Bitcoin and Ethereum ETFs lose $520 million combined on 16 September

US spot Bitcoin ETFs and Ethereum ETFs together saw around $520 million flow out on 16 September. The Bitcoin ETFs lost $296 million, while Ethereum ETFs accounted for an outflow of $224 million. BlackRock’s ETHA was responsible for the bulk of the Ethereum outflow with $110 million in redemptions. Only Morgan Stanley’s MSBT went against the tide with a small inflow of $3.47 million.

In brief:

• Spot Bitcoin ETFs saw $296 million flow out on 16 September, Ethereum ETFs $224 million.
• BlackRock’s ETHA led the Ethereum ETF outflow with $110 million in redemptions.
• Morgan Stanley’s MSBT was the only Bitcoin ETF with a net inflow of $3.47 million.

Outflows continue after $450 million on 15 September

The outflows of 16 September follow a similar day earlier in the week. On 15 September, $450 million already flowed out of Bitcoin ETFs. Combined, the outflows over both days add up to more than $970 million in the space of two days.

According to data from SoSoValue, the total net assets of the spot Bitcoin ETFs currently stand at $95.19 billion. The Bitcoin price stands at $76K at the time of writing, a rise of 0.9% over the past 24 hours.

BlackRock dominant in Ethereum outflow

Among the Ethereum ETFs, BlackRock’s ETHA stands out as the biggest outlier. The fund saw $110 million in redemptions on 16 September, making it responsible for almost half of the total Ethereum ETF outflow of $224 million that day.

The outflows at both Bitcoin and Ethereum ETFs point to caution among institutional investors. Bitcoin is sitting close to the lower end of its recent price range, which may further explain the pressure on ETF flows. Meanwhile, Bitcoin miners are running at a loss with the price around $76.000, which reflects the broader market sentiment.