$ETH spot ETF cut a 12-day run of inflows: −48$ mln on Wednesday — the same day, the $BTC ETF returned +101$ mln. Not an exit from crypto, but a tightening of the rate.
Numbers. SoSoValue: the series delivered ~1,62$ bn over 12 sessions; Sep 2 −48$ mln (ETHA −53.4$, FETH −26.2$, ETHE −23.5$; ETHB ~+53$ partially offset). The $XRP ETF was also −7,2$ mln, ending an 11-day streak (~170$ mln). $ETH ~2 400$ (Yahoo). CME FedWatch for the FOMC on Sep 16: ~60% for +25 bps (range 3.75–4.00%) vs ~36% a week ago. UST 10Y ~4.78%.
My take: when the market starts pricing in the first rate hike since 2023, alt-ETF streaks break before Bitcoin’s. Institutions didn’t “leave” — they kept $BTC as the core and trimmed $ETH/$XRP while the discount rate is rising. Friday’s NFP and CPI on Sep 11 will determine whether this is just a pause or a new regime.
Question: after the $ETH ETF streak breaks, is it closer to a pause ahead of the data, or a prolonged “only $BTC” phase?
Numbers. SoSoValue: the series delivered ~1,62$ bn over 12 sessions; Sep 2 −48$ mln (ETHA −53.4$, FETH −26.2$, ETHE −23.5$; ETHB ~+53$ partially offset). The $XRP ETF was also −7,2$ mln, ending an 11-day streak (~170$ mln). $ETH ~2 400$ (Yahoo). CME FedWatch for the FOMC on Sep 16: ~60% for +25 bps (range 3.75–4.00%) vs ~36% a week ago. UST 10Y ~4.78%.
My take: when the market starts pricing in the first rate hike since 2023, alt-ETF streaks break before Bitcoin’s. Institutions didn’t “leave” — they kept $BTC as the core and trimmed $ETH/$XRP while the discount rate is rising. Friday’s NFP and CPI on Sep 11 will determine whether this is just a pause or a new regime.
Question: after the $ETH ETF streak breaks, is it closer to a pause ahead of the data, or a prolonged “only $BTC” phase?