Bitcoin ETFs See Second Day of Outflows, Ether and XRP Turn Green
ARKB and GBTC drove the outflows, while Ether, XRP, and Solana funds saw inflows. Almost all Bitcoin ETFs also traded below the value of their underlying holdings.
Key Takeaways
- U.S. spot Bitcoin ETFs posted about $120 million in net outflows on Wednesday, their second red day in a row.
- Ether ETFs, XRP funds, and Solana products attracted money instead, while Hyperliquid products lost $5 million.
- Almost all Bitcoin ETFs traded below the value of their underlying holdings; only Grayscale's mini trust and Invesco's BTCO did not.
U.S. spot Bitcoin ETFs saw outflows again on Wednesday, with about $120 million (€103 million) in net losses. That marked the second straight day in the red, while Ether ETFs, XRP funds, and Solana products attracted money instead. The move shows that demand still varies widely by fund and by asset.
Bitcoin Funds Remain Weak
ARK 21Shares' ARKB was the biggest outlier and accounted for $78 million (€66.9 million) of the outflows. Grayscale's GBTC lost another $27 million (€23.2 million). Morgan Stanley's MSBT was the only fund to attract money, with about $4 million (€3.4 million), while the other eight funds were flat.
The outflows came during a broader stretch in which Bitcoin ETFs had actually seen strong inflows over the past few weeks. According to the provided market data, net inflows totaled $3.8 billion (€3.3 billion) over the past three weeks, bringing total assets under management to $101.3 billion (€86.9 billion) on September 9, 2026. At the same time, the market remains sensitive to shifts between individual funds, especially now that one player can make up a big share of the daily total on some days. The year-to-date picture for Bitcoin ETFs also remains an important reference point here: despite the recent inflows, the sector is still in negative net territory in 2026.
Ether and Altcoins Attract Money
On the other side of the market, Ether ETFs pulled in nearly $35 million (€30 million), after seeing $24 million (€20.6 million) in outflows on Tuesday. XRP funds attracted $12 million (€10.3 million), and Solana products also finished in the green. Hyperliquid products, meanwhile, lost $5 million (€4.3 million).
For European crypto followers, this matters because U.S. ETF flows are often a quick gauge of institutional demand for major tokens. The gap between Bitcoin and the rest of the market shows that capital does not automatically flow into one corner of crypto, but can shift from product to product and asset to asset. That pattern was also visible with XRP ETFs attracting money while Bitcoin and Ether saw outflows.
Discount on Almost All Bitcoin ETFs
It was also notable that nearly all Bitcoin funds traded below the value of their underlying holdings. Only Grayscale's mini trust and Invesco's BTCO did not trade below that value. That means shares of those funds were trading for less than the Bitcoin behind them.
Since launch, cumulative inflows into Bitcoin ETFs have reached $55.45 billion (€47.6 billion). ARKB showed a sharp turnaround in a short period: on September 3, it still had $138 million (€118 million) in inflows, and six days later it showed $78 million (€66.9 million) in outflows. Whether that fund will flip direction again later this week remains to be seen.
