U.S. crypto ETF flows split sharply on Sept. 9, with XRP funds standing out as the only category to post net inflows, according to SoSoValue data cited by BlockTempo. Bitcoin and Ether ETFs both recorded outflows on the day, and Grayscale’s GBTC led the bitcoin-side redemptions with a $66 million one-day withdrawal.
XRP ETFs were the only category in net inflow
BlockTempo said five XRP ETFs from Fidelity, Coinbase, Kraken, Franklin Templeton and Bridge took in a combined $1.98 million on Sept. 9. Over the past 30 days, cumulative inflows reached $173 million, and total assets rose past $1.69 billion.
The report noted that XRP is not the largest crypto asset by market capitalization, but its ETF flow picture has been notably strong. On that trading day, it was the only U.S. crypto ETF category to register net inflows.
- Bitcoin ETFs: about $47 million in net outflows
- Ether ETFs: about $24 million in net outflows
- Hyperliquid ETFs: $13 million in outflows
- Solana ETFs: less than $1 million in outflows
Bitcoin ETF net assets closed at $9.952 billion, falling back below the $10 billion threshold first crossed on Sept. 3.
One investor’s explanation for XRP demand
On why XRP ETFs have continued to draw money, the article cited analysis from an investor on X. The post said management fees for XRP ETFs are generally lower, with most in the 0.25% to 0.50% range, and that the five products are spread across different issuers, making entry more flexible for investors.
GBTC posted a $66 million one-day redemption
Grayscale was the main source of outflows in the bitcoin ETF segment. Its GBTC trust saw $66 million in redemptions on Sept. 9 and charges a 1.50% management fee. By comparison, BlockTempo said BlackRock’s IBIT charges 0.25%.
The report added that IBIT, along with ETFs from Bitwise, Ark 21Shares and Morgan Stanley, absorbed a combined $41 million. After offsetting GBTC’s outflow, the bitcoin ETF category finished the day with roughly $47 million in net outflows.
For Ether ETFs, Grayscale’s ETMF and ETH products lost a combined $34 million, while Fidelity’s FETH brought in $10 million. Other Ether funds showed no significant movement that day.
Fee pressure remains central to flow shifts
BlockTempo framed the day’s flows as another sign that Grayscale’s fee structure is under direct market pressure. GBTC’s 1.50% management fee is six times IBIT’s 0.25%. Using the article’s example, that means an extra $1.25 in annual fees for every $100 invested. On a $1 billion trust, the annual gap would amount to $12.5 million.
The article applied the same logic to Ether products. It said the combined $34 million outflow from Grayscale’s two Ether funds pointed to capital moving toward cheaper alternatives.
CNBC’s Oliver Renick also commented on X, saying Treasury buyback operations resemble Michael Saylor’s bitcoin strategy in that they keep 「buying low and selling high, forcing participants to keep adding exposure」.
Three market signals highlighted in the report
BlockTempo listed three takeaways. First, Grayscale’s fee disadvantage is widening. With GBTC charging 1.50%, versus 0.25% for IBIT, the report said the gap could keep pushing capital away from Grayscale during periods of bitcoin price consolidation.
Second, steady XRP ETF inflows point to broader diversification in ETF allocation. The five XRP ETFs pulled in $173 million over 30 days, suggesting capital is no longer focused only on bitcoin and ether.
Third, bitcoin ETF net assets have slipped back below the $10 billion mark. After moving above that level on Sept. 3, the total stood at $9.952 billion on Sept. 9. The article said this suggests weaker inflow momentum while bitcoin trades around the $78,000 range.
U.S. August CPI on Sept. 10 is the next focus
The report ended by pointing to U.S. August CPI data due on Sept. 10 as the next key event for ETF flows. It said money could return to bitcoin ETFs if inflation comes in as expected, while a higher-than-expected reading could lead to continued Grayscale outflows.