U.S. spot Bitcoin exchange-traded funds recorded $92.1 million of net outflows on Friday, September 18, reversing the prior day’s inflow and signaling continued caution among institutional investors following a volatile week for crypto markets.
The decline followed a short-lived recovery on September 17, when Bitcoin ETFs attracted $159.5 million. Over the full week, however, flows remained firmly negative, with the category losing more than $680 million across four sessions.
Friday’s outflows were relatively moderate compared with earlier in the week, when Bitcoin funds shed $450.4 million on September 15 and $295.9 million on September 16. The data suggests that while selling pressure persists, the pace of withdrawals has begun to stabilize.
Bitcoin itself continued to trade in a narrow range around $75,000–$76,000 during the session, reflecting a balance between macro headwinds and dip-buying support.
Mixed Issuer Flows Drive Bitcoin Outflows
The composition of flows on September 18 shows a more distributed pattern of selling compared with earlier sessions dominated by single issuers.
Fidelity’s FBTC led outflows at $41.2 million, followed by ARK Invest and 21Shares’ ARKB at $27.5 million. Grayscale’s GBTC recorded $15.3 million in redemptions, while Bitwise’s BITB saw $8.1 million leave the fund.
BlackRock’s IBIT, which drove the previous session’s inflow with $183.7 million of purchases, reported no net flows on Friday. That absence was significant: without IBIT support, the broader category reverted to net outflows.
Other issuers, including Invesco, Franklin Templeton, WisdomTree, VanEck and Morgan Stanley, recorded minimal or zero activity.
Cumulative net inflows into Bitcoin ETFs remain near $54.7 billion, indicating that despite recent volatility, the category continues to hold the vast majority of capital accumulated since launch.
Ether Outflows Continue but Slow Sharply
Ether ETFs extended their negative streak but showed further signs of stabilization.
The category recorded $18.2 million of net outflows, down from $39.3 million on September 17 and significantly below the $224.1 million withdrawal seen on September 16.
BlackRock’s ETHA again led redemptions at $21.4 million, partially offset by small inflows into Fidelity’s FETH and VanEck’s ETHV, which together added approximately $3.2 million.
Other Ether products reported no meaningful changes.
The latest data brings total Ether ETF outflows over the past four sessions to approximately $423 million, reversing a portion of the inflows seen earlier in the month.
Solana ETFs remained largely inactive, with no net flows recorded across the category for a second consecutive session. Cumulative flows into Solana funds continue to hover around $1.33 billion, including seed capital.
Friday’s session concludes a week defined by sharp institutional repositioning. Across Bitcoin and Ether ETFs combined, investors withdrew more than $1 billion between September 15 and September 18, reflecting the impact of macroeconomic tightening and regulatory uncertainty.
While the pace of outflows has slowed, the lack of consistent inflows — particularly outside of isolated issuer activity — suggests that institutional demand has not yet decisively returned. The coming sessions will be closely watched to determine whether stabilization in flows translates into renewed accumulation or merely a pause in broader risk reduction.