US Bitcoin ETFs recorded a fourth consecutive day of net outflows on Friday September 11, with $13.29 million withdrawn. Conversely, ether ETFs attracted $216.41 million and recorded a fourth positive week. Institutional investors therefore still seem to be present in the crypto market, but their interest is shifting.
In brief
- Bitcoin ETFs lost $13.29 million on Friday and $462.73 million over the week.
- The six ether ETFs saw $216.41M in inflows, largely driven by BlackRock’s ETHA.
- The US August CPI rose 0.4% month-on-month, while core inflation reached 2.4% year-on-year.
Bitcoin ETFs post four sessions in the red
The $13.29 million in outflows recorded on Friday may seem modest. Still, the trend is starting to get harder to ignore. After ending the week of September 4 with a net inflow of $986.9 million, Bitcoin ETFs have just completed four outflow sessions and widened an annual deficit close to $1 billion.
According to data compiled by Bitcoin.com NewsBlackRock’s IBIT suffered $19.23 million in outflows. Morgan Stanley, with MSBT, however, attracted $3.76M, while VanEck’s HODL saw $2.18M inflows.
Over the entire week, outflows reached $462.73 million. Bitcoin ETFs generated $2.60 billion in volume on Friday and now total $97.58 billion in net assets. At the same time, BTC remains stuck around $77,000.
Ether takes over
The contrast is much more marked on the Ethereum side. The six American ether ETFs attracted $216.41 million on Friday, according to SoSoValue data reported by the American press.
ETHA from BlackRock largely dominates with $148.82 million in entries, ahead of ETHW from Bitwise at $29.09 million, ETHB from BlackRock at $18.32 million and FETH from Fidelity at $11.40 million.
Volumes reached $2.56 billion, while net assets rose to $16.31 billion. Over the week, ether ETFs posted around $197 million in positive flows and thus enjoyed a fourth week of inflows.
The movement deserves to be followed, especially since the funds had still recorded $24 million in outflows on September 9. It also comes as ether reserves held on platforms continue to decline. However, this is not enough to speak of a sustainable rotation towards ETH.
The Fed remains at the center of the game
The Bureau of Labor Statistics report released on September 11 did not really change the situation. US inflation increased by 0.4% month-on-month and 3.4% year-on-year. Core inflation slowed to 2.4% year-on-year, its lowest level since March 2021, but its monthly increase of 0.3% was slightly better than expected, according to CNBC.
For bitcoin, the next step will therefore largely depend on the tone adopted by the Fed. The other crypto ETFs remain much more discreet: -$8.18 M for Hyperliquid, -$278,840 for Solana and no net flow for the XRP ETFs.
A fifth outing session on Bitcoin would confirm the current weakness. On the ether side, however, it will take several sessions exceeding $200 million to speak of a real trend. Until then, bitcoin traders remain cautious ahead of the Fed’s next decisions.
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