U.S. spot Bitcoin and Ethereum exchange-traded funds recorded a combined $1.20 billion in net inflows during the trading week ended Sept. 4, with Bitcoin products accounting for more than 80% of the total.
Spot Bitcoin ETFs attracted $986.7 million over the five-session period, up from $924.5 million the previous week. Ethereum ETFs posted $215.3 million in net inflows, marking a sharp slowdown from the $815.7 million recorded a week earlier.
According to Farside Investors data, Bitcoin ETFs started the week with $216.7 million in inflows on Aug. 31 before seeing $236.5 million in net outflows on Sept. 1. Demand strengthened over the following three sessions, with inflows of $101.1 million, $730.8 million and $174.6 million.
Sept. 3 was the strongest day, accounting for roughly 74% of Bitcoin ETFs’ weekly inflows. BlackRock’s spot Bitcoin products brought in $454 million, while ARK Invest and 21Shares’ ARKB recorded $137.7 million. Fidelity’s FBTC added $74.4 million, and Grayscale’s Bitcoin Mini Trust received $48.8 million.
For the full week, BlackRock’s Bitcoin funds led with approximately $691.5 million in net inflows. ARKB followed with $137.7 million, while Fidelity’s fund recorded $94.8 million. Bitwise’s BITB attracted $41.7 million.
VanEck’s HODL was the main product to post significant weekly withdrawals, with approximately $33 million in net outflows. Grayscale’s converted GBTC fund, meanwhile, recorded around $18.6 million in inflows.
The latest five-session performance pushed cumulative net inflows into U.S. spot Bitcoin ETFs to approximately $55.69 billion.
Ethereum ETFs also remained in positive territory, although demand weakened considerably from the previous week. Farside data showed $87.6 million in inflows on Aug. 31 and another $8.6 million on Sept. 1. The funds then recorded $48.2 million in outflows on Sept. 2 before attracting $141.4 million on Sept. 3 and $25.9 million on Sept. 4.
BlackRock’s ETHA generated $136.4 million in weekly inflows, while its staked Ethereum product ETHB brought in $81.8 million. Together, the two funds attracted $218.2 million, slightly exceeding the overall category total because competing products recorded net withdrawals.
Fidelity’s FETH finished the week with $4.7 million in net inflows. It attracted $65.1 million on Sept. 3 but subsequently recorded $48.3 million in outflows on Sept. 4.
Grayscale’s higher-fee ETHE saw approximately $37 million in weekly outflows, partly offset by $17.1 million in inflows into its lower-cost Ethereum Mini Trust. Cumulative net inflows into U.S. spot Ethereum ETFs reached roughly $13.19 billion by the end of the period.
The strong crypto ETF demand came as broader U.S. investment funds faced a more cautious environment. Reuters, citing LSEG Lipper data, reported that U.S. equity funds experienced $11.12 billion in withdrawals during the week ended Sept. 2. Large-cap funds accounted for $7.52 billion of the outflows, while money market funds attracted $48.76 billion.
Higher bond yields, rising oil prices and tensions in the Middle East contributed to the broader risk-off sentiment. Conditions improved on Sept. 3 after Federal Reserve Governor Christopher Waller indicated that he could support keeping interest rates unchanged if inflation continued to moderate.
That shift in sentiment coincided with the strongest day for crypto ETF flows. Bitcoin and Ethereum funds collectively attracted about $872.2 million on Sept. 3, while Bitcoin moved above $81,000 and Ethereum recovered toward $2,500.
The rebound was short-lived, however. Bitcoin later traded near $79,664, down about 1.8% over the latest session, while Ethereum stood around $2,458 after falling 2.8%.
Investors are now watching U.S. economic data and Federal Reserve policy expectations for clues about the next direction of crypto ETF demand. The Bureau of Labor Statistics reported that nonfarm payrolls increased by 162,000 in August, while the unemployment rate held at 4.1%.
The resilient labor market could limit expectations for easier monetary policy, potentially keeping pressure on risk assets. Attention will next turn to the U.S. consumer price index report scheduled for Sept. 11 and the Federal Reserve’s Sept. 16 policy decision.
Persistent inflation could weigh on cryptocurrencies and ETF demand by reinforcing expectations for elevated interest rates. Conversely, softer inflation data could strengthen expectations for stable or lower borrowing costs.
Despite the broader macroeconomic uncertainty, the latest weekly figures show that U.S. investors continued to allocate money to both major cryptocurrency ETF categories. Bitcoin products maintained their recent momentum, while Ethereum funds remained net positive despite a significant decline in weekly inflows.
