Bitcoin ETFs Shed $463M as Ether ETFs Gain $197M in Weekly Reversal
US spot Bitcoin exchange-traded funds (ETFs) experienced a significant reversal last week, recording $462.7 million in net outflows, according to Farside Investors. This marked an end to three consecutive weeks of inflows. Conversely, spot Ether ETFs saw substantial positive momentum, attracting nearly $197 million in net inflows over the same period, signaling a notable shift in institutional capital within the crypto market.
Bitcoin ETF Outflows Deepen After Strong Run
The $462.7 million in withdrawals from US spot Bitcoin ETFs occurred across all four trading sessions from Tuesday to Friday, September 8-11. This followed the strongest three-week inflow run of 2026. The selling pressure intensified on Thursday, September 10, when Bitcoin ETFs recorded their largest daily withdrawal since July, totaling $282.7 million. While Friday’s outflow slowed to $13.2 million, it extended the negative streak to four trading days.
Several major funds were impacted by these outflows. The ARK 21Shares Bitcoin ETF (ARKB) led with $234.2 million in net outflows for the week. Grayscale’s Bitcoin Trust ETF (GBTC) followed with $129.1 million, continuing its trend of structural outflows since its conversion from a trust. BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded $52.5 million in net outflows, and Fidelity’s Wise Origin Bitcoin Fund (FBTC) lost $50.7 million. Despite this weekly reversal, spot Bitcoin ETFs remain in positive flow territory for September, with approximately $307.3 million in net inflows through Friday.
Ether ETFs Attract Significant Capital
In contrast to Bitcoin’s outflows, US spot Ether ETFs registered $196.9 million in net inflows over the same four-day period, as reported by Farside Investors. The week for Ether funds began with mixed flows, including $24.3 million in outflows on Tuesday and $29.9 million on Thursday, interspersed with $34.7 million in inflows on Wednesday. The tide turned decisively on Friday, September 11, when Ether ETFs drew a substantial $216.4 million in net inflows, according to Farside Investors and SoSoValue, pushing the weekly total into positive territory.
BlackRock’s iShares Ethereum Trust ETF (ETHA) was a primary beneficiary, leading Friday’s inflows with $148.8 million. The 21Shares Core Ethereum ETF also saw significant interest, adding $29.1 million. This strong finish on Friday was crucial in reversing earlier negative flows and securing a positive weekly performance for Ether-backed products.
Market Dynamics and Institutional Rotation
The shift in ETF flows coincided with Bitcoin’s price retreating beneath the $77,000 threshold, hovering near $76,725 during Sunday’s session. This decline followed a period where Bitcoin’s market sentiment indicator temporarily reached “extreme greed” levels, surging beyond 89 on a 100-point scale, the highest since March 2024, before moderating. Macroeconomic factors, including rising treasury yields and expectations of sustained elevated interest rates, have contributed to downward pressure on Bitcoin and the broader cryptocurrency ecosystem by enhancing the appeal of dollar-based assets.
The rotation of institutional capital from Bitcoin products into Ethereum on September 11 suggests a potential relative value trade or a meaningful shift in institutional preference between the two leading cryptocurrencies. While Bitcoin ETFs have accumulated over $55 billion in cumulative net inflows since their US launch in January 2024, with total assets under management nearing $99.3 billion, the recent outflows indicate a period of re-evaluation by institutional allocators. This dynamic highlights the sensitivity of crypto ETF flows to both internal market sentiment and external macroeconomic conditions.
Conclusion
The past week saw a notable divergence in the performance of US spot crypto ETFs, with Bitcoin ETFs shedding $462.7 million while Ether ETFs gained $196.9 million. This reversal for Bitcoin funds, coupled with strong inflows into Ether products, underscores the evolving strategies of institutional investors navigating the volatile digital asset landscape amidst shifting macroeconomic indicators.
PS: For educational purposes only. Not financial advice. Investing involves risk.