Bitcoin ETF: Capital returns after a strong day of outflows

US Bitcoin ETFs attracted $101.15 million on September 2. This rebound comes after an outing of 236.5 dollars the day before. The Ethereum and XRP ETFs ended positive streaks which had captured $1.62 billion and $170 million respectively. At the same time, Solana products also closed the session in the red. These moves reveal a temporary rotation of capital into bitcoin rather than a general withdrawal of institutional investors.

BlackRock leads the rebound of Bitcoin ETFs

Following their largest daily outing since July 31, Bitcoin ETFs returned to positive flows. The $101.15 million captured on September 2, however, only offset 43% of the $236.5 million withdrawn during the previous day.

BlackRock played a key role in this turnaround. Indeed, its IBIT ETF attracted $115.45 million, a sum greater than the net flow of the entire category. Withdrawals of 56.21 million recorded by Grayscale GBTC reduced the overall result.

Four distinct movements emerged from this session:

• Bitcoin ETFs attracted $101.15 million;
• Ethereum ETFs lost $48.08 million;
• XRP ETFs suffered $7.2 million in withdrawals;
• Solana ETFs saw $6.13 million in outflows.

This difference highlights that investors favored the most liquid crypto product. However, it does not allow us to conclude a constant outflow of altcoins, because the negative sums remain low compared to the inflows accumulated during previous weeks.

Bitcoin ETFs attracted $3.52 billion in August, their best monthly showing this year. Thus, these assets were around $97.22 billion, while cumulative inflows since January 2024 reached $54.7 billion.

Ethereum Breaks $1.62 Billion Streak

As for Ethereum ETFs, they came out of twelve consecutive sessions of entries. This series had added 1.62 billion dollars to the various products before the release of 48.08 million observed on September 2.

BlackRock recorded inverse movements between its two funds. The ETHA ETF had a loss of $53.4 million, while its ETHB product, which combines staking, captured $52.9 million. Fidelity recorded 26.2 million withdrawals and Grayscale’s ETHE suffered a loss of $23.5 million.

This daily outflow only represents nearly 3% of the capital collected during the twelve previous sessions. It therefore constitutes a break in the dynamic, but not yet an institutional reversal around Ether.

XRP ETFs lose $7.2 million

Products relating to XRP ended a streak of eleven positive sessions. This generated nearly $170 million in net inflows and brought the total since their launch to $1.68 billion.

The $7.2 million withdrawal was almost entirely focused on Bitwise’s fund. As for products like Franklin Templeton, Canary Capital, 21Shares and Grayscale, they did not attract any movement.

This output corresponds to only 4.2% of the inputs accumulated during the positive series. Like Ethereum, a single negative session is therefore not enough to establish a lasting loss of interest. A succession of withdrawals would be necessary for confirmation of a change in trend.

The reversal only lasts one session for bitcoin and Ethereum

Distributed statistics reinforce this caution. This September 3, Bitcoin ETFs recorded an additional $730.8 million. BlackRock provided $454 million, while Fidelity and Ark Invest attracted $74.4 million and $137.7 million, respectively, according to Farside Investors.

Ethereum ETFs also returned to inflows the following session. They captured $141.4 million, including $72.1 million for BlackRock’s ETHA and $65.1 million for Fidelity’s FETH. Solana-related products also returned to a positive balance of $6.4 million.

However, the monetary situation remains uncertain. The probability of a rate increase in the United States increased from 63.2% to almost 50.4% after Christopher Waller’s comments. He has noted : “If progress toward our 2% goal continues, I could support keeping rates on track”.

The flows of future sessions may make it possible to decide between two scenarios. A continuation of entries would attest to the return of institutional demand. New outflows would rather signal that investors remain hesitant before the Fed’s September 16 decision.