American spot bitcoin ETFs have registered a reversal after three weeks of strong inflows. Over four trading days, investors withdrew $462.7 million from them, while ethereum ETFs attracted nearly $197 million in the same period. The diverging trends suggest that some capital may be shifting within the cryptocurrency market.
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Bitcoin funds lose hundreds of millions of dollars
The weakest day came on Thursday, when American bitcoin ETFs saw $282.7 million leave, the largest outflow since July. By Friday, the outflow had slowed to $13.2 million, but the funds still recorded their fourth consecutive negative trading day. The heaviest losses hit the ARK 21Shares Bitcoin ETF and the Grayscale Bitcoin Trust.
Despite the recent decline, the overall September balance for bitcoin ETFs remains positive. Since the start of the month, they have still recorded net inflows exceeding $300 million. The current trend therefore does not necessarily signal a long-term retreat of institutional investors from bitcoin, but rather short-term profit-taking following a previous strong run.
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Ethereum attracts new capital
Meanwhile, ethereum ETFs moved in the opposite direction. Over the same four-day period, they gained nearly $197 million, with Friday proving decisive thanks to an inflow of $216.4 million. The largest share of that came from the ETHA fund, which gained $148.8 million in a single day.
The divergence between bitcoin and ethereum could be a sign of short-term capital rotation rather than a definitive shift in investor preference. Bitcoin remains the dominant cryptocurrency, and one weaker week does not change its standing. However, if outflows from BTC funds were to continue while ethereum kept gaining, the distribution of institutional interest could gradually shift. These developments will also matter for major asset managers, including BlackRock.
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