Crypto ETF Flows Diverge as Bitcoin Gains, Ethereum Slips

Bitcoin sees inflows while Ethereum posts outflows

U.S. crypto exchange-traded funds showed a clear split in investor demand during the week of Sep. 28–Oct. 2, according to provisional data from Farside Investors. Bitcoin ETFs recorded net inflows of $82.9 million, while Ethereum ETFs suffered net outflows totaling $118 million. These figures are preliminary, with several Friday entries for new BlackRock ETF tickers left blank in Farside's table, making the weekly totals provisional.

Weekly summary of major ETF flows

Key takeaways from the week include:

• Bitcoin ETFs: +$82.9 million in provisional net inflows.
• Ethereum ETFs: -$118 million in net outflows, reversing the prior week's strong inflows of $689.8 million.
• Solana ETFs: modest inflows of $0.8 million after a much stronger prior week.
• Hyperliquid group: net inflows of $3.4 million.
• Zcash tracked fund ZCSH: large outflows of $77.6 million.

Bitcoin ETFs: inflows narrow sharply from prior week

Bitcoin ETF activity slowed materially compared with the previous week's surge. Net inflows totaled $82.9 million for Sep. 28–Oct. 2, down from $2.39 billion the week before. Farside's daily breakdown showed inflows on four of five trading days, but Wednesday withdrawals trimmed the weekly total and Thursday delivered the largest single-day positive session.

Daily and fund-level details

Monday opened with $31 million of net inflows, followed by $66.2 million on Tuesday. Wednesday saw $148.7 million in withdrawals, then investors added $102.7 million on Thursday and a provisional $31.7 million on Friday. BlackRock's IBIT posted $292 million of inflows across Monday–Thursday, including $195.6 million on Oct. 1 after a $9.5 million withdrawal a day earlier.

Individual fund performance varied. Fidelity's FBTC experienced $167.9 million in weekly net outflows despite a Friday pickup of $29.3 million. Bitwise's BITB lost $38.6 million, and Grayscale's GBTC saw $54.6 million withdrawn. Conversely, ARK's ARKB added $25.5 million, Grayscale's spot BTC vehicle recorded $24.9 million of inflows, and Morgan Stanley's MSBT attracted $9.4 million.

Ethereum ETFs flip to outflows after prior surge

Ethereum ETFs reversed course sharply, moving from a week of strong inflows to consistent withdrawals across most sessions this period. After a modest $17.1 million inflow on Monday, subsequent sessions recorded outflows: $2.8 million on Tuesday, $59.6 million on Wednesday, $55.4 million on Thursday, and a provisional $17.3 million on Friday.

Which funds led withdrawals

Fidelity's FETH accounted for $74.1 million of the weekly net outflows, with its largest single-day withdrawal of $26.6 million on Wednesday. Grayscale's ETHE lost $27.9 million, and another Grayscale ETH fund logged $11.2 million in net withdrawals. VanEck's ETHV and Franklin's EZET recorded $6.9 million and $6.1 million in outflows, respectively.

BlackRock's new ETH tickers showed small activity through Thursday, with ETHA posting $6.5 million of net inflows and ETHB reporting zero flows over the same sessions. However, Friday entries for ETHA and ETHB remained blank in Farside's dataset, leaving the weekly totals provisional. The reversal follows a previous week when Ethereum ETFs drew $689.8 million across five positive sessions, led by a $270 million Monday intake.

Solana ETFs and emerging token funds

Solana ETFs cooled considerably, delivering just $800,000 in net inflows this week versus $188.1 million the prior week. Early-week inflows of $7.7 million and $5.4 million were offset by midweek withdrawals totaling $13.6 million before a small Friday recovery. Bitwise's BSOL posted $1.3 million of weekly inflows, Grayscale's GSOL added $5.4 million, and FSOL attracted $2.8 million. VSOL and MSOL experienced notable outflows.

Hyperliquid and Zcash

Hyperliquid ETFs recorded $3.4 million in net inflows. The group saw a $5 million outflow on Wednesday, followed by inflows on Thursday and Friday. HYPG led the segment with $8.4 million for the week, offsetting $5 million withdrawn from BHYP. In contrast, the Zcash tracked fund ZCSH recorded heavy outflows of $77.6 million, reversing its previous week's inflow of $35.2 million and posting substantial withdrawals mid- and late-week.

Market implications and outlook

The divergence between Bitcoin and Ethereum ETF flows highlights shifting investor preferences and short-term momentum differences among key crypto assets. Bitcoin felt resilient buying pressure across most sessions, while Ethereum's shift to outflows suggests profit-taking or rotation into other assets. Institutional interest remains visible but can be volatile week to week as product launches and new ticker entries influence flows.

Investors and analysts should treat these figures as provisional until all entries are fully reported. ETF flows remain a significant barometer of institutional demand and can influence short-term price dynamics for Bitcoin, Ethereum, Solana, and lesser-traded token funds.