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Brazil-listed crypto ETFs started September without a uniform direction. DEFI11 and XRPH11 gained 1.84% and 1.63%, respectively, while the other products declined between 1.32% and 4.04%.
The international environment pressured higher-risk assets. Rising oil prices and US government bond yields increased inflation and interest-rate concerns, reducing investors’ appetite for more volatile exposures.
In the US market, the Solana ETF declined 3.52%, the Ethereum ETF fell 2.62% and the Bitwise 10 Crypto Index lost 2.40%. Bitcoin ETFs also recorded $236.46 million in net outflows. Ethereum, XRP and Solana products, in contrast, received net inflows.
These flows show how institutional demand was distributed at the end of the US session. Returns for products listed on the B3 also depend on index methodology, currency conversion and pricing windows. Crypto assets trade continuously, while Brazilian ETF shares stop trading when the local market closes.
DEFI11: +1,84%
DEFI11 led the group as several major portfolio components posted sharp gains. Uniswap, the fund’s largest position at 16.30%, advanced 10.7%. Curve, with a 3.06% weight, rose 14.76%, while Arbitrum, at 0.77%, gained 27.2%.
Uniswap’s rally was amplified by short-position liquidations around the $5 level. Arbitrum received support from increased Robinhood Chain-related activity and the expansion of real-world assets in its ecosystem. Curve participated in the broader rotation toward decentralized finance.
The three tokens represented 20.13% of the portfolio and offset losses in Ethereum and Solana, which were also held by the fund. DEFI11 benefited from a selective rally within the DeFi segment.
XRPH11: +1,63%
XRPH11 was the only single-asset ETF in the analysis to finish in positive territory. Institutional demand for XRP remained favorable, with US-listed XRP ETFs receiving $14.38 million in net inflows.
The return also reflected the fund’s pricing window. XRP continued trading after the B3 closed, causing the Brazilian ETF’s daily return to differ from international price movements recorded later.
Institutional demand and the pricing schedule supported XRPH11’s positive performance.
FOMO11: -1,32%
FOMO11 recorded the smallest loss among the declining funds. The strategy uses momentum signals related to the Ethereum ecosystem instead of maintaining purely directional exposure to the asset.
This construction reduced the fund’s participation in Ethereum’s correction. ETHE11 fell 3.36%, while FOMO11 declined 1.32%, a difference of 2.04 percentage points.
The result highlights how the strategy’s dynamic methodology affects the portfolio’s daily sensitivity.
BITH11: -2,79%
BITH11 followed Bitcoin lower during a session of reduced risk appetite. Higher US yields and oil prices pressured volatile assets that do not generate cash flow.
US-listed Bitcoin ETFs recorded $236.46 million in net outflows. BlackRock’s IBIT accounted for approximately $201.18 million of that amount.
Bitcoin’s correction and weaker institutional demand weighed on BITH11. The fund nevertheless declined less than the products directly exposed to Ethereum and Solana.
HASH11: -2,94%
HASH11 was pressured by simultaneous losses across the major cryptocurrencies in its portfolio. Bitcoin, Ethereum and Solana declined, preventing diversification from offsetting the negative move.
The fund’s return fell between BITH11’s 2.79% loss and the declines of 3.36% and 4.04% recorded by ETHE11 and SOLH11.
Diversification reduced dependence on a single cryptocurrency but did not protect the portfolio during a broad correction among its largest components.
WEB311: -3,02%
WEB311 followed the weakness in smart-contract platforms. Ethereum and Solana, two central assets in this segment, were among the most important cryptocurrencies under pressure.
The DeFi token rally did not spread evenly across infrastructure networks. Gains remained concentrated in specific protocols and assets, including Uniswap, Curve and Arbitrum.
WEB311’s thematic concentration increased its sensitivity to the correction in major platforms used by decentralized applications.
META11: -3,07%
META11 reflected losses among tokens related to the metaverse, gaming, NFTs and virtual economies. These assets are highly sensitive to liquidity conditions and global risk appetite.
The fund declined more than HASH11, showing that the metaverse basket experienced a sharper correction than the diversified portfolio of major crypto assets.
Its performance reflected the thematic nature of the strategy, which focuses on projects whose valuations are closely tied to adoption and growth expectations for digital economies.
ETHE11: -3,36%
ETHE11 followed Ethereum lower and declined more than BITH11. The US-listed Ethereum ETF also ended the session in negative territory despite $10.95 million in net inflows into regulated products.
A large wallet transferred 103,252 ETH, worth approximately $253 million, to exchanges over three days. The movement increased the amount of tokens available on trading platforms during the correction.
Broader selling pressure in the global market outweighed the support provided by institutional ETF demand.
QDFI11: -3,40%
QDFI11 moved in the opposite direction from DEFI11 because it tracks a different index and holds a distinct portfolio. QDFI11 follows the Bloomberg Galaxy DeFi Index, while DEFI11 tracks the CF DeFi Index.
A reference composition for QDFI11 included Uniswap, Maker, Aave, Ethena, Injective, Ether.fi, Jito and Lido. A significant portion of the exposure was shown in aggregated form, reinforcing the structural difference from DEFI11’s disclosed portfolio.
Liquidity also affected the result. QDFI11 traded between BRL 1.92 and BRL 2.10, with slightly more than 8,000 shares changing hands. Lower-volume products can close further away from the indicative value of their underlying baskets.
Portfolio structure, index methodology and local trading conditions explain the divergence between the two DeFi ETFs.
SOLH11: -4,04%
SOLH11 posted the largest loss in the group, following Solana’s relative weakness. In the US market, the Solana ETF also declined more than the Ethereum product and the diversified crypto index.
US-listed Solana ETFs received $10.19 million in net inflows, but institutional demand did not offset the selling pressure on the token.
Solana’s greater volatility amplified the move in the Brazilian ETF and placed SOLH11 at the bottom of the daily ranking.
