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Written by: Rita
The capital inflows into Bitcoin ETPs are becoming increasingly concentrated, while overall capital continues to flow out. This contrast is defining the current capital flow landscape of the crypto ETP market.
On September 8, JPMorgan published a report on capital flows in the crypto asset market. It showed that on September 4 (Friday), U.S. spot Bitcoin ETPs recorded net outflows of $175 million, Ethereum ETPs recorded net inflows of $9 million, and Solana ETPs recorded net outflows of $5 million. For the week (as of September 4), the three major categories combined saw net outflows of $1.126 billion, slightly slowing compared with the prior two weeks.
Bitcoin fell 2.1% on the day, Ethereum fell in tandem by 2.1%, and Solana fell by about 3%. The direction of capital flows essentially tracked price performance, but the concentration of inflows far exceeded market expectations.
Inflow concentration in BlackRock and Fidelity
Bitcoin ETP inflows show extremely high concentration. BlackRock’s IBIT saw $118 million in daily inflows, while Fidelity’s FBTC saw $57 million in inflows; together, they totaled $175 million. Other spot Bitcoin ETP products tracked by JPMorgan had no net inflows on the day.
Grayscale’s GBTC had zero inflows on the day, and its assets under management have shrunk significantly from historical peaks. Products such as ARKB, BITB, and HODL also saw no新增 capital. This concentration is not the first time it has appeared, but it stands out especially against the backdrop of overall outflows.
Fee differentials are an important reason for the concentration. The fees for IBIT and FBTC are both 0.25%, while Grayscale’s GBTC fee is as high as 1.50%, six times the first two. Long-term holders shifting from high-fee to low-fee products becomes more pronounced during phases of capital outflows.
Total assets under management for Bitcoin ETPs were $101.25 billion after Friday’s close. The day’s nominal trading volume was $2.945 billion, roughly in line with the average daily volume of $3.229 billion since the products launched in January 2024. Since trading volume did not expand, it suggests that capital movement comes more from allocation/rebalancing rather than short-term trading, which has limited impact.
Hedging within Ethereum ETP flows
Ethereum ETP flows show a different structure. BlackRock’s ETHA had net inflows of $58 million on the day, while Fidelity’s FETH had net outflows of $48 million; together, they nearly fully offset each other. Other products had zero inflows, so Ethereum ETPs combined recorded net inflows of only $9 million.
Total assets under management for Ethereum ETPs were $14.54 billion, and daily trading volume was $806 million, slightly below the average daily $949 million since the products launched in July 2024. Ethereum’s price fell 2.1% during Friday’s trading, and was basically flat when the report was released.
Grayscale’s ETHE continued the capital outflow trend, with cumulative net outflows exceeding $5 billion. Grayscale’s mini Ethereum trust (ETH) maintained zero inflows. The standoff between products from BlackRock and Fidelity suggests investors are divided on Ethereum allocations; a sustained trend of inflows or outflows has not yet formed.
Solana ETP sees net outflows
Solana ETP recorded net outflows of $5 million on the day. Bitwise’s BSOL saw outflows of about $3 million, and Fidelity’s FSOL saw outflows of $2 million, making them the only two contributors on the day. Solana ETP total assets under management were $1.351 billion, and daily trading volume was $64 million, higher than the average daily $48 million since the products launched in October 2025.
Solana’s price fell by about 3% on the day, and trading volume expanded alongside the price decline, indicating that some investors chose to trim positions when prices weakened. Compared with other categories, Solana ETP has a smaller market size, so capital movements of a single product affect overall flows more directly.
A slowdown signal for weekly outflows
For the week (as of September 4), U.S. spot Bitcoin, Ethereum, and Solana ETPs combined recorded net outflows of $1.126 billion. While this figure slowed compared with the previous two weeks, it still marked the third consecutive week of net outflows.
In its report, JPMorgan noted that on September 7 (Monday), U.S. stock markets were closed for Labor Day, and there were no capital flow data for that day. The capital flow data after trading resumed on September 8 will be a key observation point for whether the outflow trend continues.
Looking at a longer time frame, cumulative net inflows for Bitcoin ETPs were about $58.2 billion, cumulative net inflows for Ethereum ETPs were about $12.6 billion, and cumulative net inflows for Solana ETPs were about $1.4 billion. Despite recent persistent outflows, cumulative net inflow remains positive, suggesting that most early allocation capital has not yet been withdrawn.
Capital flow direction reflects allocation timing
The September 4 capital flow data reveals the core characteristics of the current crypto ETP market: top issuers吸orbed nearly all newly added capital, while other products were marginalized. This concentration is visible in both Bitcoin and Ethereum ETPs.
Weekly outflows of $1.126 billion slowed compared with the previous two weeks, but the trend has not yet reversed. In the absence of clear catalysts, capital flows for crypto ETPs may continue to follow a pattern of “top-heavy concentration with overall outflows.”
Worth watching is whether, once outflows slow to a certain degree, top products will show a signal of turning to net inflows first. If inflows from BlackRock and Fidelity can keep scaling up enough to offset outflows from products such as Grayscale, only then could the direction of overall capital flows reverse.
Disclaimer
This article is a compilation and interpretation of a research report from Chao Xiang Research based on a third-party broker’s research report (JPMorgan, September 8, 2026), combined with publicly available market information. The ratings, target prices, earnings forecasts, and related judgments quoted in the text are all the views of that broker’s analysts and only represent the position of the institution they belong to; they do not represent Chao Xiang Research’s views and do not constitute any investment advice.
There are risks in the market; decisions must be made independently. This article should not be used as a basis for buying or selling any securities.
Written by: Rita
The capital inflows into Bitcoin ETPs are becoming increasingly concentrated, while overall capital continues to flow out. This contrast is defining the current capital flow landscape of the crypto ETP market.
On September 8, JPMorgan published a report on capital flows in the crypto asset market. It showed that on September 4 (Friday), U.S. spot Bitcoin ETPs recorded net outflows of $175 million, Ethereum ETPs recorded net inflows of $9 million, and Solana ETPs recorded net outflows of $5 million. For the week (as of September 4), the three major categories combined saw net outflows of $1.126 billion, slightly slowing compared with the prior two weeks.
Bitcoin fell 2.1% on the day, Ethereum fell in tandem by 2.1%, and Solana fell by about 3%. The direction of capital flows essentially tracked price performance, but the concentration of inflows far exceeded market expectations.
Inflow concentration in BlackRock and Fidelity
Bitcoin ETP inflows show extremely high concentration. BlackRock’s IBIT saw $118 million in daily inflows, while Fidelity’s FBTC saw $57 million in inflows; together, they totaled $175 million. Other spot Bitcoin ETP products tracked by JPMorgan had no net inflows on the day.
Grayscale’s GBTC had zero inflows on the day, and its assets under management have shrunk significantly from historical peaks. Products such as ARKB, BITB, and HODL also saw no新增 capital. This concentration is not the first time it has appeared, but it stands out especially against the backdrop of overall outflows.
Fee differentials are an important reason for the concentration. The fees for IBIT and FBTC are both 0.25%, while Grayscale’s GBTC fee is as high as 1.50%, six times the first two. Long-term holders shifting from high-fee to low-fee products becomes more pronounced during phases of capital outflows.
Total assets under management for Bitcoin ETPs were $101.25 billion after Friday’s close. The day’s nominal trading volume was $2.945 billion, roughly in line with the average daily volume of $3.229 billion since the products launched in January 2024. Since trading volume did not expand, it suggests that capital movement comes more from allocation/rebalancing rather than short-term trading, which has limited impact.
Hedging within Ethereum ETP flows
Ethereum ETP flows show a different structure. BlackRock’s ETHA had net inflows of $58 million on the day, while Fidelity’s FETH had net outflows of $48 million; together, they nearly fully offset each other. Other products had zero inflows, so Ethereum ETPs combined recorded net inflows of only $9 million.
Total assets under management for Ethereum ETPs were $14.54 billion, and daily trading volume was $806 million, slightly below the average daily $949 million since the products launched in July 2024. Ethereum’s price fell 2.1% during Friday’s trading, and was basically flat when the report was released.
Grayscale’s ETHE continued the capital outflow trend, with cumulative net outflows exceeding $5 billion. Grayscale’s mini Ethereum trust (ETH) maintained zero inflows. The standoff between products from BlackRock and Fidelity suggests investors are divided on Ethereum allocations; a sustained trend of inflows or outflows has not yet formed.
Solana ETP sees net outflows
Solana ETP recorded net outflows of $5 million on the day. Bitwise’s BSOL saw outflows of about $3 million, and Fidelity’s FSOL saw outflows of $2 million, making them the only two contributors on the day. Solana ETP total assets under management were $1.351 billion, and daily trading volume was $64 million, higher than the average daily $48 million since the products launched in October 2025.
Solana’s price fell by about 3% on the day, and trading volume expanded alongside the price decline, indicating that some investors chose to trim positions when prices weakened. Compared with other categories, Solana ETP has a smaller market size, so capital movements of a single product affect overall flows more directly.
A slowdown signal for weekly outflows
For the week (as of September 4), U.S. spot Bitcoin, Ethereum, and Solana ETPs combined recorded net outflows of $1.126 billion. While this figure slowed compared with the previous two weeks, it still marked the third consecutive week of net outflows.
In its report, JPMorgan noted that on September 7 (Monday), U.S. stock markets were closed for Labor Day, and there were no capital flow data for that day. The capital flow data after trading resumed on September 8 will be a key observation point for whether the outflow trend continues.
Looking at a longer time frame, cumulative net inflows for Bitcoin ETPs were about $58.2 billion, cumulative net inflows for Ethereum ETPs were about $12.6 billion, and cumulative net inflows for Solana ETPs were about $1.4 billion. Despite recent persistent outflows, cumulative net inflow remains positive, suggesting that most early allocation capital has not yet been withdrawn.
Capital flow direction reflects allocation timing
The September 4 capital flow data reveals the core characteristics of the current crypto ETP market: top issuers吸orbed nearly all newly added capital, while other products were marginalized. This concentration is visible in both Bitcoin and Ethereum ETPs.
Weekly outflows of $1.126 billion slowed compared with the previous two weeks, but the trend has not yet reversed. In the absence of clear catalysts, capital flows for crypto ETPs may continue to follow a pattern of “top-heavy concentration with overall outflows.”
Worth watching is whether, once outflows slow to a certain degree, top products will show a signal of turning to net inflows first. If inflows from BlackRock and Fidelity can keep scaling up enough to offset outflows from products such as Grayscale, only then could the direction of overall capital flows reverse.
Disclaimer
This article is a compilation and interpretation of a research report from Chao Xiang Research based on a third-party broker’s research report (JPMorgan, September 8, 2026), combined with publicly available market information. The ratings, target prices, earnings forecasts, and related judgments quoted in the text are all the views of that broker’s analysts and only represent the position of the institution they belong to; they do not represent Chao Xiang Research’s views and do not constitute any investment advice.
There are risks in the market; decisions must be made independently. This article should not be used as a basis for buying or selling any securities.