The U.S. digital asset ETF market, now comprising 37 funds from 16 issuers with a total of $174 billion in assets, demonstrated a significant divergence in investor sentiment this week. The market narrative was clearly split, with Bitcoin-focused products attracting substantial new capital while their Ethereum counterparts faced major redemptions. This bifurcation in flows defined the week, even as performance remained relatively mixed across the major crypto-asset categories.
Weekly Performance Recap: Bitcoin Edges Higher While Ethereum Dips
Digital asset performance was a tale of two markets this week. Bitcoin ETFs posted modest gains, continuing to find favor with investors. In contrast, Ethereum funds registered a slight decline, contributing to a cautious tone in that segment of the market. Other categories like Solana and Multicoin funds saw minimal movement. The top-performing individual ETFs were almost exclusively Bitcoin-focused, while the laggards were dominated by Ethereum and Solana products.
Category Performance (As of September 5, 2025):
| Category | WTD | 1M | 3M | YTD |
| Bitcoin | +2.53% | -2.29% | +7.61% | +16.93% |
| Ethereum | -0.55% | +19.19% | +66.64% | +28.63% |
| Solana | +0.20% | +21.47% | N/A | N/A |
| Multicoin | +1.54% | +3.94% | +23.82% | +18.66% |
Top & Bottom Individual ETF Returns (Week-to-Date):
| Ticker | Fund Name | WTD Return |
| Top 3 Performers | ||
| BTCO | Invesco Galaxy Bitcoin ETF | +3.14% |
| BTC | Grayscale Bitcoin Mini Trust ETF | +3.13% |
| GBTC | Grayscale Bitcoin Trust ETF | +3.12% |
| Bottom 3 Performers | ||
| AETH | Bitwise Trendwise Ether and Treasuries Rotation Strategy ETF | -1.76% |
| SSK | REX-Osprey SOL + Staking ETF | -0.77% |
| ETHA | iShares Ethereum Trust ETF | -0.59% |
Weekly Flows Summary: A Clear Preference for Bitcoin
The divergence in investor conviction was most apparent in the fund flow data. Bitcoin ETFs were the clear winners, attracting over $353 million in net new assets. Conversely, Ethereum ETFs experienced significant outflows totaling $507 million, marking a decisive reversal of fortune for the second-largest crypto asset. The much smaller Solana and Multicoin categories attracted nominal inflows, though not enough to offset the negative sentiment surrounding Ethereum, which resulted in a net outflow of $150 million for the digital asset category as a whole.
Category Flows (As of September 4, 2025):
| Category | Fund Count | AUM | WTD Flow | 1M Flow | YTD Flow |
| Bitcoin | 17 | $145.10B | +$353M | +$1,150M | +$20,161M |
| Ethereum | 12 | $27.91B | -$507M | +$4,165M | +$10,562M |
| Solana | 2 | $0.38B | +$2M | +$125M | +$346M |
| Multicoin | 6 | $0.22B | +$2M | +$9M | +$114M |
Largest Individual ETF Flows (5-Day):
| Ticker | Fund Name | Flow |
| Top 3 Inflows | ||
| IBIT | iShares Bitcoin Trust ETF | +$522M |
| BITO | ProShares Bitcoin ETF | +$74M |
| BTC | Grayscale Bitcoin Mini Trust ETF | +$33M |
| Top 3 Outflows | ||
| FETH | Fidelity Ethereum Fund ETF | -$301M |
| ARKB | ARK 21 Shares Bitcoin ETF | -$154M |
| ETHW | Bitwise Ethereum ETF | -$73M |
Issuer and Product Landscape
The digital asset ETF space is dominated by a few large players, with iShares (56.88%), Grayscale (18.61%), and Fidelity (14.43%) controlling the vast majority of the market. iShares was the primary beneficiary of this week’s inflows, followed by ProShares. On the other end of the spectrum, Fidelity and 21 Shares bore the brunt of the outflows. The market welcomed one new fund in the past three months, the REX-Osprey SOL + Staking ETF (SSK), and saw no closures.
Issuer Flow Leaders & Laggards (5-Day):
| Issuer | AUM | Market Share | WTD Flow | WTD Flow (% of AUM) |
| Top 3 Inflows | ||||
| iShares | $98.75B | 56.88% | +$520M | +0.53% |
| ProShares | $2.84B | 1.64% | +$74M | +2.59% |
| REX-Osprey | $0.22B | 0.12% | +$5M | +2.22% |
| Bottom 3 Outflows | ||||
| Fidelity | $25.06B | 14.43% | -$342M | -1.37% |
| 21 Shares | $4.73B | 2.72% | -$159M | -3.37% |
| Grayscale | $32.31B | 18.61% | -$106M | -0.33% |
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
