Bitcoin funds lost $416M in three sessions, ether took $221M

Spot ETF flows split hard over the last three trading sessions: American spot bitcoin funds lost $416.1 million while spot ethereum funds took in $221.4 million, by SoSoValue's daily series. The whole gap turned on a single day.

“Bitcoin wins on recent flows, Ethereum wins on price, and neither fund dominates across all metrics simultaneously.”

— Sam Daodu, 24/7 Wall St, 11 September 2026

Sam Daodu, 24/7 Wall St, 11 September 2026

That verdict went out on Friday morning, hours before Friday's numbers landed and inverted it. Ethereum funds took $216.4 million that session while bitcoin funds lost money for a fourth day running.

Bitcoin: four sessions, one direction

Bitcoin's three sessions:

• Tuesday 9 September: minus $120.2 million, with $2.06 billion traded.
• Wednesday 10 September: minus $282.6 million, the heaviest of the three, on the thinnest turnover of $1.70 billion.
• Friday 11 September: minus $13.3 million, on the heaviest turnover of $2.60 billion.

Add Monday's minus $46.6 million and the streak runs to four sessions and $462.7 million. Fund level detail is published for the latest session only, and on Friday it was narrow: BlackRock's IBIT lost $19.2 million and was the sole outflow, while VanEck's bitcoin fund added $2.2 million and Morgan Stanley's MSBT $3.8 million. The other nine funds did not move. We tracked the weekly version of this on Thursday, when the outflow had doubled twice over.

Ethereum: one day made the week

Tuesday brought $34.8 million, Wednesday took back $29.8 million, and Friday delivered $216.4 million, which is 98% of the three-day total. Friday broke down like this:

• BlackRock's ETHA took $148.8 million, more than two thirds of the day.
• Bitwise ETHW added $29.1 million and BlackRock's second fund ETHB $18.3 million.
• Fidelity FETH took $11.4 million, Grayscale's ETH mini $5.1 million, VanEck ETHV $3.7 million, and no ethereum fund lost money.

What the assets say

The flow numbers hide most of the move. Bitcoin fund assets fell from $99.52 billion to $97.58 billion across the four sessions, a drop of $1.94 billion, and only $462.7 million of that was money leaving. The other $1.48 billion was price. Ethereum assets rose $590 million on $221.4 million of inflow, so two thirds of that gain was price too.

On Friday bitcoin funds traded $2.60 billion and ethereum funds $2.57 billion, near parity, on an asset base six times smaller. Measured against their own assets, ethereum funds turned over 15.7% that day against bitcoin's 2.66%, a ratio of 5.9 to one. Friday was the session when the inflation print landed on forecast and ether outran bitcoin on the tape.

The year-to-date scoreboard still favours ethereum on flows, with roughly $863 million in against about $1 billion out of bitcoin funds, even though bitcoin funds pulled $3.8 billion between 18 August and 5 September. The stock behind those flows has not moved much. Bitcoin funds hold 1,261,736 BTC worth 6.28% of the asset's market value and $55.18 billion of cumulative inflow, against 6,442,902 ETH at 5.28% and $13.39 billion. Two weeks of rotation leaves that gap where it was.

This article is for informational purposes only and does not constitute investment advice.