Bitcoin ETF: Six days of inflows, but demand slows

US Bitcoin ETFs remain in the green, but the pace has clearly changed. After a record $998.9 million in entries on Monday, flows fell to 190.7 million on Thursday, September 24, a decline of around 81% in three sessions. However, the series remains positive: six consecutive days of entries brought more than 2.8 billion dollars to the funds. Bitcoin, for its part, fell back to around $83,800 after exceeding $87,000 at the start of the week.

Six days of purchases brought in more than $2.8 billion

The series began on September 17. Six sessions later, more than $2.8 billion has flowed into US spot Bitcoin ETFs. This is one of the strongest periods of 2026 for these products.

The peak was reached on Monday. Funds took in $998.9 million in a single day, their best daily performance of the year and their biggest inflow since October 2025. The day came as Bitcoin briefly crossed $87,000.

The pace then dropped without going into the red. On Tuesday, ETFs collected another $714.7 million. Wednesday: 346.9 million. Thursday: 190.7 million.

In three days, daily entries were divided by more than five. The figure of 81% deserves this clarification: it does not mean that 81% of capital has left Bitcoin ETFs. On the contrary, the funds continue to receive money. This is the speed of new entries which fell by 81% compared to Monday’s peak.

From 999 million to 191 million in three sessions

The sequence tells quite well the change in mood on Bitcoin this week.

• Monday: $998.9 million.
• Tuesday: 714.7 million.
• Wednesday: 346.9 million.
• Thursday: 190.7 million.

The slowdown is regular. Capital continues to flow, just in much smaller quantities. Bitcoin has followed a similar trajectory. BTC took advantage of the start of the week to climb above $87,000, before returning to around $83,800 at the time of the data used by Cryptopolitan. It nevertheless remained up over the week.

A few days earlier, the situation was almost the opposite. As of September 15, Bitcoin ETFs had seen $450.4 million in net outflows. Fidelity lost 214.8 million, BlackRock 161.7 million and Grayscale 44.1 million.

Less than ten days later, the same products followed six positive sessions. Flows can therefore change quickly. This is also why a single day at nearly a billion dollars is not enough to set a trend on its own.

BlackRock captures almost half of the new capital

The current series relies heavily on one name: IBIT. On Thursday, BlackRock’s Bitcoin ETF attracted $162.6 million of the $190.7 million seen by the broader market. This represents approximately 85% of the session’s net inflows. Fidelity added $12.9 million with FBTC. Morgan Stanley received 10.2 million, Franklin Templeton 4.9 million and Bitwise 4.1 million.

WisdomTree was the only fund in withdrawal, with about $4 million in outflows. Over the six sessions, BlackRock would have captured around 1.35 billion dollars, or almost half of the 2.8 billion entered in the category. This weight was already visible on Wednesday. IBIT had then exceeded a billion dollars in entries in just four sessions.

As of September 24, U.S. Bitcoin ETFs together held approximately $108.9 billion in net assets. Their daily trading volume reached $2.27 billion.

The gap between issuers remains enormous. IBIT has accumulated more than $65 billion in net inflows since its launch, while Grayscale’s GBTC still has nearly $28 billion in cumulative outflows, according to Farside Investors.

The 2026 results are finally back in the green

The $2.8 billion in this series matters mainly because the year started very badly for Bitcoin ETFs. As of the end of June, the accumulated net deficit in 2026 reached approximately $5.5 billion. June was particularly difficult with around $4.5 billion in redemptions.

Then August changed direction. The funds attracted $3.52 billion over the month, their best monthly result of 2026. At the start of September, they were still around a billion dollars below the annual balance.

The new series has finished the job. As of September 24, U.S. Bitcoin ETFs posted about $787 million in net inflows since the start of 2026. September alone brought in about $2.56 billion.

The contrast is quite brutal: deficit of 5.5 billion at the end of June, then return to green less than three months later. This does not mean that all hesitations are gone. The $450 million outflows on September 15 are still recent. Entrances also decreased three sessions in a row after Monday’s record. But the annual report is no longer that of the beginning of summer.

Bitcoin retreats while leverage returns

The cooling of ETFs accompanies Bitcoin returning below its peaks of the week. After more than $87,000 on Monday, BTC was trading around $83,800 during the reading taken by Cryptopolitan. The decline since the recent peak remains modest compared to the progression recorded since mid-September.

Another market, however, has regained activity: derivatives. Brian Huang, co-founder of Glider, indicates that open interest in Bitcoin futures has returned to its May levels. Approximately $3.3 billion in open positions are in Hyperliquid’s BTC perpetuals alone. A negative basis combined with an increase in open interest can signal the opening of new short positions, according to his analysis.

The schedule was already busy this week. As of Friday, approximately $15.6 billion worth of Bitcoin options, representing nearly 182,000 BTC, were maturing on Deribit. ETFs, futures and options therefore give different readings. ETFs continue to buy. Daily flows slow down. Bitcoin has given up part of its rebound. And leverage returns to derivatives markets. Thursday’s figure of $190.7 million remains an inflow, not an outflow of capital. After almost a billion on Monday, it is nevertheless a serious slowdown.