U.S. Bitcoin funds recorded a net outflow of more than $120 million, extending losses for a second straight day after Tuesday’s $46.6 million outflow, while Ethereum funds brought in $34.7 million and Solana funds added $11.2 million, according to the disclosed fund flow data.

The latest outflow from Bitcoin funds was concentrated in three products. ARKB lost $78 million, GBTC saw $27.2 million leave, and IBIT posted $19.5 million in outflows. Morgan Stanley’s MSBT was the only fund to register a positive result, with $4.5 million in net inflows.

Despite the two-day pullback, Bitcoin funds remained in positive territory for September overall, with the month-to-date balance at about $603.2 million. That leaves the latest withdrawals looking more like a setback within a still-positive monthly flow picture than a full reversal on their own.

Ethereum funds attracted $34.7 million in the latest session, with BlackRock’s ETHB taking in the largest share at $22.9 million. Solana funds brought in $11.2 million, and all of that went to Bitwise’s BSOL. The September balance for Solana products rose to $14.5 million.

The flow split suggests investors were willing to add exposure outside Bitcoin, but the available data do not establish a longer-term shift in allocation by themselves. Product-specific demand, issuer reach and portfolio rebalancing could all be factors, while the current figures offer only a snapshot of one trading session following another negative day for Bitcoin products.

Why It Matters

Crypto fund flows are closely watched because they offer a visible read on institutional and adviser demand through regulated investment vehicles. A divergence between Bitcoin outflows and fresh allocations to Ethereum and Solana can signal a more selective market in which investors are adjusting exposure within crypto rather than simply moving in or out of the asset class.

The breakdown also highlights how capital can fragment at both the asset and product level. Even within Bitcoin funds, losses were concentrated in a few vehicles while one product still drew inflows, underscoring that issuer positioning and access channels can matter alongside the underlying asset narrative.