U.S. spot Ethereum ETFs recorded $102.1 million in net inflows on Aug. 28, extending their inflow streak to 10 consecutive days. Over the same session, spot Bitcoin ETFs posted $201.9 million in net outflows, ending a nine-day run of inflows.
The divergence followed a shift in macro sentiment rather than any change specific to either asset. Bitcoin’s rally toward $80,000 cooled after Federal Reserve Chair Kevin Warsh delivered hawkish remarks at Jackson Hole, according to Decrypt, which cited SoSoValue data. BTC had briefly traded above $81,000 earlier in the week before pulling back toward the high-$70,000s.
The Ethereum side’s momentum has been building for weeks. For the week ending August 28, U.S. crypto ETFs saw more than $2 billion in combined net inflows, with Bitcoin ETFs leading at $924.48 million, Ethereum funds close behind at $824.42 million, Solana at $153.87 million and XRP at $110.49 million. BlackRock‘s IBIT and ETHA led individual fund flows for the week.
The pattern underscores a broader theme that’s held through most of August: even as Bitcoin captures the larger headline numbers, Ethereum ETFs have shown steadier, more consistent daily accumulation. Analysts tracking the divergence note that a single day of outflows doesn’t reverse Bitcoin’s underlying institutional demand — nine straight days of inflows preceded the Aug. 28 reversal — but it does suggest allocators are becoming more sensitive to Fed rate-path signals heading into September, historically Bitcoin’s weakest month.
For now, the split leaves both funds’ cumulative totals intact — Bitcoin ETFs remain far larger by assets under management — but the daily flow data will be watched closely this week as traders look for confirmation of whether the pullback is a brief pause or the start of a broader rotation out of risk assets.
