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BTC 
ETH Core Points
Last week, U.S. spot bitcoin exchange-traded funds (ETFs) experienced a net outflow of US$462.7 million, ending three consecutive weeks of net inflows. Meanwhile, the Ethereum ETF attracted $196.9 million in net inflows over the same period, with BlackRock attracting $148.8 million on Friday alone.
In the third quarter, the ETH/BTC exchange rate ratio rose by more than 25%, setting its strongest quarterly performance since the third quarter of 2025. Ethereum's third-quarter return on investment was close to 60%, approaching its highest quarterly peak in history (over 66%). The technical indicators of the two cryptocurrencies send mixed signals, and the key moving average becomes an important observation area.
The spot Bitcoin ETF had a net outflow of US$463 million last week, ending three weeks of inflows.
From September 7 to September 11 (Eastern Time), the spot Bitcoin ETF recorded a net outflow of US$463 million, ending the previous three consecutive weeks of net inflows. During the same period, the spot Ethereum ETF achieved a net inflow of US$197 million.
Funds continue to flow out of Bitcoin funds, occurring during four consecutive trading days from Tuesday to Friday. The worst day came on Thursday, when $272.7 million left Bitcoin investment vehicles, the largest single day of withdrawals since market volatility in July.
ARK 21Shares 比特币 ETF 经历了最大的赎回潮，录得 2.342 亿美元的流出。灰度（Grayscale）的比特币信托 ETF 紧随其后，撤资额为 1.291 亿美元。即便是行业巨头贝莱德的 iShares 比特币信托 ETF 也出现了 5250 万美元的资金退出，富达（Fidelity）的 Wise Origin 比特币基金则记录了 5070 万美元的流出。
然而，需要结合背景来看：尽管近期出现逆转，但比特币 ETF 在九月份整体仍保持正向轨迹，本月累计净流入约为 3.073 亿美元。
以太坊基金吸引持续资本流入
专注于以太坊的产品呈现出不同的模式，周初的波动随后被周五的大幅增长所取代。贝莱德的 iShares 以太坊信托 ETF 在该交易日占据主导地位，吸纳了 1.488 亿美元的新资金，而 21Shares 核心以太坊 ETF 也额外获得了 2910 万美元。
这些以太坊 ETF 的资金动向与更广泛的第三季度叙事相一致。本季度 ETH/BTC 交易对涨幅超过 25%，是自 2025 年第三季度以来最显著的季度进步。与此同时，以太坊年初至今的投资回报率正逼近 60%，略低于去年创下的超过 66% 的历史第三季度基准。
此外，以太坊占加密市场总市值的份额环比增长了超过 25%，而在此期间，比特币的市场主导份额仅 modestly 增加了 1.5%。
技术图表显示混合信号
Although ETF fund flow data shows divergence, the price movements of the two digital assets have not yet clearly confirmed the continued rotation effect.
Bitcoin fell to $76,370 this week, but found support above its 100-hour moving average of $77,290. The major cryptocurrency subsequently rebounded towards a 200-hour moving average of about $78,151, and as of early trading on Monday, the price hovered around $78,200.
Ethereum experienced a steeper decline, falling to $2,402, and then rebounded to $2,666-a value added of about 7.75% in a matter of hours. But that momentum then dissipated and prices fell back to about $2,510, barely above the convergent 100-hour and 200-hour moving averages ($2,494 and $2,497, respectively).
Technical analysts pointed out that Ethereum must decisively break through and remain above the resistance range of US$2,531 to US$2,567 to prove true upward momentum.
Market observers warn that a week of divergence in ETF activity may simply represent a routine rebalancing of asset allocation or strategic profit-taking, rather than a fundamental shift in institutional allocation. To verify the true capital rotation, multiple consecutive trading sessions are needed to show how Ethereum inflows accompany Bitcoin outflows.
Currently, both cryptocurrencies are trying to find an equilibrium point, but neither has convincingly exceeded key resistance thresholds.
