On September 25, Bitcoin exchange-traded funds (ETFs) experienced a significant wave of investor redemptions, resulting in net outflows totaling $258.4 million, as reported by SoSoValue. This downturn occurred just a day after a brief period of recovery in the products, highlighting the ongoing volatility surrounding institutional investments.
The BlackRock iShares Bitcoin Trust (IBIT) stood out as a rare exception, attracting $79.7 million in fresh inflows. Currently, it leads the market with net assets amounting to $84.35 billion and cumulative inflows totaling $60.86 billion. However, other prominent issuers faced steep withdrawals: Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw the largest drop, losing $114.8 million. Other notable declines included Grayscale’s GBTC with $42.9 million in outflows, Ark Invest and 21Shares’ ARKB suffering a loss of $63.05 million, and Bitwise’s BITB dropping by $80.5 million. Additionally, VanEck’s HODL lost $10.1 million, while Valkyrie’s BRRR recorded smaller redemptions of $4.9 million. As of now, Bitcoin spot ETFs hold a total of $144.3 billion in assets, which represents 6.64% of the total cryptocurrency market capitalization.
In parallel, Ethereum products continued to face headwinds, experiencing their fourth consecutive day of declines with $251.2 million in net outflows on the same day. This brought cumulative inflows for Ethereum spot ETFs down to $13.37 billion, with total assets under management standing at $25.6 billion, just 5.46% of ETH’s market cap. Fidelity’s FETH led the charge in declines with $158.1 million in outflows, while Grayscale’s ETHE lost $30.3 million. Other losses included redemptions from Grayscale’s ETH fund, Bitwise’s ETHW, and smaller withdrawals from firms like VanEck and Franklin. BlackRock’s ETHA remained stable with no significant changes.
This persistent selling trend among Ethereum products marks a troubling stretch that reveals a total outflow of over $500 million in the past four days. Specifically, Ethereum ETFs recorded losses of $79.4 million on September 24 and $140.7 million and $76 million in redemptions on the 23rd and 22nd, respectively. This downturn reflects broader market dynamics, with Bitcoin ETFs also displaying sharp fluctuations in recent weeks, having lost substantial amounts on September 22 and 23 before a marginal rebound on the 24th.
Overall, the recent withdrawals from both Bitcoin and Ethereum ETFs underscore the prevalent fragility of market sentiment within the digital asset realm, made evident by declining prices across cryptocurrencies. Following the ETF outflows, the global crypto market saw a 1.45% drop within 24 hours, bringing its seven-day decline to 6%. Bitcoin (BTC) decreased by 1.7% to $109,329, erasing almost 6% over the past week, while Ethereum (ETH) fell by 1.5% to $3,956, marking a seven-day loss of 12.5%.
Historically, September has not favored cryptocurrencies, with negative performance reflected in eight of the last eleven years, often attributed to institutional portfolio rebalancing and year-end adjustments. This year appears to follow suit, with profit-taking strategies and macroeconomic uncertainties weighing heavily on market sentiment.
From a technical perspective, Bitcoin is trading below its 50- and 100-hour moving averages, which indicates bearish momentum. Support is noted at $107,300, with further declines possibly reaching $105,200 and $102,800, while resistance levels remain at $111,100 and $113,700. Ethereum’s technical analysis also reflects weakness, with its relative strength index (RSI) dropping from 82 to 14.5, marking its most oversold point since June 2025. Analysts suggest that Ethereum could see a short-term bounce if it can maintain levels above $3,900, but a failure to hold could trigger more significant corrections, potentially down to the $3,600 range or lower.
