The outflow doubled, then doubled again, and it is 0.28% of the funds

US spot bitcoin ETF outflows ran for three sessions this week and roughly doubled each time, SoSoValue data shows. The week as a whole came to minus $274.8 million, against plus $610.5 million the week before.

The four sessions, in order:

• Friday 4 September: plus $174.6 million, the last green session of the run.
• Tuesday 8 September: minus $46.6 million.
• Wednesday 9 September: minus $120.2 million, 2.6 times the day before.
• Thursday 10 September: minus $282.6 million, 2.4 times the day before again.

The acceleration is the part worth naming. Each red day was between 2.4 and 2.6 times the one before it, which is a pattern rather than a drift, and it runs alongside the repricing of next week's Federal Reserve meeting rather than anything specific to the funds.

Now scale it. The same funds hold $97.49 billion in net assets, so a week that looked alarming in headlines removed 0.28% of the money in the vehicles. A single session on 3 September brought in $730.9 million, which is 2.7 times the whole week's outflow.

Ether funds barely moved

Ether funds went the other way and barely moved. Across the same four sessions they netted plus $7.2 million, with two green days and two red ones, and they hold $15.6 billion. Bitcoin bled while ether sat still, which is what a rate story looks like rather than a crypto one.

Joel Kruger of LMAX Group put the positioning to CoinDesk this morning.

“Markets are already positioned for a more hawkish Fed and a likely rate increase.”

— Joel Kruger, LMAX Group, 11 September 2026

Joel Kruger, LMAX Group, quoted by CoinDesk, 11 September 2026

The structure under the weekly number

We took Wednesday's session apart on Thursday and found four funds of twelve moving any money at all, with eight printing exactly zero. The weekly number hides the same structure: a handful of desks decide the total, and the rest of the complex is dormant on a normal day.

One more scale check on Thursday itself. The funds traded $1.70 billion of value that day and the net result was minus $282.6 million, so the net flow is about a sixth of the gross activity. At roughly $77,000 a coin that outflow is about 3,670 bitcoin, against the 1.26 million the funds hold, or 0.29% of the stack.

Cumulative net inflow since launch now stands at $55.17 billion, and the funds hold about 1.26 million bitcoin between them. Three red sessions move neither of those numbers in a way anyone will remember next month.

What would change the reading is breadth. Yesterday the whole board fell while every major was still up over thirty days. If next week's flows stay negative after the Fed decides, the story stops being about positioning and starts being about allocation.

Nothing here should be taken as financial advice; treat it as information to consider.