ETF: Ether Captures $216 Million, Bitcoin Funds Decline Again

American Bitcoin ETFs recorded a fourth consecutive day of net outflows on Friday, September 11, with $13.29 million withdrawn. In contrast, ether ETFs attracted $216.41 million, marking a fourth positive week. Institutional investors appear to still 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 recorded $216.41 million in inflows, largely thanks to BlackRock's ETHA.
• The U.S. CPI for August increased by 0.4% month-over-month, while core inflation reached 2.4% year-over-year.

Bitcoin ETFs Chain Four Sessions in the Red

The $13.29 million in outflows recorded on Friday may seem modest. However, the trend is becoming harder to ignore. After finishing the week of September 4 with a net collection of $986.9 million, Bitcoin ETFs have now recorded four sessions of outflows, digging an annual deficit close to $1 billion.

According to data compiled by Bitcoin.com News, BlackRock's IBIT suffered $19.23 million in outflows. Morgan Stanley, with MSBT, attracted $3.76 million, while VanEck's HODL recorded $2.18 million in inflows.

For the 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. Meanwhile, BTC remains stuck around $77,000.

Ether Takes Over

The contrast is much more pronounced on the Ethereum side. The six American ether ETFs attracted $216.41 million on Friday, according to data from SoSoValue reported by the U.S. press.

BlackRock's ETHA dominates with $148.82 million in inflows, followed by Bitwise's ETHW at $29.09 million, BlackRock's ETHB at $18.32 million, and Fidelity's FETH at $11.40 million.

Volumes reached $2.56 billion, while net assets rose to $16.31 billion. Over the week, ether ETFs show approximately $197 million in positive flows, marking a fourth consecutive week of collection.

This movement deserves attention, especially since the funds had recorded $24 million in outflows on September 9. It also occurs as ether reserves held on platforms continue to decrease. However, this is not enough to speak of a sustainable rotation towards ETH.

The Fed Remains at the Center of the Game

The report from the Bureau of Labor Statistics published on September 11 did not really change the situation. U.S. inflation increased by 0.4% month-over-month and 3.4% year-over-year. Core inflation slowed to 2.4% over twelve months, its lowest level since March 2021, but its monthly increase of 0.3% was slightly above expectations, according to CNBC.

For Bitcoin, the next step will largely depend on the tone adopted by the Fed. Other crypto ETFs remain much quieter: -$8.18 million for Hyperliquid, -$278,840 for Solana, and no net flows for XRP ETFs.

A fifth session of outflows for Bitcoin would confirm the current weakness. In contrast, for ether, several sessions exceeding $200 million will be needed to talk about a real trend. Until then, Bitcoin traders remain cautious ahead of the Fed's upcoming decisions.