$2.39 Billion Poured into Bitcoin Spot ETFs! But BTC Price Actually Fell

▲ Bitcoin (BTC) Exchange Traded Fund (ETF) ©CoinReaders

Bitcoin (BTC) spot ETFs attracted the largest amount of capital in 11 months, but the price actually fell by 2.3%. While $2.39 billion in net inflows over a week turned cumulative fund flows for 2026 positive, daily inflows sharply decreased from $998.95 million to $31.07 million, leading to an analysis that a re-acceleration of institutional buying is needed to break through $87,300.

According to the investment media TradingNews on September 29 (local time), US Bitcoin spot ETFs recorded a total net inflow of $2.39 billion over five trading days from September 21-25. This is the largest since the peak in October 2025 and the fourth largest weekly inflow since the product's launch in January 2024. On September 21 alone, $998.95 million flowed in, followed by $714.75 million, $346.98 million, $190.65 million, and $134.47 million, respectively. On September 28, a net inflow of $31.07 million continued the positive trend for eight consecutive trading days.

With this influx of funds, the cumulative net inflow for Bitcoin spot ETFs in 2026 turned positive at approximately $320 million. In mid-July, the cumulative annual net outflow reached $5.8 billion, but a week of large-scale buying made up for all the deficits. The total assets under management (AUM) for 11 ETFs increased to approximately $108.4 billion, and cumulative net inflows since launch reached $57.6 billion. Based on an average price of $84,088 last week, the amount absorbed by ETFs in the spot market over five trading days corresponds to approximately 28,423 BTC.

BlackRock's iShares Bitcoin Trust (IBIT) led institutional demand. IBIT attracted $1.16 billion over the week, accounting for approximately 49% of the total net inflow, and recorded net inflows on all five trading days. Fidelity Wise Origin Bitcoin Fund (FBTC) attracted $701.7 million, Ark 21Shares Bitcoin ETF (ARKB) attracted approximately $295 million, and Morgan Stanley's MSBT attracted a record $203.3 million, respectively. However, the total daily net inflow for ETFs decreased by 87% from $998.95 million on the 21st to $134.47 million on the 25th, and further reduced to $31.07 million on the 28th. The media analyzed that while continuous net inflows show persistence, the decrease in inflow volume indicates a weakening buying intensity.

Notably, Bitcoin's price failed to rise despite the record ETF inflows. BTC rose by 0.75% to $84,254 in one day, but fell by 2.3% over the seven days when massive ETF funds flowed in. The media explained that long positions worth $360 million were liquidated between $87,000 and $87,300, coupled with profit-taking by long-term holders. Additionally, the rise in the US 10-year Treasury yield to 5.264% constrained the rise of risk assets. The average purchase price for ETF investors is just below $86,000, making $86,000-$87,300 act as a short-term resistance level.

The key going forward is whether the scale of ETF inflows will expand again. The media suggested that if US inflation and employment indicators ease, and daily ETF net inflows recover to over $300 million, BTC could break through $87,300 and rise to the 50-week moving average (MA) of $91,800. Conversely, if strong economic indicators lead to further increases in Treasury yields and ETFs turn to net outflows, BTC could fall to $82,000 and then $80,000. Ultimately, what is more important than the record weekly inflow of $2.39 billion is whether institutional demand, which slowed to $31.07 million per day, will revive.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*