Bitcoin Price Rebound Fades as ETF Inflows Slow
A recent influx of money into the iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, contributed to Bitcoin's price rebound in September, but the momentum has since faded. According to on-chain data from Arkham, BlackRock's IBIT took in around $1.6 billion in September, with the majority of that inflow occurring in the latter half of the month. This influx of money into the ETF tracked closely with Bitcoin's price recovery, which saw the cryptocurrency climb to around $87,000.
The inflow of money into IBIT was not steady throughout the month, however. In fact, the ETF lost $236.5 million on September 1, with $201 million of that coming from IBIT. However, just two days later, IBIT took in about $454 million, making up roughly 62% of all US spot Bitcoin ETF inflows that day. The week of September 14 to 18 saw net inflows of only about $6 million, after heavy withdrawals on September 15, when the Senate failed to advance the CLARITY Act and Bitcoin fell below $75,000 intraday.
However, the surge in September 21 to 25 saw US spot Bitcoin ETFs absorb $2.39 billion, with IBIT taking in $381.4 million on September 21, the largest single-fund daily inflow of the year. Despite this influx of money, Bitcoin ended the week 2.3% lower, suggesting that the easy part of the recovery may be done, and fewer new dollars may be arriving each day.
While the recovery case strengthens if inflows pick back up and Bitcoin makes new highs above the $87,000 area, the case weakens if inflows keep shrinking while the price drifts lower. Breadth also matters, with demand spread across several funds being a stronger signal than demand concentrated in one. Fidelity's FBTC took $701.7 million during the record week, its largest weekly total since September 2025.