U.S. spot Bitcoin exchange-traded funds recorded $201.9 million in net outflows on Aug. 28, ending a nine-day inflow streak and reducing cumulative net inflows to approximately $55.1 billion. Ethereum ETFs continued to attract investor capital, recording $102.1 million in inflows and extending their own streak to 10 consecutive days.
Bitcoin ETFs reverse after strong inflow streak
U.S. spot Bitcoin ETFs broke a nine-day winning streak on Friday as investors withdrew money while Ethereum ETFs continued to pull in fresh capital.
According to SoSoValue data, the Bitcoin funds posted $201.9 million in net outflows on Aug. 28. The reversal ended a run of consecutive inflows that had continued since mid-August, lowering cumulative net inflows to about $55.1 billion. The funds held approximately $93.9 billion in total net assets. Decrypt’s ETF flow tracker changed its Bitcoin sentiment reading to “bearish” on the day.
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An exchange-traded fund, or ETF, is an investment vehicle that holds an underlying asset and trades on a traditional stock exchange. It allows investors to buy and sell shares through a standard brokerage account. A spot Bitcoin ETF holds Bitcoin directly, with each share representing a claim on a portion of the fund’s holdings. This structure gives investors indirect exposure to Bitcoin’s price without requiring them to purchase the cryptocurrency themselves.
The convenience of spot Bitcoin ETFs has helped attract traditional and institutional investors. U.S. spot Bitcoin ETFs launched in January 2024 after years of regulatory rejections and quickly became some of the fastest-growing ETFs in history.
Daily ETF flows now shift between heavy accumulation and sharp withdrawals as Bitcoin prices and the broader macroeconomic environment change. As a result, market observers closely monitor fund flows as a measure of investor sentiment.
Ethereum ETFs extend 10-day inflow streak
Friday’s pullback followed an otherwise strong period for Bitcoin ETFs. The funds attracted $2.8 billion during an eight-day inflow streak as Bitcoin tested $80,000. They also recorded their largest single-day inflow since May, with daily inflows repeatedly exceeding $300 million and reaching more than $600 million on Aug. 20.
Ethereum ETFs showed no comparable weakness. The funds brought in $102.1 million on Aug. 28, extending their inflow streak to 10 days, according to SoSoValue. Their cumulative net inflows rose to approximately $12.9 billion, while total net assets reached $13.8 billion.
Decrypt’s tracker maintained its Ethereum reading at “bullish.” The sustained demand represents a notable shift, with Ethereum products in recent sessions nearly matching or exceeding Bitcoin’s daily inflows despite having a much smaller asset base.
The divergent ETF flows emerged as Bitcoin declined after Federal Reserve Chair Kevin Warsh delivered hawkish remarks at Jackson Hole. The comments cooled a rally that had pushed Bitcoin toward $80,000, although the cryptocurrency later recovered to around $79,000 over the weekend.
The single-day Bitcoin ETF outflow remains modest compared with the tens of billions of dollars the funds have accumulated since their launch. The end of a nine-day inflow streak does not necessarily indicate a broader decline in institutional demand, which has remained strong across both Bitcoin and Ethereum.
