Bitcoin ETFs Rebound as Ethereum and Solana Face Outflows

Institutional flows diverge as Bitcoin ETFs attract $101.1M while Ethereum, Solana, and XRP funds report significant net outflows.

Behind the relatively calm market movement lies a clear divergence in institutional flows: Bitcoin ETFs are once again attracting capital, while funds tracking Ethereum, Solana, and XRP are reporting outflows.

BTC Stabilizes, but ETH Lags Behind

Bitcoin climbed 0.2% over the last 24 hours to reach $77,597, though its weekly performance remains in the red. Ethereum moved in the opposite direction, posting a daily decline of approximately 0.9% to trade at $2,397.

The outlook for other major tokens appears more positive. BNB rose 1.35% to $697, XRP added 1.27% to reach $1.36, and Solana edged up 0.41% to around $100. Dogecoin also saw a .25% gain, while Hyperliquid slipped by 0.6%.

This leaves the total market capitalization virtually unchanged, and overall sentiment remains optimistic. Meanwhile, the derivatives market shows balanced pressure, with liquidations totaling roughly $270.6 million over the last 24 hours, split almost equally between long and short positions.

Bitcoin ETFs Return to Net Buying

The most distinct shift occurred within U.S. spot Bitcoin ETFs. Following a net outflow of $236.5 million on September 1, the subsequent session brought $101.1 million in net inflows.

Activity was primarily concentrated across a few specific funds:

• BlackRock’s IBIT attracted $115.4 million.
• Grayscale’s BTC added $30.4 million.
• Morgan Stanley’s MSBT reported $7.3 million.
• Bitwise’s BITB drew $4.2 million.
• Grayscale’s GBTC lost $56.2 million.

These figures suggest that the positive total result does not reflect uniform demand across the entire segment. Instead, new capital entering IBIT and several smaller products offset the ongoing redemptions from GBTC.

Ethereum Breaks Positive Flow Streak

The situation for ETH took a sharper turn. After seeing $8.6 million in net inflows on September 1, funds recorded a $48.2 million net outflow on September 2, according to data from FarSide Investors.

BlackRock’s ETHA lost $53.4 million, Fidelity’s FETH reported an additional $26.2 million in outflows, and Grayscale’s ETHE saw a $23.5 million reduction. Conversely, BlackRock’s ETHB attracted $52.9 million, and 21Shares’ TETH added $2 million.

This distribution is significant as it demonstrates that the pressure is not a one-way exit from Ethereum. A portion of the capital is being rotated between different products, including funds with staking structures.

Solana and XRP Also Lose Capital

Smaller crypto ETF segments failed to replicate the strong flows seen at the end of August. Data for Solana shows a sharp cooling after a series of positive sessions, with SOL funds registering $6.1 million in outflows.

Data from Coinglass reveals that XRP ETFs recorded a $7.2 million net outflow, which was entirely concentrated in the Bitwise XRP ETF, while other funds saw no movement.

Hyperliquid ETFs ended the session with no change in flows.