Bitcoin ETFs Take a Step Back from Record Flows

US Bitcoin ETFs posted their first daily outflow in over two weeks on September 30, interrupting a recovery that had pushed cumulative flows close to a record. The funds recorded $148.7 million of net withdrawals, ending nine consecutive positive sessions that brought in about $3.08 billion. Fidelity's FBTC drove most of the reversal with $125.6 million in outflows.

The products attracted around $2.65 billion during September, their strongest monthly flow this year behind August's $3.52 billion. The recovery has also brought lifetime cumulative flows back toward their previous high, peaking at about $62.8 billion on October 10, 2025, before months of redemptions erased much of that progress.

Bitcoin ETF analyst Eric Balchunas noted the rebound was notable given the pressure Bitcoin ETFs had endured over the previous 11 months. The recovery has made the bearish case harder to sustain as price continued grinding higher.