US spot Bitcoin exchange-traded funds pulled in $2.65 billion over the course of September, kicking off October with a positive session of trading as well. While buying activity cooled compared to August, the monthly total marked the second-highest volume of inflows recorded since October 2025. In contrast, Ether funds began the new month by shedding capital, despite also securing fresh investments throughout September.
Bitcoin ETF Inflows Slow
Data from SoSoValue data shows that September’s Bitcoin ETF inflows dropped from August’s $3.52 billion, marking a decrease of roughly 25%, or $870 million. Nevertheless, September stood out as one of the past year’s more robust months for these funds.
Throughout the third quarter, the funds accumulated roughly $6.34 billion, marking their peak quarterly total for 2026. Given that July brought in about $172 million, the vast majority of the quarter’s fresh capital arrived during August and September.
Over that same timeframe, Bitcoin appreciated by 42.71%, bouncing back from weaker returns earlier in the year.
October ETF Flows Diverge
On October 1, Bitcoin ETFs secured $102.7 million, successfully wiping out the $148.7 million withdrawal seen in the prior session. This brought their combined net assets to roughly $109.3 billion, with cumulative net inflows hovering around $57.6 billion. This single-day turnaround followed the conclusion of their strongest quarter of the year, steering the funds back into positive territory.
Conversely, Ether ETFs moved downward, shedding $55.4 million on Thursday. This pushed their ongoing withdrawal streak to three straight sessions, totaling approximately $118 million in combined outflows.
Even so, their September ledger closed in the green at $832.43 million, though that was down from August’s $1.85 billion. Overall, month-over-month comparisons highlighted a slowdown in purchasing across both Bitcoin and Ether vehicles.
Institutional Demand Holds
Zeus Research analyst Dominick John noted that institutional interest remains firmly intact, tying ongoing ETF acquisitions to a more sustained recovery. His conclusion follows back-to-back months of multibillion-dollar inflows into Bitcoin ETFs, even with September trailing August’s figures. This evaluation of market demand reflects John’s personal analysis of the fund metrics.
By 1 a.m. Eastern Time on Friday, Bitcoin changed hands at $86,626, registering a 24-hour gain of 3.1%. Ether advanced 1% over the same period to reach $2,735. Additionally, John referenced a Crypto Fear & Greed Index reading of 69, which places market sentiment firmly in “greed” territory, just below the threshold for extreme greed.
Citi Raises Bitcoin Forecast
In other developments, Citigroup revised its 12-month Bitcoin target upward to $113,000 from $82,000, according to an October 1 Reuters report. The financial institution also bumped its Ether projection from $2,240 to $3,028.
The bank attributed the adjustments to heightened crypto market engagement, a resurgence in ETF inflows, and a favorable macroeconomic environment. These updated figures represent projections rather than guaranteed future values. Citi anticipates an additional $5 billion in inflows over the coming year as financial advisers and brokerages steadily expand Bitcoin allocations.
Looking ahead, John pointed to the October 8 jobless claims report as a key upcoming gauge of the US labor market. He added that upcoming inflation data and statements from the Federal Reserve could shift interest-rate outlooks as investors monitor whether ETF accumulation persists through October.
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