U.S. spot Bitcoin (BTC) exchange-traded funds have taken in roughly $230 million over 13 sessions, a sharp slowdown after a $1.7 billion burst in late September.
Key Points:
- Spot Bitcoin ETFs drew roughly $230 million in 13 sessions after Sept. 22.
- About $730 million left the funds on Oct. 7 and 8 alone.
- Friday's $21.1 million inflow came almost entirely from BlackRock's IBIT.
Bitcoin ETFs Stall
Investors poured $999 million into the funds on Sept. 21 and another $714.8 million a day later, figures from tracker SoSoValue show. The 13 sessions since then added only about $234 million combined, daily data from Farside Investors indicate.
A $148.7 million outflow on Sept. 30 ended the run of gains, and a brief rebound on Oct. 1 and 2 faded within days. Redemptions of $484.9 million on Oct. 7 marked the worst session for the funds since June, and another $244.1 million left the next day. The week closed roughly $680 million in the red, the biggest weekly outflow since late June.
Friday offered only a small reprieve.
The funds took in $21.1 million on Oct. 9, as BlackRock's iShares Bitcoin Trust (IBIT) added $22.4 million and Fidelity's Wise Origin Bitcoin Fund lost $3.6 million. Nine of the 12 funds reported no flows at all. Across the full week, IBIT finished roughly flat, while the Fidelity fund shed about $380 million, more than half of the net outflow.
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Citi Bitcoin Forecast
Bitcoin climbed back above $83,000 over the weekend while U.S. markets were closed, so ETF buyers have yet to confirm the move. Analyst Daan Crypto Trades said weekly closes above that level would favor bulls in the short term, though rising 200-day averages often get tested after a breakout from a bear trend.
Bigger bullish forecasts lean on that demand. In a note dated Sept. 30, Citigroup raised its 12-month Bitcoin target to $113,000 from $82,000, expecting about $5 billion of crypto inflows over the next year as financial advisers and brokerages gradually add exposure.
Traders now face September consumer price data on Oct. 14, the same morning BlackRock, the largest spot Bitcoin ETF issuer, reports quarterly results.
In mid-September, heavy outflows followed the Senate's failed cloture vote on the Clarity Act, before the funds strung together a nine-session inflow streak worth roughly $3 billion. October has erased much of that, leaving the funds with $386.3 million in net outflows through the first seven trading days of the month.
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