US spot Bitcoin ETFs have lost their September momentum. After a $1.7 billion inflow burst on September 21–22, the funds added just $232 million over the next 13 sessions, according to SoSoValue. The streak ended on September 30 with a $148.7 million outflow, and by last week the tide had turned: from October 5 to October 9 (ET), the ETFs posted net outflows of $681 million, snapping a three-week run of net inflows.
From $1.7B to a trickle
The September surge was sharp. September 21 saw $999 million enter, followed by $714.8 million on September 22. Cumulative inflows for US spot Bitcoin ETFs hit $56.87 billion by the end of that day. But the buying didn’t last. A brief relief came on October 1 and 2 with $102.7 million and $189.8 million, respectively, before the two largest outflows of the 13-session stretch hit on October 7 and 8, totaling $731.2 million.
Assets shrink, but mostly on price
Total net assets fell from $110.77 billion on October 5 to $105.84 billion on October 9. Net outflows over that span were $591 million, so lower prices likely drove most of the drop. IBIT alone holds $66.3 billion of the $105.84 billion in total net assets—about 63%. Grayscale’s GBTC, meanwhile, has recorded $27.94 billion in cumulative net outflows.
Friday’s lone inflow
Friday brought a small reversal: a $21.13 million inflow ended a two-day outflow run. BlackRock’s iShares Bitcoin Trust (IBIT) took in $22.38 million, more than the day’s net total, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) lost $3.58 million. Nine of the 12 spot Bitcoin funds posted zero flows that day. Total value traded on Friday was $1.44 billion, the lowest of the 13 sessions; October 8 had the highest at $3.18 billion.
Sentiment stuck in fear
A Fear and Greed reading of 39 sits in the fear zone, according to CoinGecko. US spot Bitcoin ETFs hold 6.38% of Bitcoin’s market value, so their flows are a gauge of institutional demand. Earlier this month, Glassnode data tied a pullback to weak trading volume. Spot Ethereum ETFs haven’t fared any better—they recorded $542 million in net outflows last week.
The next test comes as the market waits for a sustained pickup in ETF inflows to confirm whether institutional demand is returning or if the recent outflow streak is the start of a deeper cooling.
