Intraerythrocytic levels of guanosine and adenosine phosphates were estimated in normoxic and hypoxic rainbow trout after intra-arterial injection with either saline or carbonic anhydrase. A significant reduction of the total pool of adenosine and guanosine was observed in hypoxic animals. Similarly, a decrease in both ATP and GTP levels occurred in hypoxic animals injected either with saline or with carbonic anhydrase. Interestingly, there was a highly significant relationship between ATP and GTP levels, indicating that they are under similar control. In addition, a significant positive relationship between nucleoside triphosphate (NTP) and Mg2+ levels was observed. It is possible that the availability of ATP and GTP to hemoglobin (Hb) may be proportionally smaller than their intraerythrocytic absolute levels. No clear relationship between intraerythrocytic NTP levels and plasma carbonic anhydrase infusion was observed, despite the significant effect of carbonic anhydrase on acid­base balance. There was a significant relationship between red blood cell pH and [NTP]:[Hb] in fish exposed to hypoxia for 48 h. No such relationship existed during the first 6 h of hypoxic exposure. Possible mechanisms accounting for the reduction in NTP levels during the initial phases of hypoxia are discussed.