Author: Timmy Shen
Compiled by Deep潮 TechFlow
DeepOcean Summary: The U.S. spot Bitcoin ETFs saw net inflows of approximately $2.65 billion in September, the second-largest monthly inflow since October 2025; analysts note that institutional demand "has not faded," with sentiment and macroeconomic data in the fourth quarter remaining key indicators to watch.
U.S. spot Bitcoin ETFs recorded net inflows of $2.65 billion in September, the second-largest monthly inflow since October 2025, with institutional demand continuing.
According to SoSoValue data, inflows in September were below the $3.52 billion recorded in August but remained significantly higher than most levels over the past year. Spot Ethereum ETFs also saw $832.43 million in inflows in September, compared to $1.85 billion in August. This September total marks the second-largest monthly inflow since their launch in August 2025.
Bitcoin ETF inflows continued on the first trading day of October, reaching $102.7 million, while Ethereum ETFs saw outflows of $55.4 million.
Zeus Research analyst Dominick John told The Block that ETF inflows indicate that institutional demand "has not faded," pointing to a more sustainable recovery.
“As the fourth-quarter bottom appears to have been established, sustained ETF inflows are signaling improved market sentiment and could set the stage for a more bullish outlook heading into the year-end quarter,” John said.
Bitcoin (BTC) rose 3.1% over the past 24 hours, trading at $86,626 as of 1:00 AM Eastern Time on Friday; Ethereum (ETH) increased 1% to $2,735, according to The Block price page.
The Crypto Fear and Greed Index is at 69, in the greed zone, “indicating that sentiment has strengthened but has not yet reached extreme levels,” John said.
John also noted that traders will continue to monitor ETF inflows to gauge whether institutional demand persists, while keeping an eye on key U.S. economic data. “The initial jobless claims report on October 8 will provide another reading on the U.S. labor market, and inflation data alongside Fed commentary could shift interest rate expectations,” he added.