Crypto ETF Flows: Ether Drops $141M; Solana Gains $61M

Weekly snapshot: Mixed flows leave crypto ETFs slightly negative

U.S. spot crypto exchange-traded products (ETPs) registered roughly $70.7 million in net outflows during the trading week of September 14–18, as Ether-focused funds suffered the largest withdrawals while Bitcoin, Solana and Hyperliquid products attracted inflows that only partially offset the losses. Market action unfolded amid a Federal Reserve rate hike and renewed strength in Bitcoin, which reclaimed the $80,000 level late in the week.

How the flows broke down by asset class

Spot Bitcoin ETFs: recovered but modest weekly net

Spot Bitcoin ETFs finished the week with a small $6.1 million net inflow after a volatile series of daily moves. The category opened the week with a $159.9 million inflow on Monday but then saw substantial redemptions of $450.4 million on Tuesday and $295.9 million on Wednesday. Demand returned on Thursday with $159.5 million and surged again on Friday with a $433 million inflow, the largest single-day inflow for the group that week.

Among funds, BlackRock’s IBIT led weekly net inflows with $120.6 million, while Fidelity’s FBTC added $79.9 million—driven by an impressive $310.7 million allocation on Friday, the largest single-fund daily intake recorded that session. Morgan Stanley’s MSBT added $13.2 million and Franklin Templeton’s EZBC took in $4.6 million. Offsetting those gains were redemptions from ARK 21Shares’ ARKB (-$141.9 million) and Grayscale’s GBTC (-$62.3 million), with smaller outflows from Bitwise’s BITB (-$2.7 million) and VanEck’s HODL (-$5.3 million).

Spot Ether ETFs: the week’s heaviest outflows

Spot Ether ETFs were the weakest of the four categories tracked, recording about $140.6 million in net withdrawals for the week. Ether funds attracted $121.1 million on Monday but then experienced steep redemptions: roughly $142 million on Tuesday, $224.1 million on Wednesday and $39.3 million on Thursday. A $143.7 million inflow on Friday trimmed the losses but did not erase the midweek drawdowns.

On the fund level, BlackRock’s ETHA posted a net weekly outflow of $56.1 million despite taking in $114.3 million on Friday. Fidelity’s FETH lost $25.9 million, Bitwise’s ETHW fell by $33.1 million, and Grayscale’s ETHE recorded $31.4 million in withdrawals. VanEck’s ETHV (-$10.3 million), 21Shares’ TETH (-$1.9 million) and Invesco’s QETH (-$5.4 million) also saw outflows. Conversely, BlackRock’s ETHB and Grayscale’s lower-fee Ether vehicle drew $7 million and $16.2 million, respectively. Farside Investors’ daily rounding may cause small discrepancies when summing fund-level totals.

Solana ETFs: strongest inflows among tracked assets

Solana-focused ETFs attracted $60.7 million for the week, the largest net positive among the four asset groups monitored. Solana funds drew steady but modest inflows across the early sessions—about $11 million on Monday, $1.3 million on Tuesday and $800,000 on Wednesday—before zero net movement on Thursday and a substantial $47.6 million inflow on Friday.

Bitwise’s BSOL dominated Solana demand, accounting for $58.7 million of the weekly total. Grayscale’s GSOL contributed roughly $2 million net after a $3.9 million Monday inflow was partially offset by a $1.9 million withdrawal on Wednesday. Other Solana products reported no meaningful flows during the week. Friday’s allocation to BSOL represented nearly 97% of the category’s weekly net intake.

Hyperliquid ETFs: small but positive week

Hyperliquid products finished the week with $3.1 million in net inflows after a mixed sequence of daily flows. Bitwise’s BHYP recorded a $3.9 million outflow on Tuesday, but inflows picked up across the remainder of the week: 21Shares’ HYPG received $1.7 million on Wednesday, BHYP took $1.9 million on Thursday and 21Shares’ THYP added $2.4 million that same day. BHYP added another $1 million on Friday, leaving the Hyperliquid category slightly positive by week’s end.

Macro backdrop and market drivers

Flows coincided with the Federal Reserve’s decision to raise its policy rate by 25 basis points to a target range of 3.75%–4.00%—the central bank’s first hike in more than three years. The rate move initially pressured risk assets, contributing to midweek ETF redemptions, particularly in Ether funds. Toward the end of the week, easing oil prices and a rebound in crypto-linked equities supported a renewed bid for Bitcoin, which climbed back above the $80,000 threshold on Friday and helped push large single-day inflows into major spot BTC ETFs.

What the flows mean for investors

Weekly ETF flows offer a real-time view into investor preferences across major on-chain assets. The divergence this week highlights several trends: continued investor interest in spot Bitcoin ETFs, selective appetite for Solana exposure concentrated in a single product (BSOL), and more persistent weakness in Ether allocations despite Friday’s recovery. Hyperliquid funds remain niche but resilient, posting small net gains after intraweek swings.

For traders and institutional allocators, the key takeaways are that macro events—like Fed rate decisions—can trigger rapid rotation between assets and funds, and that concentrated flows into a single fund (as with BSOL on Friday) can materially shape a category’s weekly tally. Monitoring daily ETF flows alongside on-chain metrics, spot prices and macro headlines remains essential for navigating short-term volatility and shaping medium-term allocation decisions.

As the market absorbs policy developments and economic data in the coming weeks, expect continued variation across spot crypto ETFs. Investors should weigh liquidity, fees and product structure when choosing exposure to Bitcoin, Ethereum, Solana or newer offerings in the Hyperliquid space.