US spot Bitcoin exchange-traded funds have seen momentum fade significantly after a two-day surge in late September. Following $1.7 billion in inflows across September 21 and 22, the funds added only approximately $232 million over the subsequent 13 trading sessions.
On September 21 alone, the funds drew $999 million, followed by $714.8 million on September 22. Cumulative inflows reached $56.87 billion by the end of that second day. However, the buying interest deteriorated rapidly thereafter, with an outflow streak beginning on September 30.
Recent Flow Patterns
October brought mixed signals. Brief relief emerged with $102.7 million entering on October 1 and $189.8 million on October 2. Yet the two largest outflows of the 13-session period occurred on October 7 and 8, totaling $731.2 million. Total net assets fell from $110.77 billion on October 5 to $105.84 billion on October 9.
BlackRock's iShares Bitcoin Trust (IBIT) provided the only meaningful inflows on October 11, capturing $22.38 million—more than the day's total net inflow of $21.13 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) lost $3.58 million, while nine of the 12 available funds posted zero activity.
Concentration and Market Context
IBIT holds $66.3 billion of the $105.84 billion in total net assets, representing approximately 63% of all spot Bitcoin ETF holdings. Grayscale Bitcoin Trust (GBTC) has recorded $27.94 billion in cumulative net outflows.
Trading volume has declined notably. October 11 saw $1.44 billion in total value traded across the funds, the lowest of the 13-session period, compared to $3.18 billion on October 8. Spot Bitcoin ETFs currently represent 6.38% of Bitcoin's total market value, serving as a gauge of institutional demand.
