BlackRock's spot Bitcoin and Ether ETFs — IBIT and ETHA — saw a combined $3.5 billion net decrease from capital-share transactions in the second quarter of 2026. That flips the $13.9 billion increase from the same quarter last year, a $17.4 billion year-over-year swing.
The $17.4 billion reversal
IBIT recorded $4.3 billion in contributions for shares issued and $7.2 billion in distributions for shares redeemed during Q2, leaving a $2.9 billion net decrease. ETHA saw $943.3 million in contributions and $1.5 billion in distributions, a $583.4 million net decrease. Combined, that's $3.5 billion out the door.
Redemptions, or in-kind transfers?
The activity tables list 106,148 BTC and 770,839 ETH as assets sold for redemptions. But the footnotes clarify these include in-kind distributions valued at $3.85 billion of Bitcoin and $904 million of Ethereum — not wholly open-market sales. That distinction matters for anyone watching market impact. Beyond capital-share flows, operations took a toll: IBIT's operations reduced net assets by over $7 billion in Q2, and ETHA's by $1.5 billion, including net realized losses and unrealized depreciation.
August inflows start to rebuild
The picture isn't all red. Farside Investors data shows IBIT pulled in $196.8 million on Aug 5, and ETHA added $50.3 million. Across Aug 3-5, IBIT captured $478.5 million and ETHA drew $83.8 million. That combined $562.3 million is just 15.9% of the $3.5 billion Q2 net decrease. If August sustains a $187.4 million combined daily average, it would take roughly 19 trading sessions to accumulate a similar amount.
The next quarterly filing will show whether the August inflows actually offset the Q2 outflows, or if this is just a temporary bounce.
