Last week’s losses marked the second-biggest outflows on record for spot Ether exchange-traded funds (ETFs), with almost $430 million withdrawn on Tuesday alone, according to SoSoValue.
Largest outflows since March
According to CoinShares’ head of research, James Butterfill, the $1.4 billion in outflows from crypto funds were the biggest losses since March 2025.
Butterfill attributed the sell-off to “increasingly polarized” investor sentiment over US monetary policy, with pessimism around the Federal Reserve’s stance driving $2 billion outflows early in the week.
Daily flows in spot Bitcoin ETFs versus spot Ether ETFs. Source: SoSoValue
“However, sentiment shifted later in the week following Jerome Powell’s address at the Jackson Hole Symposium, which was widely interpreted as more dovish than expected, sparking inflows of $594 million,” he added.
Shift in tone reflected in Ethereum
Butterfill said the shift in tone was more strongly reflected in Ether, which saw a sharp mid-week recovery, resulting in $440 million of outflows.
Bitcoin ETPs saw significantly bigger outflows, totaling more than $1 billion.
Crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares
The analyst emphasized a notable change in investor sentiment toward Bitcoin and Ether given the month-to-date inflows, where Bitcoin has experienced $1 billion outflows versus Ether’s $2.5 billion of inflows.
Related: Bitcoin ETFs hit 5-day losing streak, but Pomp says $BTC is oversold
“Inflows year-to-date for Ethereum represent 26% of total assets under management compared to just 11% for Bitcoin,” Butterfill added.
In the meantime, altcoin flows were mixed, with $XRP ($XRP) seeing $25 million in inflows, Solana (SOL) posting $12 million gains, while Sui (SUI) and Toncoin (TON) saw outflows of $13 million and $1.5 million, respectively.
Magazine: $ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest, Aug. 17 – 23
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