On Aug. 28, U.S. spot Ethereum ETFs pulled in $102.1 million in net inflows, stretching their winning streak to 10 days. That same day, spot Bitcoin ETFs saw $201.9 million in net outflows, snapping a nine-day run of inflows. The divergence came as Bitcoin's rally toward $80,000 cooled after hawkish remarks from Federal Reserve Chair Kevin Warsh at Jackson Hole.
The numbers
Data from SoSoValue, reported by Decrypt, shows Ethereum's 10-day streak outlasted Bitcoin's nine-day run. Bitcoin's outflows ended a stretch that had pushed cumulative net inflows to about $55.1 billion as of Aug. 28. Ethereum's cumulative net inflows stood at $12.9 billion. Total net assets for Bitcoin ETFs were roughly $93.9 billion, while Ethereum ETFs held $13.8 billion.
Why the split
The shift in Bitcoin flows followed Warsh's comments at Jackson Hole, which signaled a more cautious approach to rate cuts. That cooled the risk-on mood that had helped push Bitcoin toward $80,000. Ethereum, meanwhile, kept drawing money even as the broader market wobbled. The two assets have diverged before, but this is the first time in weeks that Bitcoin funds have seen a net outflow while Ethereum funds extended a run.
Cumulative totals
Bitcoin ETFs have now accumulated roughly $55.1 billion in net inflows since their January 2024 debut, with total net assets around $93.9 billion. Ethereum ETFs, which launched later, hold about $12.9 billion in cumulative inflows and $13.8 billion in total net assets. The gap remains wide, but Ethereum's momentum is notable.
What to watch
The next few sessions will show whether Ethereum's streak can hold as traders digest the Fed's stance. Bitcoin's nine-day run ended, but its cumulative inflows remain far larger. The question now is whether the outflows are a blip or the start of a broader pullback. For now, the money is moving in opposite directions.
