US Bitcoin ETFs Snap 9-Day Inflow Streak with $200 Million Daily Outflow — BigGo Finance

US spot Bitcoin ETFs snapped a nine-session net inflow streak on the 28th (local time). Bitcoin’s slide toward the $77,000 level following hawkish remarks from Federal Reserve Chair Kevin Warsh triggered more than $200 million in outflows in a single day.

According to SoSoValue data, US spot Bitcoin ETFs posted total net outflows of $201.81 million (approximately 280 billion won) on the day, ending a streak of nine consecutive sessions of net inflows that began on the 17th. The cumulative inflows over those nine sessions had reached $3.044 billion (approximately 4.2 trillion won).

By product, ARKB — jointly managed by Ark Invest and 21Shares — saw the largest outflow at $114.89 million (approximately 160 billion won). Bitwise’s BITB shed $49.69 million (approximately 68 billion won), while BlackRock’s IBIT lost $33.4 million (approximately 46 billion won). VanEck’s HODL also recorded outflows of $13.17 million (approximately 18 billion won). In contrast, Morgan Stanley’s MSBT attracted $9.34 million (approximately 13 billion won) in fresh inflows. The remaining products saw no change in flows.

The exodus coincided with a Bitcoin price correction. Bitcoin traded above $81,000 intraday before sliding to $76,888 (approximately 110 million won). The decline was attributed to Warsh’s Jackson Hole remarks expressing caution on inflation, which heightened the possibility of a September rate hike.

Some market participants, however, interpret the outflows as profit-taking. With Bitcoin having surged roughly 25% in a short period — from the mid-$64,000 range to the $80,000 level during the prior inflow streak — some investors likely redeemed holdings amid the price pullback. The day’s net outflows represented approximately 6.6% of the cumulative net inflows from the prior nine sessions.

Ethereum ETFs Extend Inflow Streak to 10 Sessions

Unlike Bitcoin ETFs, spot Ethereum ETFs continued to attract buying interest. On the same day, US spot Ethereum ETFs recorded total net inflows of $102.18 million (approximately 140 billion won), marking ten consecutive sessions of net inflows since the 17th.

BlackRock’s ETHA captured the largest share at $83.79 million (approximately 110 billion won), while the same firm’s staking product, ETHB, attracted $42.64 million (approximately 58 billion won). Fidelity’s FETH, however, saw outflows of $24.26 million (approximately 33 billion won). Grayscale, Bitwise, VanEck, and other products reported no change in flows.

Spot Ethereum ETFs have accumulated $1.52158 billion (approximately 2.1 trillion won) over the past ten sessions. On the 27th, inflows reached $234.51 million (approximately 320 billion won), the largest single-day figure during the current streak. Cumulative net inflows have now grown to $12.97 billion (approximately 17.8 trillion won).

The gap in ETF fund flows between the two assets has narrowed sharply in recent weeks. On a weekly basis, Ethereum ETFs attracted approximately $713 million (approximately 980 billion won), closing in on Bitcoin ETFs’ $884 million (approximately 1.2 trillion won). The gap of roughly $171 million (approximately 230 billion won) means Ethereum accounted for about 45% of the combined weekly inflows across both asset classes.

BlackRock Concentration Intensifies

The concentration of ETF flows into BlackRock products has become increasingly pronounced. As of the 27th, BlackRock’s IBIT took in $277.61 million (approximately 380 billion won), exceeding the market-wide net inflow of $242.24 million (approximately 330 billion won). Excluding IBIT, the remaining products combined actually posted net outflows of $35.3 million (approximately 48 billion won).

Across the entire nine-session inflow streak, IBIT captured approximately $2.3 billion (approximately 3.2 trillion won) of the roughly $3.05 billion (approximately 4.2 trillion won) absorbed by the market — a 75.4% share. IBIT recorded net inflows on every single day during the period. Over the same stretch, Fidelity’s FBTC saw outflows of $83.6 million (approximately 110 billion won), while Grayscale’s GBTC lost $27.2 million (approximately 37 billion won).

BlackRock’s dominance is similarly evident in Ethereum ETFs. Over the past nine sessions, ETHA absorbed $1.02 billion (approximately 1.4 trillion won), representing 72% of total category inflows. ETHA also had no days of net selling during the period.

Analysts attribute this concentration to a self-reinforcing liquidity structure. IBIT set a record for the fastest ascent to $50 billion (approximately 68.6 trillion won) in assets under management, and its options market, launched in November 2024, has become a primary venue for Bitcoin options trading. Institutional investors tend to prioritize trading volume, spreads, and options liquidity over underlying price movements when selecting ETFs, making an established gap difficult to close. BlackRock’s distribution network, backed by more than $10 trillion in assets under management, also appears to be a contributing factor.

Market participants view further ETF outflows and Bitcoin’s ability to defend the $77,000 level as key variables for gauging the sustainability of institutional demand. Ethereum rose to $2,566 (approximately 3.5 million won) on the 28th before pulling back to $2,405 (approximately 3.3 million won), though it remains more than 20% above the roughly $1,900 level seen on the 17th.