US spot Bitcoin ETFs recorded net inflows of $82.9 million for Sep. 28 to Oct. 2 while Ether funds lost $118 million over the same five sessions, according to Farside Investors data compiled by crypto.news. Both weekly totals fell hard against the prior week, when Bitcoin funds pulled $2.39 billion and Ethereum funds netted $689.8 million. The gap between the two assets is the widest since June, and it arrived at the same time as the largest quarterly Ether rally since 2023.
Bitcoin’s implied December futures basis sat near 6 percent into Sunday, a level that typically signals comfort but not a runaway bid. Ether’s front-month basis stayed at about 5.8 percent, the low end of its range for this quarter, a sign the market was hesitant to pay up for Ether carry even as its price chart kept climbing. Flow data and basis readings agreed with each other for once, and both pointed to the same thing: the migration was quiet, not celebratory.
Bitcoin fund flows
Bitcoin funds opened the week with $31 million in net inflows on Monday, followed by $66.2 million on Tuesday. Wednesday brought $148.7 million in withdrawals before investors added $102.7 million on Thursday and a reported $31.7 million on Friday. Four of the five sessions finished positive, and the weekly total would have looked better if Friday’s largest issuer had reported on time.
BlackRock’s IBIT gathered $292 million across Monday through Thursday. Its strongest session was $195.6 million on October 1, coming after $9.5 million in withdrawals a day earlier. Fidelity’s FBTC posted $167.9 million in weekly net outflows despite receiving $29.3 million on Friday, and Bitwise’s BITB lost $38.6 million. Grayscale’s GBTC lost $54.6 million while ARKB added $25.5 million and Grayscale’s BTC fund took $24.9 million. Morgan Stanley’s MSBT recorded $9.4 million in a week that showed how uneven distribution has become among smaller issuers.
The preceding week, Sep. 21 to 25, delivered five consecutive positive sessions including $999 million on Monday and $714.7 million on Tuesday, which makes the latest five-day total a pause rather than a reversal. Spot Ether funds remain the clearest outlier. The week’s negative readings came after two sessions of inflows at the start of the prior week, when Ethereum-backed products had been on a nine-session positive run before Wednesday’s turn.
Ethereum’s slip
Ethereum funds began Monday with $17.1 million in net inflows before recording withdrawals in each subsequent session, according to Farside’s Ethereum table. Tuesday’s outflow was $2.8 million, then $59.6 million on Wednesday, $55.4 million on Thursday, and a provisional $17.3 million on Friday. Three of four top issuers finished the week net negative. Fidelity’s FETH led the outflows at $74.1 million, and Grayscale’s ETHE lost another $27.9 million in a redemption queue that has continued well past its first anniversary.
BlackRock’s ETHA recorded $6.5 million in net inflows through Thursday and ETHB showed zero flows over those four sessions. Both Friday entries remained blank at the time of writing. The prior week’s $689.8 million total included a $270 million Monday session, so the reversal is sharp by any measure. Any single-week read, however, still sits inside a much larger quarterly move.
Solana’s strange week
Solana funds closed the week at just $800,000 in net inflows after the preceding period’s $188.1 million, a collapse in the rate of new buying rather than a full exit. Monday and Tuesday brought $7.7 million and $5.4 million in inflows before Wednesday and Thursday turned negative at $12.5 million and $1.1 million. Friday added back $1.3 million.
Grayscale’s GSOL gained $5.4 million, Bitwise’s BSOL took in $1.3 million, and VSOL posted $6.8 million in withdrawals, the largest single-product outflow week among Solana’s issuers. The mix suggests rotating styles between funds rather than a coordinated exit, since two products stayed positive while two lost ground.
| Asset | Week Sep 28 to Oct 2 | Prior week |
|---|---|---|
| Bitcoin ETFs | +$82.9 million | +$2.39 billion |
| Ether ETFs | -$118 million | +$689.8 million |
| Solana ETFs | +$0.8 million | +$188.1 million |
| Hyperliquid ETFs | +$3.4 million | +$9.3 million |
| Zcash fund | -$77.6 million | +$35.2 million |
Hyperliquid products took $3.4 million in net inflows, with HYPG adding $8.4 million across the week against $5 million of withdrawals from BHYP. Zcash’s tracked ZCSH fund lost $77.6 million, reversing the previous week’s $35.2 million intake, a clear profit-taking in the privacy coin’s ETF after its September surge.
Why the asymmetry
The split is easy to read too casually as a rotation out of crypto. What Farside’s numbers actually show is a market that petered out in spots rather than broke. Wednesday’s broad withdrawal day hit both assets and coincided with a broader risk-off tone in traditional markets after the September jobs report. Bitcoin’s Thursday rebound pushed its weekly total back into positive territory, while Ether funds stayed negative through the close.
Friday’s blank entries for BlackRock’s IBIT, ETHA and ETHB mean the weekly totals are provisional, and both issuers submitted their largest sessions of the prior week on a Friday reporting lag, so the final print may shift either asset’s total by tens of millions of dollars. Readers should treat the week’s headline numbers as good enough for direction and bad enough for precision.
What would change the picture is a two-week continuation. If flows across Bitcoin and Ether funds turn negative for a third straight session next week, the market closes the door on this rotation and treats it as acceleration rather than divergence. If inflows resume, the quarter’s larger story, that institutional demand for the two largest assets runs deeper than price action may suggest, holds. The next data window should tell which of those two descriptions fits.