Bitcoin ETFs Take a Step Back from Record Inflows

US Bitcoin exchange-traded funds (ETFs) saw their first daily outflow in over two weeks on September 30, breaking a streak of nine consecutive positive sessions. The funds had been recovering from a prolonged period of redemptions, which had erased much of their cumulative inflows. The reversal was led by Fidelity's FBTC, with $125.6 million in outflows, followed by Bitwise's BITB with $13.6 million and BlackRock's IBIT with $9.5 million.

Despite the setback, September remained a strong month for the products, with $2.65 billion in net inflows, their highest monthly flow this year after August's $3.52 billion. The recovery has also brought lifetime cumulative flows back towards their previous high, with a deficit of about $5 billion remaining.

Bloomberg Intelligence data shows that the products peaked at around $62.8 billion in cumulative inflows on October 10, 2025, before months of redemptions eroded much of that progress. The recent recovery has narrowed the deficit, with cumulative flows recovering to around $57.7 billion by late September.

Bitcoin ETF analyst Eric Balchunas noted that the rebound was notable given the pressure Bitcoin ETFs had endured over the previous 11 months. He said flows had returned to levels reminiscent of their earlier strength, even as Bitcoin contended with higher yields and lingering negative sentiment.