Six-day outflow streak hits Bitcoin ETFs, ETH turns positive

The last stretch of August has produced a sharp divergence between spot Bitcoin and Ethereum ETFs. Bitcoin ETFs recorded six consecutive days of outflows, draining nearly $2 billion from funds between Aug. 19 and Aug. 22 alone.

In contrast, Ethereum ETFs posted two days of inflows after enduring several red sessions, indicating that investor interest spiked during ETH’s latest price upswing.

Between Aug. 19 and Aug. 22, spot Bitcoin ETFs saw heavy and unrelenting redemptions. The biggest wave came on Aug. 19, with a combined $523 million in outflows led by Fidelity’s FBTC (-$246.9 million) and BlackRock’s IBIT (-$220 million). The pressure extended into Aug. 20 with another $315.9 million pulled, followed by $194.4 million on Aug. 21 and $23.2 million on Aug. 22.

Table showing the inflows and outflows for spot Bitcoin ETFs from Aug. 6 to Aug. 22, 2025 (Source: Farside Investors)

This six-day streak is one of the most prolonged outflow runs this summer, with cumulative redemptions exceeding $1.3 billion in less than a week. The flows aligned with a cooling in Bitcoin’s spot market: BTC slid from $114,300 on Aug. 20 to $111,600 by Aug. 25.

The ETF data shows us institutional demand waned almost exactly when BTC faced technical resistance above $117,000 and struggled to hold $113,000 support.

Ethereum ETFs saw a different trajectory in the past week. After multiple days of outflows, culminating in a $240 million outflow on Aug. 20, funds flipped positive.

On Aug. 21, ETH ETFs attracted $287.6 million, followed by another $337.7 million on Aug. 22. Fidelity’s FETH and BlackRock’s ETHA were the primary drivers, with combined inflows exceeding $240 million across the two sessions.

Table showing the inflows and outflows for spot Ethereum ETFs from Aug. 6 to Aug. 22, 2025 (Source: Farside Investors)

As with Bitcoin, this capital rotation mirrored ETH’s price performance. After dipping to $4,225 on Aug. 21, Ethereum surged above $4,800 by Aug. 22, peaking intraday near $4,883. While Bitcoin faltered, ETH drew inflows as traders positioned around its stronger short-term momentum.

The split in flows points to shifting allocation preferences. Bitcoin’s six-day outflow streak tells us institutions are trimming exposure after months of heavy inflows earlier in the summer. At the same time, ETH’s sudden inflows suggest that investors might not be exiting crypto altogether but reallocating within the asset class.

The timing here is key: ETH’s rebound caused the inflows, indicating that ETF demand was a tailwind for price, while Bitcoin’s ETF redemptions reinforced downside pressure.

If the divergence continues, it could mark a rotation period where ETH benefits at Bitcoin’s expense, something rarely seen since ETFs launched. However, sustained inflows into ETH ETFs will be necessary to offset Bitcoin’s size advantage, with BTC ETFs still holding far greater cumulative assets.

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