Cryptocurrency Markets

Research evidence excerpt

J P M O R G A N

North America Equity Research

16 September 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Cryptocurrency Markets

Sep 15 Spot ETP Flows: Crypto ETPs Face Net

Outflows ($605mn Combined) on Back of Failed U.S.

Senate Vote to Advance Mkt Structure Legislation;

WTD Tracking $327mn Net Outflows

We estimate U.S. spot Bitcoin ETP and U.S. spot ether ETP preliminary net

redemptions of $451mn and $155mn, respectively, on Tuesday, September 15,

2026. We estimate that the U.S. spot Solana ETPs reported net sales of $1mn

yesterday. Crypto overall sold off yesterday on the back of the failed cloture vote

in the U.S. Senate stalling progress on U.S. crypto market structure legislation, the

CLARITY Act — see our reaction here.

Brokers, Asset Managers &

Exchanges

Kenneth B. Worthington, CFA AC

(1-212) 622-6613

Madeline Daleiden

(1-212) 622-4911

U.S. Spot Bitcoin ETP Flows

Michael Cho

We estimate U.S. spot Bitcoin ETP preliminary net redemptions of $451mn on

Tuesday, September 15, 2026, the worst single day of the Bitcoin ETPs’ flows since

the end of June 2026. Fidelity’s FBTC and BlackRock’s IBIT drove the group’s net

outflows by posting net outflows of $215mn and $162mn, respectively, yesterday.

Other outflowing vehicles include Grayscale’s legacy GBTC,

ARKInvest/21Shares’ ARKB, and Bitwise’s BITB which each reported net

outflows of $44mn, $17mn, and $12mn, respectively. Bitcoin’s price fell 4.1%

during yesterday’s session, per Bloomberg pricing. Altogether, the group’s

combined notional trading volumes jumped sequentially to $4,347mn, above the

running daily average of ~$3,221mn/day since the January 2024 launch.

(1-212) 622-3619

J.P. Morgan Securities LLC

Table 1: JPMe September 15, 2026 BTC ETP Flows: Group’s Daily Net Redemptions of $451mn,

Worst in ~3 Months

U.S. Bitcoin Spot ETFs

September 15

Daily Flows

(JPMe)

Total Flows

(JPMe)

September 15

AUM

Seed Capital

Current Fee Rate

Fee Rate exWaiver

Ticker

…