Spot Bitcoin exchange-traded funds in the United States have recorded notable outflows for two consecutive sessions this week, signaling a shift in institutional activity after a robust start to September. Total net withdrawals from these Bitcoin ETFs reached $147.3 million over two days.
ETF outflows and recent trends
Data compiled by Onchain Lens indicated that spot Bitcoin ETFs saw $100.7 million in net outflows on September 9, following $46.6 million in withdrawals on September 8. These figures marked back-to-back days of net redemptions, totaling more than $147 million withdrawn from the market.
This shift occurred after a bright beginning to the month, which saw significant investor interest. On September 3 alone, capital inflows into US-based spot Bitcoin products reached approximately $731 million, according to industry trackers.
Despite the recent withdrawals, month-to-date flows for September remain positive. Onchain Lens estimated that net inflows since the start of the month stand at around $622.7 million, indicating that overall institutional engagement remains intact even after the latest outflows.
Combined outflows from US spot Bitcoin ETFs reached $147.3 million in two sessions, reflecting a pause in the strong demand seen earlier this month, yet overall September inflows remain in positive territory.
Key fund movements and top players
Among individual funds, Grayscale’s GBTC was responsible for the largest withdrawals, with about $65.5 million leaving the fund. Fidelity’s FBTC and Invesco’s BTCO also posted notable outflows over the same period.
In contrast, some Bitcoin ETF products experienced inflows. BlackRock’s iShares Bitcoin Trust (IBIT) took in roughly $10.7 million during these sessions, while Bitwise’s BITB attracted around $14.5 million, helping to partially offset the broader market outflows.
SoSoValue, an industry data provider, reported net redemptions of $46.65 million for spot Bitcoin ETFs on September 8. Withdrawal figures sharply increased the following session, as outflows more than doubled to $100.7 million on September 9.
Mini dictionary: Onchain Lens and SoSoValue are cryptocurrency analytics firms that aggregate and publish data on digital asset flows and investor trends within blockchain markets, helping track institutional and retail participation in crypto ETFs and products.
| ETF Provider | Net Inflows (+) / Outflows (–) |
|---|---|
| Grayscale (GBTC) | –$65.5 million |
| Fidelity (FBTC) | Outflow (exact amount not specified) |
| Invesco (BTCO) | Outflow (exact amount not specified) |
| BlackRock (IBIT) | +$10.7 million |
| Bitwise (BITB) | +$14.5 million |
Market sentiment and macro pressures
Investor caution has grown as Bitcoin failed to hold above $80,000, a psychologically significant threshold, after the recent holiday weekend in the United States. Analysts pointed to uncertainty surrounding the Federal Reserve’s upcoming monetary-policy decision as a key factor prompting withdrawals.
Other macroeconomic developments have also influenced recent sentiment. Rising US Treasury yields and a surge in oil prices—specifically, Brent crude moving above $100 per barrel—have added to volatility and raised inflation concerns among market participants.
Despite these headwinds, data shows persistent institutional demand for US spot Bitcoin ETFs, with net inflows for the month still on the positive side. Market observers highlight that while the pace of new investments has slowed, the broader trend suggests continued institutional interest in Bitcoin-linked investment vehicles.
