JPMorgan said in a Sept. 8 crypto market flow report that U.S. spot Bitcoin, Ethereum and Solana ETPs recorded a combined net outflow of $1.126 billion for the week ended Sept. 4. That was slightly slower than in the prior two weeks, but it still marked the third consecutive week of net outflows.
For Sept. 4 alone, U.S. spot Bitcoin ETPs posted a net outflow of $175 million. Ethereum ETPs saw a net inflow of $9 million, while Solana ETPs registered a net outflow of $5 million.
Prices moved in the same direction that day. Bitcoin fell 2.1%, Ethereum also fell 2.1%, and Solana dropped about 3%. JPMorgan’s figures showed that flows broadly tracked price weakness, but the concentration of Bitcoin ETP inflows stood out.
Bitcoin ETP inflows were concentrated in IBIT and FBTC
BlackRock’s IBIT took in $118 million on Sept. 4, and Fidelity’s FBTC added $57 million. Together, the two funds accounted for $175 million in inflows. The other U.S. spot Bitcoin ETPs tracked by JPMorgan showed no net inflows on the day.
Grayscale’s GBTC posted zero inflows on the day, and its assets under management were described as far below their historical peak. ARKB, BITB and HODL also saw no fresh money.
JPMorgan pointed to fees as one reason for the concentration. IBIT and FBTC each charge 0.25%, while Grayscale’s GBTC charges 1.50%, six times higher than the first two products. The report said migration from higher-fee funds to lower-fee funds tends to become more visible during periods of outflows.
Bitcoin ETPs had total assets under management of $101.25 billion after Friday’s close. Notional trading volume for the day came in at $2.945 billion, close to the $3.229 billion daily average since launch in January 2024. Trading volume did not spike, which JPMorgan said suggested the moves were driven more by allocation changes than by short-term trading activity.
Ethereum ETP flows offset each other
Ethereum ETPs showed a different pattern. BlackRock’s ETHA posted a net inflow of $58 million, while Fidelity’s FETH logged a net outflow of $48 million. Those two moves almost fully offset each other, leaving the category with a net inflow of just $9 million. The other products posted zero inflows.
Ethereum ETPs had total assets under management of $14.54 billion and daily trading volume of $806 million, slightly below the $949 million daily average since launch in July 2024. Ethereum fell 2.1% intraday on Friday and was broadly flat by the time the report was published.
Grayscale’s ETHE continued to post outflows, with cumulative net outflows exceeding $5 billion. Grayscale’s Mini Ethereum Trust ETH remained at zero inflows. JPMorgan said the split between BlackRock and Fidelity products showed investor disagreement over Ethereum allocation, with no clear trend of sustained inflows or outflows yet in place.
Solana ETPs posted a net outflow
Solana ETPs recorded a net outflow of $5 million on Sept. 4. Bitwise’s BSOL accounted for about $3 million of that amount, while Fidelity’s FSOL lost $2 million. Those were the only two contributors on the day.
Solana ETPs had total assets under management of $1.351 billion and daily volume of $64 million, above the $48 million daily average since launch in October 2025. Solana fell about 3% that day. JPMorgan said the combination of a price decline and heavier trading volume indicated that some investors reduced positions as the token weakened.
The report also noted that the Solana ETP market is smaller than the Bitcoin and Ethereum ETP markets, making category-wide flows more sensitive to moves in individual products.
Weekly outflows slowed, but the trend remained in place
For the week ended Sept. 4, U.S. spot Bitcoin, Ethereum and Solana ETPs posted combined net outflows of $1.126 billion. The pace eased from the prior two weeks, but the market still logged a third straight week of withdrawals.
JPMorgan added that U.S. equity markets were closed on Sept. 7 for Labor Day, leaving no fund flow data for that session. Flows after trading resumed on Sept. 8 would be a key point to watch in judging whether the outflow trend continued.
Over a longer period, cumulative net inflows stood at about $58.2 billion for Bitcoin ETPs, about $12.6 billion for Ethereum ETPs, and about $1.4 billion for Solana ETPs. Even with the recent stretch of outflows, all three categories remained positive on a cumulative basis, showing that most early allocation capital had not exited.
Headline concentration and broader outflows defined the market
The Sept. 4 data pointed to a clear feature of the current crypto ETP market: nearly all new money was captured by the largest issuers, while other products were sidelined. That pattern appeared in both Bitcoin and Ethereum ETPs.
JPMorgan said the weekly outflow figure of $1.126 billion showed some moderation from the previous two weeks, but not a reversal. The report said crypto ETP flows may continue to show the same combination of top-tier concentration and broader net outflows in the absence of a clear catalyst.
This article is based on a third-party broker research report from JPMorgan dated Sept. 8, 2026, together with public market information. Any ratings, target prices, earnings forecasts or related judgments cited in the report reflect the views of the broker’s analysts and their institution, not investment advice.