Overview

• U.S. Bitcoin ETFs drew roughly $301 million to $333 million over the past two sessions as spot Ethereum funds recorded $38.2 million of net outflows on Sept. 3, extending a three-day redemption streak to about $338 million.
• August ended with a sharp split in flows, with ETH ETFs taking in about $3.87–$3.9 billion as Bitcoin funds shed roughly $750 million, helping lift Ether to an intramonth record near $4,953 and an 18% monthly gain.
• Whale and institutional activity remained active, including roughly 260,000 ETH accumulated in 24 hours, fresh large withdrawals to Aave, BitMine’s 14,665‑ETH OTC purchase via Galaxy Digital, and the Ethereum Foundation’s plan to convert 10,000 ETH over several weeks.
• Supply remains tight as U.S. ETFs hold just over 6.3 million ETH (a little above 5% of circulating supply) and about 35.7 million ETH is staked (~31%), with an entry queue near 860,000 ETH awaiting activation.
• ETH trades around the low-$4,000s as analysts flag choppy, AP-driven flows and say sustained consecutive prints are needed to confirm any rotation, after August also delivered the busiest trading month since January at nearly $1.9 trillion in spot volume.