Bitcoin ETFs lost $463 million. ARKB accounted for half
Farside recorded $462.7 million of U.S. spot bitcoin ETF outflows in the four sessions through Friday, Sept. 11; IBIT fell 3.2% and ETHA rose 3.5%.
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The largest bitcoin fund did not take the week's redemption. Farside Investors' figures for Tuesday through Friday, the four sessions after the Labor Day close, show $462.7 million leaving U.S. spot bitcoin ETFs. $234 million of that sat in the ARK 21Shares Bitcoin ETF ARKB, a $2.66 billion product. The iShares Bitcoin Trust IBIT, which holds bitcoin and a sliver of cash, is $60.6 billion. It lost $52.5 million.
ARKB is 2.7% of the $98 billion in U.S. spot bitcoin ETF assets, and it accounted for half of the week's redemptions. Almost all of that $234 million came Wednesday and Thursday. Thursday was the group's largest outflow day, -$282.7 million, and $164.3 million of it was ARKB. Daily shares outstanding and bitcoin held for those four sessions were not in this week's public filings. A Saturday holdings snapshot still showed $2.52 billion of bitcoin in the trust. Neither ARK nor 21Shares published a comment on the redemptions.
Hotter August inflation prints landed in the same week, and the flows split anyway. IBIT still fell 3.2% from Friday, Sept. 4's close of $45.23 to Friday, Sept. 11's close of $43.77, because the shares track the coin, not the creation basket. The ARK fund fell 3.2% over the same window. Same bitcoin, different redemptions. A 3.2% week is ordinary in a wrapper whose annualized volatility is 49%. IBIT closed Friday 0.23% above a session-matched net asset value of $43.67. September is still a creation month for bitcoin ETFs. Summing Farside's daily totals from Sept. 1 through Friday leaves the group $307 million in net inflows.
The ether wrappers went the other way. The iShares Ethereum Trust ETHA, which holds ether, rose 3.5% to $19.16.
IBIT and ETHA parted over four sessions
- IBIT · 43.77
- ETHA · 19.16
Farside recorded $196.9 million of net inflows into U.S. spot ether ETFs over those four sessions, $148.8 million of it into ETHA on Friday alone. Friday's volume in ETHA was 96.8 million shares, 2.4 times its average. The iShares Staked Ethereum Trust ETHB, which holds ether and seeks staking rewards, rose 3.5% on a total-return basis as well. Staking did not separate the two over four sessions.
A $687,712 Dogecoin fund, and a 1.10% staked TRX product
Bitwise said Thursday it will liquidate the Bitwise Dogecoin ETF BWOW. The fund held $687,712 as of Friday. It has averaged 1,229 shares a day. It listed on Nov. 25, 2025. NYSE Arca trading is expected to end Wednesday, Oct. 14; Dogecoin is to be converted to cash that day; remaining shares are scheduled for cash distribution around Oct. 22, a taxable event. That is not a market. It is a leftover.
The same day, Bitwise said it will close the Trendwise Ether and Treasuries Rotation Strategy ETF AETH. Last trade is Oct. 2; liquidation is Oct. 13. The fund is $6.7 million. As of Saturday it held a Treasury bill due Oct. 15 (52.2%) and cash (47.8%). The September ether future was a 0% line against a name that still says ether.
Canary Capital listed the Canary Staked TRX ETF TRXS on Wednesday. The trust holds TRX and is built to stake it, with net rewards folded into NAV rather than paid out. Canary's sponsor fee is 1.10%, and staking-service fees further reduce what reaches NAV. A Saturday, Sept. 12 holdings snapshot showed $49.9 million in TRX, three sessions after the listing. That is 72 times BWOW.
REX Shares and Tuttle Capital listed KATT the same morning, a fund that targets 200% of the daily performance of Hyperliquid Strategies (PURR), a digital-asset treasury company. It is a leveraged equity product, not a spot-token fund, and a daily reset is not a long-term multiple.
Spot wrappers ran from -4.9% to +3.5%
Spot Solana funds were the quiet sleeve. Grayscale's Solana staking fund GSOL rose 0.7%. Farside's Solana ETF total for the four sessions was +$9.7 million. Fidelity's Wise Origin Bitcoin Fund FBTC fell 3.1%. Bitwise's 10-asset spot basket BITW fell 2.1%, between bitcoin's decline and ether's gain.
The wrappers that do not hold the coins moved with bitcoin, not ether. The CoinShares Bitcoin Mining ETF WGMI slipped 0.9%. Schwab's crypto-industry equity fund STCE fell 1.8%. Fidelity's crypto-industry and digital payments fund FDIG fell 2.5%. Amplify's blockchain technology fund BLOK fell 2.0%. ProShares' 2x daily bitcoin fund BITU fell 6.6%, about twice IBIT's decline over a four-session stretch that was mostly lower. The 2x ether fund ETHT rose 6.6% against ETHA's 3.5%. Roundhill's bitcoin covered-call fund YBTC lost 2.6% on a total-return basis, 0.6 percentage points less than IBIT. Writing calls cushioned a down week. It did not invent a different market.
A VanEck BNB supplement dated Friday added BitGo Bank & Trust as a second BNB custodian alongside Anchorage. The supplement says the trust had not transferred any BNB to BitGo. The SEC posted no crypto ETF approval or denial dated Monday through Friday. Senate Republicans released an updated CLARITY Act text on Thursday ahead of a procedural vote next week. Coinbase Chief Executive Brian Armstrong said the SEC and CFTC have signaled they will publish rulemaking either way.
Half the week's bitcoin-ETF redemptions came from a fund that is 2.7% of the assets. In the long tail, a Dogecoin trust with $687,712 is being converted to cash, and a staked TRX product listed Wednesday already holds 72 times as much.
Frequently asked
Did bitcoin ETF investors pull money out of the biggest fund?
No, IBIT lost only $52.5 million of the group's $462.7 million in outflows, while ARKB, a far smaller fund, accounted for half.
Did bitcoin ETFs have a bad month?
No, summing Farside's daily totals from Sept. 1 through Friday leaves the group with $307 million in net inflows.
Why did IBIT fall if the redemptions were elsewhere?
The shares track the coin, not the creation basket, so IBIT and ARKB both fell 3.2% despite very different redemptions.
What happened to the Bitwise Dogecoin fund?
Bitwise said it will liquidate it; the fund held $687,712 and averaged 1,229 shares a day, with trading ending in October and cash distributed after.