Key points

  • U.S. spot ether ETFs recorded about $39 million of net outflows on September 17, their third consecutive withdrawal session.
  • Bitcoin funds attracted roughly $159 million while XRP products lost about $5 million and the U.S. Zcash fund drew nearly $47 million.
  • The flow split came as major crypto assets rose with stocks and bonds, showing that daily ETF demand can diverge from short-term price direction.

Ether funds extend their withdrawal streak

U.S. spot ether exchange-traded funds recorded about $39 million of net outflows on Thursday, September 17, extending withdrawals to a third consecutive session. The latest move followed roughly $224 million leaving on Wednesday and about $141 million on Tuesday, according to fund-flow data cited by CoinDesk from SoSoValue. The three-day sequence totals approximately $404 million, although daily figures may be revised as issuers and data providers update their reports. Ether nevertheless rose about 2% to around $2,470 during the latest session.

Bitcoin products move in the opposite direction

Bitcoin funds drew roughly $159 million in net inflows on Thursday, creating a clear split between the two largest U.S. spot-crypto ETF categories. Over the preceding 30 days, bitcoin funds remained nearly $2.5 billion ahead and ether funds more than $1.5 billion ahead despite the recent withdrawals. Those longer windows matter because one session can be influenced by portfolio rebalancing, individual issuer activity or settlement timing. A positive bitcoin day and negative ether day do not by themselves establish a lasting shift in institutional preference.

Related reporting: Crypto ETP outflows deepen over holidays as investors stay selective into year-end

XRP and Zcash add to the divergence

The smaller products also moved in different directions. U.S. XRP funds lost about $5 million, reversing a modest inflow in the prior session. The sole U.S. Zcash fund attracted nearly $47 million, its largest daily intake so far, taking its reported inflows for the month above $230 million. Zcash gained about 10% to roughly $1,488, while XRP advanced around 2%. The figures show why aggregate crypto-fund totals can conceal sharp differences among assets, issuers and individual products.

Prices rose despite selective outflows

The broader crypto market advanced even as ether and XRP funds lost money. Bitcoin gained more than 1% to about $77,216, Solana rose around 5% to nearly $105 and BNB added almost 4% to roughly $750, according to CoinDesk market data at the time of reporting. Ether and XRP each gained approximately 2%. That price action reinforces a basic limitation of daily ETF statistics: the products are important access points for U.S. investors, but global spot, derivatives and over-the-counter markets also influence prices.

Macro markets supplied a supportive backdrop

Stocks and bonds rallied alongside crypto as oil prices eased one day after the Federal Reserve raised interest rates for the first time since 2023. The S&P 500 gained about 1%, the Nasdaq 100 rose nearly 2% and the 10-year Treasury yield ended an eight-session climb. Brent crude settled below $105 a barrel. Lower oil prices reduced some immediate inflation pressure, helping risk assets recover despite the rate increase. Crypto followed that broader move rather than responding uniformly to its own ETF flows.

Daily flows need context

ETF subscriptions and redemptions provide a useful view of regulated U.S. demand, but they are not a complete measure of investor conviction. Net flow combines activity across funds and can be dominated by a small number of products. It also says little about hedges established in futures or other markets. The material question is whether ether's withdrawal streak persists while bitcoin inflows continue, or whether Thursday proves to be a short rebalancing episode. Several more sessions are needed before treating the divergence as a durable allocation trend. That distinction helps prevent overreading a single daily report.

Sources

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