After nearly three years since the launch of Spot Bitcoin (BTC) ETFs, demand for these products appears to be slowing down. Despite this, Bitcoin ETFs continue to support Bitcoin’s price recovery, according to Ecoinometrics. Over the past 30 days, net inflows into Bitcoin ETFs have remained positive, ranging between 30,000 and 40,000 BTC. However, the pace of these purchases has weakened as Bitcoin consolidated above $80,000, suggesting that buying pressure may be losing momentum.
Ecoinometrics noted that this slowdown is relatively mild compared to previous periods when ETF demand reversed sharply. The firm added, 'For now ETF demand is still supporting Bitcoin’s recovery. But that better not last too long.'
The timing is notable as Bitcoin ETF flows showed significant volatility between 1st October and 9th October. On 1st October, Bitcoin ETFs recorded net inflows of $102.7 million, led by BlackRock’s IBIT with $195.6 million. Inflows strengthened on 2nd October, reaching $189.9 million, but sentiment weakened on 5th October with $89.8 million in net outflows. The period highlighted weakening and inconsistent Bitcoin ETF demand, with a brief recovery on 9th October offering limited evidence of renewed buying strength.
Meanwhile, other crypto ETF flows have seen mixed fortunes in October. Ethereum (ETH) ETFs recorded the largest withdrawals, with cumulative outflows reaching $634.80 million. In contrast, Binance (BNB) ETFs attracted $98.89 million in inflows, and XRP ETFs recorded positive flows of $12.09 million. Solana (SOL) ETFs saw $29.42 million in outflows, while Hyperliquid (HYPE) ETFs had modest outflows of $1.09 million.