Macro Brief: Bitcoin ETF Outflow, Hawkish Fed, and Institutional Rotation into Ethereum | 2026-08-29

U.S. spot Bitcoin ETFs saw a $201.9 million net outflow, ending a 9-day inflow streak, as Fed Chair Warsh's hawkish remarks at Jackson Hole raised September rate hike odds. Meanwhile, Ethereum ETFs extended their inflow streak to 12 days, signaling a clear institutional rotation from BTC to ETH. Stablecoin flows remain neutral, suggesting capital is reallocating rather than exiting the crypto ecosystem.