US-listed spot Bitcoin ETFs recorded US$2.65 billion in net inflows in September, according to data from SoSoValue. It was the second-largest monthly inflow since October 2025, signalling that institutional demand for the asset remained firm even after the market's strong recovery in recent months.
The figure came in below the US$3.52 billion recorded in August, but still comfortably outpaced most previous months. The run helps explain the rebound in institutional flows after a weaker start to the year, and coincides with Bitcoin's gain of more than 40% in the third quarter.
The trend continued into early October. On the first day of the month alone, Bitcoin ETFs took in a further US$102.7 million in net inflows. Ethereum funds behaved differently, posting US$55.4 million in outflows over the same session.
In September, however, Ethereum ETFs also closed in positive territory, with US$832.4 million in net inflows. That was below August's US$1.85 billion, but still the second-largest monthly volume since August 2025.
The ETF rebound comes as Bitcoin moved back towards the US$87,000 mark. On Friday (2), the cryptocurrency reached US$86,800 after the release of US employment data, helped by reduced bets on further rate hikes by the Federal Reserve.
ETF flows return to the centre of the market
Dominick John, an analyst at Zeus Research, told The Block that September's inflows show institutional demand "has not disappeared" and could point to a more sustained market recovery. He said the continuation of positive flows also improves the outlook for the final quarter of the year.
The reading carries weight because ETFs resumed sizeable inflows precisely during a period of macroeconomic volatility, with Treasury yields at elevated levels and uncertainty over US monetary policy. Even so, investors kept directing money into Bitcoin funds.
In the last full week of September, for instance, spot ETFs took in roughly US$2.4 billion between the 21st and the 25th, helping push the funds' year-to-date balance back into positive territory.
ETF flows have come under close scrutiny because they function as one of the main channels for institutional capital entering Bitcoin in the United States. The persistence of these inflows tends to reduce the amount of BTC available on the spot market and can help absorb supply from investors taking profits during rallies.
This effect, however, does not happen in isolation. Bitcoin's performance remains closely tied to the US interest rate outlook. On Friday, investors were also watching the US jobs report, since weaker data could ease pressure for further rate increases and, in theory, favour riskier assets.
Market sentiment also improved. The Crypto Fear & Greed Index stood at 69, within the "greed" range — a notable shift from the fear levels seen during parts of the first half of the year.
With September over, attention now turns to whether October can sustain the pace of inflows. After two consecutive months of multi-billion-dollar inflows, continued flows would reinforce the view that institutional investors have resumed building Bitcoin exposure more consistently.
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