Just a few weeks ago, billions of dollars were flowing into crypto ETFs. Then September 15 arrived, and sentiment reversed sharply within a single day. Investors withdrew a combined total of more than $592 million from Bitcoin and Ethereum funds.
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Bitcoin Bore the Brunt of the Sell-Off
The greatest pressure was felt by Bitcoin ETFs, which saw $450.4 million flow out in a single day. This marked their weakest performance since June 25. The sell-off was also accompanied by unusually high trading activity — daily trading volume surged to $4.35 billion, well above the thirty-day average.
Ethereum wasn’t faring much better. Its spot ETFs recorded a net outflow of $142.3 million, the highest since late January. The reversal is all the more striking given that the funds had attracted new capital for four consecutive weeks beforehand, with investors pouring nearly $2 billion into them during that period.
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Regulation and the Fed Arrived at the Wrong Moment
Market nervousness was further heightened by the vote on the CLARITY Act. The US Senate did not advance the bill, with the procedural vote ending in a 49-to-50 result. Bitcoin subsequently fell below $76,000, while Ethereum dropped to roughly the $2,400 level.
However, a single sharp outflow doesn’t necessarily signal the end of institutional interest. For September as a whole, both major fund groups remain in positive territory. Bitcoin ETFs show a net inflow of approximately $17.1 million, while Ethereum ETFs stand at around $307.4 million. In the coming days, investors’ attention will also turn to funds run by major managers such as BlackRock, since their capital flows could reveal whether this was merely a short-term blip or the beginning of a longer market cooldown.
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