For the week ending September 4, U.S. spot Bitcoin and Ethereum ETFs combined saw net inflows of $1.2 billion. Bitcoin products attracted $986.7 million, accounting for over 80% of total inflows, while Ethereum products saw net inflows of $215.3 million, showing a notable slowdown compared to the previous week.
Bitcoin ETF approaches $1 billion
Farside Investors data shows that U.S. spot Bitcoin ETFs recorded net inflows of $986.7 million over the five trading days from August 31 to September 4, representing a approximately 6.7% increase compared to the previous week’s $924.5 million.
Looking at the daily trend, funds initially strengthened, then weakened, before recovering. On August 31, net inflows reached $216.7 million; on September 1, they turned to net outflows of $236.5 million, followed by net inflows of $101.1 million, $730.8 million, and $174.6 million over the next three trading days.
By product, BlackRock’s Bitcoin fund attracted approximately $691.5 million in net inflows over the week, leading all products. ARKB saw net inflows of $137.7 million, while Fidelity’s products recorded net inflows of $948 million. Bitwise’s BITB attracted $41.7 million, while VanEck’s HODL experienced net outflows of approximately $33 million. Grayscale’s GBTC posted a modest net inflow of $18.6 million.
This result also raised the cumulative net inflow into U.S. spot Bitcoin ETFs to approximately $55.69 billion.
Ethereum ETF inflows have noticeably slowed.
During the same period, U.S. spot Ethereum ETFs saw net inflows of $215.3 million, a decrease of approximately 73.6% from the previous week’s $815.7 million, though net inflows remain positive.
Ethereum products saw a net inflow of $87.6 million on August 31, another $8.6 million on September 1, then turned to a net outflow of $48.2 million on September 2, followed by net inflows of $141.4 million on September 3 and $25.9 million on September 4.
BlackRock’s ETHA recorded a net inflow of $136.4 million over the week, while its staked Ethereum product, ETHB, saw a net inflow of $81.8 million. Combined, these two products attracted $218.2 million, slightly exceeding the overall market net inflow, indicating outflows from competing products. Fidelity’s FETH recorded only a $4.7 million net inflow for the week; Grayscale’s high-fee ETHE experienced a $37 million net outflow, while the Ethereum Mini Trust saw a $17.1 million net inflow, partially offsetting the outflow.
As of the weekend, the cumulative net inflow into U.S. spot Ethereum ETFs was approximately $13.19 billion.
September 3 saw the strongest capital inflow.
This round of ETF inflows occurs against a backdrop of overall caution among U.S. traditional funds. According to LSEG Lipper data cited by Reuters, for the week ending September 2, U.S. equity funds experienced net outflows of $11.12 billion, including $7.52 billion from large-cap funds, while money market funds attracted $48.76 billion.
The report linked this cautious sentiment to rising U.S. Treasury yields, higher oil prices, and heightened tensions in the Middle East. However, market sentiment improved on September 3. Federal Reserve Governor Waller stated that he could support maintaining interest rates unchanged if inflation continues to moderate. On the same day, Bitcoin and Ethereum ETFs collectively attracted approximately $872.2 million, marking the strongest single-day performance of the week.
Prices also rebounded on the same day, with Bitcoin briefly rising above $81,000 and Ethereum returning to around $2,500. However, the market subsequently declined again, indicating that ETF inflows have not fully absorbed short-term macroeconomic pressures. At the time of writing, Bitcoin was trading at approximately $79,664, down about 1.8% on the day; Ethereum was trading at approximately $2,458, down about 2.8%.
The market continues to closely monitor Fed data.
Moving forward, ETF demand will continue to be influenced by changes in expectations for U.S. interest rates. The U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by 162,000 in August, with the unemployment rate remaining at 4.1%. The stronger employment data has dampened some of the previous dovish expectations sparked by Waller’s remarks.
The market will next focus on the U.S. CPI data released on September 11 and the Federal Reserve’s interest rate decision on September 16. If inflation remains elevated, it could suppress cryptocurrency asset prices and ETF inflows; if inflation continues to moderate, it may help stabilize or lower interest rate expectations.
Despite ongoing short-term volatility, last week’s data shows that U.S. investors continued to steadily buy into the two major crypto ETFs, with Bitcoin products maintaining strong momentum and Ethereum products sustaining net inflows despite a slowdown.