Bitcoin ETFs Pull In $986.9M as Altcoin Funds Slump

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Bitcoin exchange-traded funds pulled in $986.9 million during the week ending September 4, according to SoSoValue data, up 6.7% from the previous week's $924.5 million. The same stretch saw inflows into Ethereum, Solana, XRP and Hyperliquid products fall between 73% and 96%, a clear sign that money is rotating toward the largest digital asset.

The weekly breakdown

The previous week had been a blowout for altcoin funds. Solana products jumped 443% to $153.9 million, XRP funds climbed 178% to $110.5 million, and Hyperliquid funds reached $56.9 million. That momentum reversed sharply. In the week ending September 4, Solana ETFs took in just $6.2 million, XRP funds added $19 million, and Hyperliquid products brought in $12.3 million. Ethereum funds also saw a sharp drop, though the exact figure wasn't provided. None of the five major crypto ETF groups recorded a net outflow, so the shift points to slower buying rather than investors pulling capital out.

Why Bitcoin is the outlier

Spot prices over the five trading days to September 4 were modestly positive across the board. Bitcoin gained 2.58%, Ethereum rose 1.09%, XRP added 3.02%, Hyperliquid gained 5.76%, and Solana trailed with a 0.18% gain. But the flow data tells a different story. Bitcoin opened Friday at its highest price since May 12, following remarks from Federal Reserve Governor Christopher Waller about the coming inflation reading. The August employment report showed payrolls rose 162,000 against a forecast near 53,000, and traders raised bets on a Fed hike this month. That macro backdrop appears to be funneling money into the most liquid crypto asset.

The inflation test ahead

Trading volume in Bitcoin funds dropped to $14.5 billion from nearly $19 billion, while Ethereum turnover fell to $4.1 billion. So even as inflows continue, activity is cooling. Solana fund assets slipped to $1.41 billion from $1.43 billion over the same stretch, a sign that the recent surge didn't stick. The August inflation print is due September 11 and will test how the flows hold up. If the number comes in hot, the Fed hike bets could strengthen, and Bitcoin's status as a hedge or risk asset will be put to the test. For now, the money is moving one way.