Spot Bitcoin (BTC) ETFs took in $66.2 million on September 29, 2026, a ninth straight inflow day, but daily flows have shrunk from $190.7 million on September 24. CryptoQuant says its BTC futures demand measure fell from 164,000 BTC to 16,000 BTC in 15 days. Ether (ETH) ETFs lost $2.8 million on September 29.
Why did Bitcoin ETF inflows slow on September 29, 2026?
Farside Investors data shows spot Bitcoin ETF inflows well below the record week we covered in our report on Bitcoin ETFs turning 2026 positive. Ether funds slowed in step and turned to a small outflow on September 29.
| Date | BTC ETF net flow | ETH ETF net flow |
|---|---|---|
| Sept 24 | $190.7M | $66.1M |
| Sept 25 | $134.5M | $87.0M |
| Sept 28 | $31.0M | $17.1M |
| Sept 29 | $66.2M | -$2.8M |
Sources: Farside Investors, Bitcoin ETF flows and Ether ETF flows, read September 30, 2026.
The September 28 Bitcoin figure hid a split. BlackRock's IBIT added $54.8 million, but Fidelity's FBTC lost $10.9 million and Grayscale's GBTC lost $23.2 million, per Farside. On September 29 IBIT added $51.1 million and ARKB $33.2 million, while BITB lost $18.1 million. Invezz, citing the same flow data, counted eight consecutive inflow sessions worth about $3 billion before September 29, and put Bitcoin above $83,400 during Asian hours on September 30. CoinDesk had BTC at $83,220 on September 30, against an eight-month high of about $87,400 earlier in September.
The primary flow record here is Farside. Where a news site's total differs from Farside's daily rows, this post uses Farside.
Where analysts disagree
CryptoQuant Head of Research Julio Moreno argues the rally is running out of buyers. In CryptoQuant's data, reported by The Block, spot demand contracted by about 170,000 BTC over 30 days. Traders' average unrealized profit reached 33%, the widest since December 2024, and holders realized 25,700 BTC of profit on September 22, the largest single day of 2026. CoinDesk adds that CryptoQuant saw altcoin exchange deposits at 76,000 transactions from 51,000 addresses over seven days, the highest since October 2025. Moreno's summary: "Without fresh demand, rallies struggle to extend."
The other side reads the same tape as a market that is holding. AMINA Bank research lead Sonali Gupta told Invezz that Bitcoin staying above the $83,000 to $86,000 range while ETF inflows persist is an important signal that could confirm a broader recovery. Block Scholes analyst Thahbib Rahman said in the same report that Bitcoin has remained resilient despite macro headwinds. CryptoQuant's own gauge is mixed: its Bull Score stood at 90 out of 100 on September 30, and FXStreet's write-up of the CryptoQuant data says the bull market remains intact above key support even as momentum fades.
The two camps use different evidence. Gupta reads a flow that has not reversed and a price that has held a range. Moreno reads what sits underneath the flow: spot demand, futures growth and profit realization. Both can be right on the data, because ETF inflows are positive while their pace falls.
Why it matters
ETF flows are the most visible daily measure of new US spot demand, so a fading inflow pace matters most when other demand measures are fading too. Our earlier post on whether the rally to $87K was short covering or new demand raised the same question when CoinMarketCap's Alice Liu cited CryptoQuant's spot demand metric as negative. Since then the futures measure has joined it, per CoinDesk's account of CryptoQuant.
One caution on the numbers: CryptoQuant's futures measure is a change in demand, not a level of open positions. A fall from 164,000 BTC to 16,000 BTC says growth stalled, not that 90% of futures exposure closed. The source does not state a contract-level cause, so this post does not infer one.
CryptoQuant lists the levels where the structure would be tested: the 365-day moving average near $80,000, the 200-day moving average near $71,000 and traders' on-chain realized price near $67,000, all per The Block. Our earlier look at Glassnode's $71,300 short-term holder cost basis sits close to the 200-day figure.
What to watch
- Farside's daily Bitcoin and Ether ETF totals for October 1 and October 2, 2026: whether Bitcoin holds above $31.0 million, the September 28 low in this run, and whether Ether returns to inflows.
- Whether the streak of inflow days ends. An outflow day would break the nine-session run Invezz counted.
- CryptoQuant's futures demand measure against its 16,000 BTC reading on September 29.
- BTC against the roughly $80,000 (365-day average) and $83,000 levels cited above.
Bottom line
- Farside shows spot Bitcoin ETF inflows falling from $190.7 million on September 24, 2026 to $66.2 million on September 29, with Ether ETFs at -$2.8 million on September 29.
- CryptoQuant reports spot demand down about 170,000 BTC over 30 days and futures demand growth down from 164,000 BTC on September 14 to 16,000 BTC on September 29.
- Julio Moreno of CryptoQuant sees a rally without fresh demand, while AMINA's Sonali Gupta reads persistent inflows and a held $83,000 to $86,000 range as a recovery signal.
- Bitcoin traded near $83,220 on September 30, 2026, against an eight-month high of about $87,400 earlier in September (CoinDesk).