U.S. spot bitcoin ETFs performed strongly in August, but faced outflow pressure in September
U.S. -listed spot bitcoin exchange-traded funds (ETFs) posted their strongest monthly performance since 2026 in August, driven by a 25% spike in bitcoin prices. However, this momentum was tested by a significant correction in September.
Monthly Bitcoin ETF Flows
Spot Bitcoin ETFs attracted net inflows of $3.52 billion in August, up sharply from just $172 million in July. This total was the strongest monthly record since October 2025. During the same period, Bitcoin prices rose by approximately 25%, recording its best monthly performance since November 2024.
Bitcoin ETF assets are approaching the $100 billion mark
August inflows wiped out about two-thirds of these funds 'annual deficits. The year-to-date net outflow fell to just US$1.77 billion from about US$5.29 billion at the end of July.
Investors have 16 of the 21 trading days in August to invest in these products, including nine consecutive trading days of capital inflows from August 17 to 27.
What is more striking is the increase in the size of assets held by funds. Total net assets jumped approximately 31% from US$76.29 billion at the end of July to US$99.61 billion at the end of August, putting the US$100 billion milestone within close reach. Monthly trading volume also climbed about 49% to US$58.63 billion.
Bitcoin price trend in recent month
Bitcoin ETF asset growth exceeded Bitcoin's approximately 25% price increase. This may mean that the growth is not simply due to higher BTC prices. The injection of new capital plays an important role in the expansion of fund size.
September Bitcoin ETF capital outflows sounded alarm
August's strong ending did not extend smoothly into September. The U.S. spot Bitcoin ETF recorded a net outflow of US$236.46 million on September 1. This not only reversed the inflow of US$216.7 million in the previous trading day, but also became the largest withdrawal amount in a single day since July 31.
BlackRock's iShares Bitcoin Trust (IBIT) contributed the vast majority of the sell-off, with a loss of US$201.18 million, accounting for approximately 85% of the day's total outflow. Fidelity's FBTC flowed out of $43.67 million, while Bitwise's BITB attracted an inflow of $8.38 million.
Interestingly, this weakness did not affect all cryptocurrency ETF categories. The spot Ethereum ETF attracted about $11 million on Tuesday, while the XRP ETF recorded inflows of about $14.4 million.

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