Key highlights:
- Bitcoin ETFs recorded $148.69 million in net outflows on September 30, snapping a nine-day inflow streak
- Fidelity’s FBTC led withdrawals with $125.6 million, followed by Bitwise’s BITB at $13.6 million and BlackRock’s IBIT at $9.5 million
- The outflows came after US spot Bitcoin ETFs attracted roughly $3.1 billion over the previous nine trading sessions
US spot Bitcoin ETFs recorded $148.69 million in net outflows on September 30, ending a nine-day streak of consecutive inflows. The reversal came after the funds attracted around $3.1 billion between September 17 and September 29.
Bitcoin ETFs shed $148M after nine days of inflows
According to SoSoValue data indicates that US spot Bitcoin ETFs have ended nine days of steady inflows, snapping the streak with net outflows of $148.69 million on September 30.
The funds netted consecutive net inflows between September 17 and September 29, totalling $3.1 billion. Before the streak began, US spot Bitcoin ETFs posted consecutive outflows on September 15 and September 16 totaling nearly $800 million.
Source: SoSoValue
On September 30, Fidelity’s FBTC recorded the day’s largest outflow at $125.6 million. Bitwise’s BITB followed with $13.6 million in outflows, while BlackRock’s IBIT saw $9.5 million leave the fund.
The remaining U.S. spot Bitcoin ETFs recorded no net flows on September 30. The session also ended IBIT’s own nine-day inflow streak, which had brought approximately $1.6 billion into BlackRock’s fund.
The reversal followed a sharp increase in demand during the previous week. Bitcoin ETFs collected approximately $2.4 billion between September 21 and September 25, including nearly $1 billion on September 21 alone.
The ETF reversal also coincided with outflows from other major U.S. spot crypto funds. Spot Ether ETFs recorded $59.6 million in net outflows on September 30, while Solana ETFs saw approximately $12.5 million leave the products.
Bitcoin wraps up September in respectable fashion
Bitcoin traded around $84,000 as the ETF outflows emerged, after briefly moving above $85,000 following softer-than-expected U.S. inflation data. The cryptocurrency finished September with a 7.11% gain, according to CoinCodex data.
At the start of September, analysts predicted a grim streak for Bitcoin in September, leaning on BTC’s historical underperformance in September. Amid the Red September fears, Bitcoin logged a shaky start to the month before going on to post impressive milestones.
At the tail end of September, Bitcoin recorded its highest weekly close in eight months, leaning on the strong showing of ETFs. Meanwhile, onchain data indicates that BTC has pulled ahead of stocks and gold, decoupling from traditional markets.
“Bitcoin has completely broken away from stocks and precious metals,” said Santiment. “Bitcoin’s market cap has grown by 36% since August 18, dramatically separating from the S&P 500 and gold at the same time.”