Written by: Rita

The inflow of Bitcoin ETP is becoming increasingly concentrated, while overall capital is continuously flowing out. This contrast is defining the current capital pattern of the crypto ETP market.

On September 8, JPMorgan released a report on capital flows in the cryptocurrency market, pointing out that on September 4 (Friday), the net outflow from US spot Bitcoin ETP was $175 million, with Ethereum ETP seeing a net inflow of $9 million and Solana ETP a net outflow of $5 million. For the week (as of September 4), the three main categories had a total net outflow of $1.126 billion, which was slightly slower than the previous two weeks.

Bitcoin dropped 2.1% that day, Ethereum fell 2.1%, and Solana declined about 3%. The direction of capital flow and price trends are basically synchronized, but the concentration of inflows far exceeds market expectations.

Capital inflows concentrated in BlackRock and Fidelity

The inflow of Bitcoin ETP shows extremely high concentration. BlackRock's IBIT saw an inflow of $118 million in one day, while Fidelity's FBTC had an inflow of $57 million, with a total of $175 million between the two. Other spot Bitcoin ETP products tracked by JPMorgan had no net inflows that day.

Grayscale's GBTC had zero inflows that day, and its management scale has significantly decreased from historical peaks. Products like ARKB, BITB, and HODL also had no new funds. This concentration is not the first occurrence but stands out particularly against the backdrop of overall outflows.

The difference in fees is an important reason for the concentration of funds. IBIT and FBTC both have a fee rate of 0.25%, while Grayscale's GBTC has a fee rate of as high as 1.50%, six times that of the former two. Long-term holders migrate from high-fee products to low-fee products, which is more pronounced during capital outflow phases.

The total management size of Bitcoin ETP after Friday's close was $101.25 billion, with nominal trading volume of $2.945 billion, basically on par with the daily average of $3.229 billion since its launch in January 2024. The lack of increased trading volume indicates that capital flow is more due to adjustment behavior rather than significant short-term trading impact.

Internal Hedging in Ethereum ETP Capital Flows

The capital flow of Ethereum ETP shows a different structure. BlackRock's ETHA had a net inflow of $58 million, while Fidelity's FETH experienced a net outflow of $48 million, with both almost fully offsetting each other. Other products had zero inflows, resulting in a total net inflow of only $9 million for Ethereum ETP.

The total management size of Ethereum ETP is $14.54 billion, with trading volume of $806 million that day, slightly below the daily average of $949 million since its launch in July 2024. The price of Ethereum fell 2.1% during Friday's trading, remaining basically flat at the time of the report's release.

Grayscale's ETHE continues the trend of capital outflows, with cumulative net outflows exceeding $5 billion. The Grayscale Mini Ethereum Trust ETH maintained zero inflows. The competition between BlackRock and Fidelity products suggests a divide among investors regarding Ethereum allocation, with no trend of significant inflows or outflows yet formed.

Net Outflow in Solana ETP

Solana ETP had a net outflow of $5 million that day, with Bitwise's BSOL seeing outflows of about $3 million and Fidelity's FSOL experiencing outflows of $2 million, becoming the only two contributors that day. The total management size of Solana ETP is $1.351 billion, with trading volume of $64 million, higher than the daily average of $48 million since its launch in October 2025.

The price of Solana dropped about 3% that day, with increased trading volume appearing simultaneously with the price drop, indicating that some investors chose to reduce positions as prices weakened. Compared to other categories, Solana ETP has a smaller market size, meaning that fluctuations in single products have a more direct impact on overall flows.

Signs of Slower Weekly Outflows

For the week (as of September 4), the total net outflow from US spot Bitcoin, Ethereum, and Solana ETP combined was $1.126 billion. This figure has slowed compared to the previous two weeks, but it is still the third consecutive week of net outflows.

JPMorgan's report noted that on September 7 (Monday), US stock markets were closed for Labor Day, with no capital flow data for that day. The capital flow data after trading resumed on September 8 will be a key observation point for judging whether the outflow trend continues.

From a longer time frame, Bitcoin ETP has a cumulative net inflow of about $58.2 billion, Ethereum ETP about $12.6 billion, and Solana ETP about $1.4 billion. Despite recent continued outflows, the cumulative net inflow remains positive, indicating that most of the early allocated funds have not withdrawn.

Capital Flow Reflects Allocation Rhythm

The capital flow data on September 4 reveals the core feature of the current crypto ETP market: major issuers have absorbed almost all new funds, while other products have been marginalized. This concentration is simultaneously occurring in Bitcoin and Ethereum ETPs.

A weekly outflow of $1.126 billion has slowed compared to the previous two weeks, but the trend has yet to reverse. In the absence of clear catalysts, capital flows in crypto ETPs may continue to show a pattern of "head concentration, overall outflow."

It is noteworthy that when the rate of capital outflows slows to a certain extent, whether there will be a signal of major products transitioning to net inflows first. If the inflows into BlackRock and Fidelity can continue to expand enough to offset outflows from Grayscale and other products, only then might the overall direction of capital flow reverse.

Disclaimer

This article is a整理 and interpretation of third-party brokerage research reports (JPMorgan, September 8, 2026) by潮向研究, combined with整理 of public market information. The ratings, target prices, profit forecasts, and related judgments cited in the text are the views of the brokerage's analysts, representing only the stance of their respective institutions, and do not represent the views of潮向研究, nor do they constitute any investment advice.

The market carries risks, and decisions should be independent. This article should not be used as the basis for buying or selling any securities.