U.S. crypto exchange-traded funds faced another session of selling on September 10, with Bitcoin and Ethereum products recording approximately $188.7 million in combined net outflows as investors reduced exposure ahead of key U.S. inflation data and next week’s Federal Reserve meeting.
Bitcoin ETFs suffered the heavier withdrawals, recording an estimated 2,148 BTC of net outflows worth approximately $165.46 million, according to Lookonchain-derived data. Ethereum ETFs recorded another 9,540 ETH of net redemptions, valued at approximately $23.2 million. The figures indicate that institutional selling accelerated as cryptocurrency prices weakened alongside a broader risk-off move across global markets.
Bitcoin Outflow Streak Accelerates
The September 10 withdrawals extend a notable reversal for Bitcoin ETFs following strong buying immediately before the Labor Day holiday. Bitcoin funds attracted $730.9 million on September 3 and another $174.6 million on September 4.
Flows subsequently turned negative. The funds lost approximately $46.65 million on September 8 and $120.24 million on September 9 before the latest estimated $165.46 million withdrawal. Taken together, that represents approximately $332 million of Bitcoin ETF net outflows over three consecutive sessions.
The reversal is particularly notable because it follows more than $1 billion of Bitcoin ETF inflows during the three trading sessions immediately preceding the holiday-shortened week. Despite the latest withdrawals, Lookonchain’s data showed Bitcoin ETFs remained positive by approximately 8,587 BTC, or $661.6 million, over the preceding seven-day measurement period.
That means the recent selling has erased part, but not all, of the institutional demand accumulated during the previous rally.
Macro Pressure Weighs on Crypto
Ethereum also moved into negative territory on September 10, with approximately $23.2 million leaving U.S. ETF products in the latest reported dataset. The withdrawals arrived as Bitcoin consolidated around $78,000. Bitcoin traded near $77,942 during Thursday’s session, while investors prepared for U.S. inflation data and the Federal Reserve’s September 15-16 policy meeting.
Broader financial markets were facing similar pressure. Rising oil prices and concerns over persistent inflation pushed U.S. Treasury yields higher, with the 10-year yield approaching 4.9%. The combination of elevated energy prices, higher borrowing costs and uncertainty over the Federal Reserve’s next move has reduced appetite for risk assets.
U.S. equities had already recorded three consecutive losing sessions heading into Thursday. Crypto ETF flows provide one of the clearest measures of how investors using regulated financial products are responding to that environment.
The latest Bitcoin withdrawals are therefore significant not because of a single $165 million session, but because they mark the third consecutive day of redemptions after a powerful run of inflows. There is also an important data limitation.
Several live ETF dashboards currently labeled September 10 continue to display issuer-level figures corresponding to September 9. Those datasets show Bitcoin at approximately $120.2 million of outflows and Ethereum at $34.7 million of inflows, numbers associated with the prior reporting cycle. For that reason, September 10 fund-by-fund figures for Solana, XRP, Hyperliquid and other smaller crypto ETF categories should not yet be combined with the newer BTC and ETH estimates without confirmation.
For Bitcoin, however, the direction has become increasingly clear. After attracting more than $900 million across September 3 and 4 alone, U.S. Bitcoin ETFs have now produced three consecutive sessions of withdrawals. Whether that represents short-term positioning ahead of inflation and Federal Reserve decisions or the beginning of a broader institutional retreat will depend heavily on flows over the next several sessions.
