Bitfinex Alpha: Bitcoin ETF outflows hit a new monthly high as ETH strongly outperforms BTC

The latest Bitfinex Alpha report shows that the United States Spot Bitcoin (BTC) and Ethereum (ETH) ETF have recently experienced significant capital outflows after continuous inflows, with the outflow scale of the Bitcoin ETF reaching a new high in several months. Meanwhile, supported by continuous accumulation of institutional funds, ETH’s price performance has clearly outperformed BTC, further consolidating its position in institutional portfolios.

Bitcoin ETF outflow pressure intensifies, price falls below $15,000

According to data tracked by Bitfinex analysts, last week Bitcoin ETF saw a weekly capital outflow of 1.18 billion USD, and from August 15 to 22, there were six consecutive trading days of net outflows exceeding 1.5 billion USD. Previously, Bitcoin ETF recorded net inflows for seven consecutive days, driving BTC to a historic high of over 124,000 USD.

However, as investors reduced their risk exposure ahead of the Jackson Hole symposium, coupled with the failure to sustain bullish momentum after the event, BTC has fallen more than $15,000 from its peak, dropping below the $109,000 mark on Monday.

ETH ETF outflow slows down, institutional funds become key support

During the same period, although Ethereum ETF recorded over $918 million in outflows, the trend significantly slowed down after August 20. On August 24, ETH even briefly refreshed its historical high to $4,940, and although it subsequently retreated, the decline relative to BTC was noticeably milder.

Market observations indicate that the resilience of ETH mainly comes from the continuous accumulation by institutional fund management companies, which has absorbed most of the selling pressure and reduced the downside risk in prices. Notably, Bitmine Immersion Technologies has surpassed Bitcoin mining company MARA Holdings to become the world’s second-largest digital asset fund management company, highlighting that the liquidity position of ETH in the institutional market is on the rise.

Seasonal factors or impact on the market inflow rhythm

Bitfinex reminds traders that while institutional fund flows have a significant impact on the price trends of BTC and ETH, historical data shows that positive fund inflows into risk asset ETFs tend to slow down in August and September. This means that the market may continue to experience fluctuations and consolidation in the short term, and investors should lower their expectations for excessive gains while closely monitoring changes in fund flows and macro events.

Conclusion

Bitcoin ETF outflows have reached a multi-month high, putting pressure on BTC prices, while ETH has outperformed the market backed by continuous institutional accumulation, demonstrating stronger resilience. As seasonal factors intertwine with macro events, the direction of capital flows in the coming weeks will be a key indicator for judging the trend of the crypto market. For more real-time market data and in-depth analysis, please follow the official Gate platform.