
JPMorgan attributes the day's large redemptions to weaker cryptocurrency prices, but cumulative flows for the week remained positive. The single-day withdrawals and the direction of flows over the week need to be considered separately.
Did the single-day outflow of 738 million dollars reverse the direction of flows for the week?
JPMorgan's preliminary estimates show that on 22 October 2026, US spot ETPs for Bitcoin, Ether and Solana recorded net outflows of 636 million, 93 million and 9 million dollars, respectively, for a total of 738 million dollars. Bitcoin products accounted for the vast majority of the withdrawals.
But over the week through 22 October, the three product categories still recorded combined net inflows of 216 million dollars. Redemptions from Bitcoin products on the day offset the large inflows of the previous trading day, representing a marked day-to-day reversal while the cumulative weekly figure remained positive.
Which products saw the most concentrated redemptions?
Bitcoin fell 4.1% on the day. JPMorgan believes the price decline weighed on net flows and assets in the related ETPs. BlackRock's IBIT and Fidelity's FBTC saw net outflows of 254 million and 218 million dollars, respectively, while ARK/21Shares' ARKB saw net outflows of 109 million dollars. These three products were the main sources of outflows.
Ether fell 4.5% on the day. Of the 93 million dollars in net outflows from related ETPs, BlackRock's ETHA accounted for 75 million dollars, or about 81%; Fidelity's FETH recorded modest net inflows of 2 million dollars, showing that redemptions were concentrated in a few products.
Solana products moved from zero net flows on the previous trading day to net outflows of 9 million dollars, all from Bitwise's BSOL and Grayscale's GSOL. BSOL accounts for about 72% of net assets in the category, so changes in its flows have a significant effect on the overall result.
How did trading activity change as funds were withdrawn?
The notional trading value of Bitcoin spot ETPs fell to 2.556 billion dollars on the day, below the daily average of approximately 3.195 billion dollars since their launch in January 2024; trading value for Ether products fell to 542 million dollars, also below the daily average of approximately 948 million dollars since their launch in July 2024. Both categories saw net redemptions and lower trading values than on the previous trading day.
Trading value for Solana products was approximately 50 million dollars, broadly unchanged from the previous trading day and close to the daily average of approximately 53 million dollars since their launch in October 2025. Although flows turned negative, trading activity remained close to its own historical norm, differing somewhat from Bitcoin and Ether products.
