Bitcoin and Ethereum ETFs had a bit of a couples therapy moment on September 2, with the two asset classes heading in starkly different directions. Bitcoin ETFs pulled in a net 398 BTC, worth roughly $31M, while Ethereum ETFs hemorrhaged 19,667 ETH, approximately $48M, in a single trading session.

The divergence is notable not because crypto funds move in lockstep (they don’t), but because it snapped a 12-session inflow streak for Ethereum products.

Over the week, Bitcoin ETFs accumulated 8,937 BTC, while Ethereum ETFs still managed a net positive weekly inflow of 15,939 ETH despite the ugly daily number.

Bitcoin ETFs had a particularly strong showing across multiple sessions. September 2 brought in $101M, and September 4 followed with $175M. For the week ending September 4, Bitcoin ETFs amassed close to $987M in net inflows. Cumulative net inflows into US spot Bitcoin ETFs have now exceeded $55B since they debuted in January 2024.

The issuer landscape continues to be dominated by a familiar trio: BlackRock, Fidelity, and Grayscale. BlackRock’s IBIT fund on the Bitcoin side, along with its ETHA and ETHB products for Ethereum, consistently lead in daily volume and investor flows.

Grayscale occupies an interesting position. Its converted trust products still carry higher fee structures than newer competitors, which has historically led to persistent outflows as investors rotate into cheaper alternatives.

The September divergence fits neatly into a broader 2026 pattern of extreme volatility in fund flows. June brought record outflows across both Bitcoin and Ethereum products. April and August, by contrast, saw robust inflow periods. Crypto flows closely track two variables: overall investor risk appetite and interest rate expectations.