From late August into early September, ETF flows have told a sharp tale of divergence between Bitcoin and #Ethereum .
On Aug 29, both assets surged with demand. Bitcoin ETFs pulled in +1,578 BTC ($174.35M), led by BlackRock’s iShares adding 568 BTC ($62.7M) to reach a massive 746,584 BTC ($82.5B). Ethereum ETFs also attracted strong inflows of +12,489 $ETH ($54.86M), with iShares adding 15,127 ETH ($66.45M) and building their holdings to 3.77M ETH ($16.59B). The market read this as institutions reloading ahead of Q4.
By Sept 1, sentiment shifted. Bitcoin ETFs flipped red with −631 BTC (−$68.83M), largely from VanEck’s 627 BTC ($68.38M) outflow, cutting their stack to 16,780 BTC ($1.83B). Ethereum ETFs saw −4,319 $ETH (−$19M) drain, with Bitwise dropping 5,467 ETH ($24.06M) to sit at 130,701 ETH ($575M). The retreat hinted at traders taking profit after August’s strength.
Sept 2 deepened the outflows. ARK’s fund lost 665 BTC ($74.1M), driving Bitcoin ETFs down −648 BTC (−$72.22M) in a single day. Ethereum bled harder with −11,731 ETH (−$51.09M) from Fidelity, dragging their total to 785,598 ETH ($3.42B). This was a clear risk-off move.
But Sept 3 flipped the script for #Bitcoin . Fidelity brought in 1,157 BTC ($129.78M), leading a huge daily inflow of +2,933 $BTC ($328.94M) across all ETFs. Bitcoin holdings climbed to 200,655 BTC ($22.5B), cementing the asset’s institutional magnetism. Ethereum, however, suffered a brutal day with −49,829 ETH (−$222.49M) in net outflows, including 23,365 ETH ($104.33M) pulled from Fidelity, leaving ETFs with 762,232 ETH ($3.4B).
The contrast is striking. Bitcoin ETFs added over 2,900 BTC in one day, while Ethereum ETFs dumped nearly 50,000 ETH. Off-chain, whales confirmed the split: a new wallet, 3DavyT, absorbed 692 BTC ($77.3M) from Galaxy Digital, while wallet 0xbb10 withdrew 17,000 ETH ($75.2M) from Binance.
The timeline from Aug 29 to Sept 3 shows Bitcoin gaining synchronized support from both ETFs and whales, while Ethereum faces pressure from ETF redemptions even as whales quietly accumulate. This divergence is now the story to watch.
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