Since their launch nearly three years ago, spot Bitcoin ETFs have remained a key driver of cryptocurrency demand. However, recent analysis suggests that the initial momentum behind these products may be cooling.
Over the past 30 days, Bitcoin ETFs have recorded positive net inflows of approximately 30,000–40,000 BTC. Despite this sustained buying pressure, the pace of purchases has weakened as Bitcoin consolidated above $80,000, according to Ecoinometrics. The research firm noted that while ETF demand continues to support Bitcoin's recovery, the buying pressure appears to be losing strength.
October Volatility
Early October trading revealed significant daily swings in Bitcoin ETF flows. On October 1st, Bitcoin ETFs recorded net inflows of $102.7 million, led by BlackRock's IBIT with $195.6 million. Inflows strengthened the following day, reaching $189.9 million.
Sentiment reversed on October 5th, when ETFs saw $89.8 million in net outflows. The volatility intensified on October 7th, with total net outflows reaching $484.9 million, including $207.7 million from IBIT and $105.1 million from FBTC. Another $244.1 million flowed out on October 8th, led by $197.1 million in FBTC outflows. By October 9th, flows turned slightly positive at $21.1 million.
Mixed Altcoin ETF Flows
Other cryptocurrency ETF products experienced divergent demand during the same period. Ethereum ETFs recorded the largest withdrawals, with cumulative outflows reaching $634.80 million, suggesting sustained selling pressure.
Binance ETFs attracted $98.89 million in inflows, while XRP ETFs brought in $12.09 million. Solana ETFs saw $29.42 million in outflows, and Hyperliquid ETFs experienced modest outflows of $1.09 million.
The SEC recently approved a new listing rule for 3x daily leveraged ETFs tied to Bitcoin, Ethereum, gold, silver, crude oil, and natural gas, as additional altcoin ETF proposals continue to move through the approval process.
