Bitcoin ETFs Record $147 Million in Outflows as Two-Day Withdrawal Streak Continues

U.S. spot Bitcoin ETFs recorded a combined $147.3 million in net withdrawals over two consecutive trading sessions, marking a reversal from the strong institutional inflows seen earlier in September.

According to Onchain Lens, investors withdrew $100.7 million from the funds on September 9, following another $46.6 million in outflows one session earlier. The two-day withdrawal streak has slowed the pace of institutional allocations, although September's overall balance remains firmly positive.

U.S. spot Bitcoin ETFs have accumulated an estimated $622.7 million in net inflows so far this month, according to Onchain Lens. The figure reflects the substantial buying recorded during the first part of September, including approximately $731 million in inflows on September 3.

That session was among the strongest of the month and coincided with Bitcoin reclaiming the $80,000 level as investors responded to developments surrounding monetary policy and cryptocurrency regulation.

Bitcoin ETF Outflows Reverse September Momentum

The recent withdrawals followed the extended U.S. holiday weekend, when ETF buying activity weakened across several major products.

SoSoValue data showed approximately $46.65 million in total net redemptions across tracked Bitcoin ETFs on September 8. Grayscale's GBTC accounted for nearly $65.5 million of those withdrawals, while Fidelity's FBTC and Invesco's BTCO also posted outflows.

The following session brought a substantially larger withdrawal figure. At $100.7 million, September 9 outflows were more than twice the amount recorded the previous trading day, reinforcing the shift in short-term institutional fund flows.

However, the latest withdrawals have not erased September's earlier gains. The monthly balance remains positive, indicating that institutional demand has weakened but has not yet been fully reversed.

Bitcoin's difficulty holding around the psychologically important $80,000 threshold has occurred alongside the change in ETF allocation patterns, adding to the uncertainty over near-term demand from institutional investors.

BlackRock and Bitwise See Fresh Inflows

Not every Bitcoin ETF experienced withdrawals during the September 8 session. Some products continued to attract capital, helping offset part of the broader outflows.

BlackRock's IBIT recorded approximately $10.7 million in inflows, while Bitwise's BITB attracted around $14.5 million. The incoming capital from both funds reduced the overall impact of withdrawals from other issuers.

The divergence among individual funds indicates that institutional demand was not uniform across the market. While some investors reduced exposure through established products, others continued allocating capital to competing Bitcoin ETFs.

The stronger selling recorded on September 9 nevertheless suggests that the broader flow environment has become more cautious compared with the opening sessions of the month.

Fed Policy and Market Conditions Remain in Focus

Investors are also assessing the Federal Reserve's upcoming monetary policy decision and the potential effect of its guidance on liquidity and appetite for riskier assets.

Higher Treasury yields have added pressure across financial markets, while rising oil prices have contributed to renewed inflation concerns. Brent crude moved above $100 per barrel on Wednesday, potentially complicating expectations surrounding interest rates and broader economic conditions.

Persistent inflation could contribute to tighter financial conditions, which may weigh on demand for Bitcoin among institutions balancing exposure across multiple volatile asset classes.

For now, September's positive Bitcoin ETF flow balance provides evidence that the recent two-session withdrawal streak has not completely reversed the month's institutional inflows. Further daily flow data will be important in determining whether the latest redemptions represent temporary profit-taking or a broader reduction in exposure to Bitcoin investment products.

Writer: Marcus Renfield

Crypto Market Analyst & Onchain Writer

Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.

He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.