Ether Rises as ETFs See Third Day of Outflows: Bitcoin ETFs and Zcash Fund Record Inflows
While Ether ETFs lost money for the third consecutive day, Bitcoin and Zcash funds recorded net inflows on the same day.
Approximately $39 million flowed out of spot Ether ETFs in the U.S. on September 17. According to SoSoValue data, this marked the third consecutive daily outflow for the funds. Meanwhile, the price of Ether rose by about 2% during the same period, reaching around $2,470.
The outflow streak was even stronger in the previous two trading days. Approximately $141 million was withdrawn from Ether ETFs on September 15, and $224 million on September 16. In contrast, Bitcoin ETFs recorded $159 million in net inflows. The only Zcash fund in the U.S. also saw its strongest daily inflow in the last month, with approximately $47 million.
Three-day outflow streak in Ether ETFs
XRP funds also posted approximately $5 million in net outflows, reversing the small inflow from the previous day. However, the broader picture looks different from the daily movements. In the last 30 days, Ether ETFs have maintained over $1.5 billion in net inflows, while Bitcoin ETFs have seen approximately $2.5 billion.
The price performance of crypto assets was also generally positive. Zcash rose by about 10% to $1,488, while Hyperliquid’s HYPE token increased by approximately 10% to over $86. Solana gained 5%, and BNB rose by about 4%. The price of Bitcoin increased by more than 1%, reaching around $77,216. The data was reported by CoinDesk.
Daily fund flows diverged significantly across assets. The fact that money flowed out of Ether funds while Ether rose showed that price action and ETF inflows/outflows are not moving in the same direction. Whether the Zcash fund will continue to receive inflows on days when both Bitcoin and Ether ETFs see outflows will be monitored next week.
The rise in stocks and bonds on the same day accompanied the positive sentiment in crypto prices. The price of oil fell below $105 per barrel, while the U.S. 10-year Treasury yield ended an eight-day winning streak. The S&P 500 gained approximately 1%, and the Nasdaq 100 rose by about 2%.