Following a robust rally in August, where Spot Bitcoin [$BTC] ETFs attracted $3.52 billion in investments, the anticipated September trend appears to be emerging. From September 8 to 11, Bitcoin ETFs experienced a significant outflow totaling $462.73 million.
The week opened negatively, witnessing a total net outflow of $46.6 million. This downturn was primarily fueled by Fidelity’s withdrawal of $17.1 million, Invesco’s $4.7 million outflow, and an outstanding $65.5 million outflow from Grayscale’s GBTC.
Analysis of Weekly Bitcoin ETF Flows
On September 9, the selling pressure intensified, with BlackRock facing a $19.5 million outflow, ARKB losing $78.0 million, and Grayscale GBTC incurring an additional $27.2 million loss, culminating in total net outflows of $120.2 million.
The situation worsened on September 10, marking the worst day of the week with a staggering net outflow of $282.7 million. Fortunately, September 11 showed some improvement, with total outflows decreasing to $13.2 million.
Over these four days, overall outflows from the ETFs summed up to approximately $462.7 million, primarily driven by selling pressures from Ark Invest’s ARKB and Grayscale’s GBTC.
This occurred while the price of Bitcoin fell from around $79,000 to $77,324.76 at the time of reporting, representing a 2.9% decline over the week.
Contrasting Trends in Ethereum ETFs
While Spot Ethereum [$ETH] ETFs usually mirror Bitcoin ETF behavior, this week’s data was somewhat atypical. On September 8, the Ethereum ETFs experienced relatively subdued activity, with total net outflows hitting $24.3 million.
The trend shifted positively on September 9, showing a net inflow of $34.7 million. However, selling pressure rebounded on September 10.
The standout day was September 11, when Ethereum ETFs captured an impressive $216.4 million in net inflows, marking the highest daily total within the week.
BlackRock ETHA led the charge with an influx of $148.8 million, followed closely by BlackRock ETHB with $18.3 million.
Mixed Trends Among Other Altcoins
Other altcoins showed varying flow patterns as well, with the Solana [SOL] ETF recording $10.30 million in inflows over the past week.
Bitwise’s BSOL was the primary contributor to those inflows, whereas the XRP ETF saw no movement at all during the same timeframe, according to SoSo Value. In contrast, Hyperliquid [HYPE] ETFs faced net outflows of $26.42 million in that period.
Bitcoin Remains Resilient
Despite the fluctuating inflow and outflow performances, the altcoin index at 40 indicates that Bitcoin continues to maintain its dominance in the market.
Moreover, the Crypto Fear and Greed Index, currently at 63 in the ‘Greed’ zone, suggests that investor sentiment remains optimistic, indicating this may be a temporary setback.
This positivity was partly due to a strong first week in September marked by notable inflows, driven by shifts in the macroeconomic landscape, especially regarding U.S. monetary policy expectations.
In Summary
- Last week’s Spot Bitcoin ETFs faced outflows of $462.73 million amid a price decline.
- Altcoin ETFs exhibited a combination of both inflows and outflows during the same timeframe.