The crypto ETF market delivered a split verdict on September 11. Bitcoin funds bled $13.29 million in net outflows on the day, while Ethereum ETFs absorbed $216 million in fresh capital.

The $13.29 million Bitcoin ETF outflow figure comes from SoSoValue’s tracker, but context matters here. In the three days running up to September 11, Bitcoin ETFs had already shed roughly $450 million in net outflows. The $13.29 million reading on the 11th looks less like a recovery and more like the bleeding slowing to a trickle after a rough week.

For comparison, Bitcoin ETFs posted a single-day inflow of $730.9 million on September 3. The reversal from that high to sustained outflows within days is the kind of whipsaw that keeps risk managers up at…