Yesterday we held the broken streak: 12 sessions, $1.62 billion, then $48 million of outflows on 2 September (our piece). Today, the week. KuCoin and crypto.news, for the week ended 4 September, give about $215 million of net inflows into US spot ether ETFs, down about 74% week on week according to BingX. Bitcoin, same window: ~$987 million. Combined: $1.2 billion, more than 80% of it Bitcoin.

Crypto Briefing breaks down 4 September: $26.46 million of ether inflows, after a stronger 3 September, around $141 million (ETHA $72.07 million, FETH $65.11 million). The pipe is not shut. It slows. That is not a 12-day streak. It is a shorter breath.

Ether’s cumulative since launch, SoSoValue / Crypto Briefing: on the order of $13.2 billion of net inflows, AUM around $15.9 billion, about 5.2% of Ethereum’s market cap. IBIT, on the Bitcoin side, weighs otherwise. ETHA is not IBIT. We already wrote it. The weekly print repeats it.

What the network does not have to do

An Ethereum node does not mint ETF shares. A Layer 2 neither. Robinhood Chain recalled it: a single sequencer can stop for a few minutes without Wall Street noticing. The $215 million is paper. Not the blob. Not the rollup.

Ether this weekend sits near $2,450–$2,500 on aggregators. Less theatrical than Bitcoin’s round number. More faithful to the 2026 lag. The beta stays jumpy when the 10-year tightens. Friday’s liquidations, in the $137 million Bitcoin-plus-ether packet, showed it.

$215 million is not a failure. It is a pace. $987 million next door is another floor.— The newsroom

BlackRock leads, smaller

Even when ether takes cash, ETHA takes most of it. $72 million on 3 September is already the lion’s share of a session. Fidelity follows. The rest, far behind. The structure copies Bitcoin, thinner. Less pipe, less cushion, more air when the sign flips, as on 2 September.

For a DeFi reader this print does not change Aave. It changes the mood of ETH collateral. Ether at $2,450 is not ether at $4,000. Ratios move. A wallet that is only ether has no IBIT as a net. It has the network, and the book.

MiCA does not file ETHA. These funds are American. A French reader who cites them as “global institutional flow” mixes New York and Paris. You can read them. You do not live in them.

The macro calendar is the same as Bitcoin’s: CPI on the 11th, FOMC on the 15th–16th. Ether will follow, or not. We have no target. We have a weekly pace, broken versus the prior week, still positive.

What is held, what is not

  • Held, week ended 4 September: ~$215 million of net inflows into US ether ETFs (KuCoin / crypto.news). Bitcoin ~$987 million, combined $1.2 billion, more than 80% Bitcoin. Ether’s weekly slowdown cited around 74% (BingX).
  • Held, sessions: 2 September, $48 million of outflows, end of a 12-day streak. 3 September, a strong session ~$141 million. 4 September, $26.46 million. Cumulative ~$13.2 billion, AUM ~$15.9 billion (Crypto Briefing / SoSoValue).
  • Not held: that Ethereum “lost” Wall Street. That an L2 dies. A flippening. A price target. An ETH/BTC trade.

The pace breaks. The network does not. On Sunday that is the only useful sentence. 11 September will say more than this wire.

On Monday we will tie CPI to collateral. Not a novel about ETHA. One counter, another, and the gap between them.

Sources: SoSoValue, KuCoin, crypto.news, Crypto Briefing, BingX. Nothing here is investment advice.