- U.S. Bitcoin spot ETFs recorded $2.77B in inflows from Sept. 17-27, followed by another $31.07M on Sept. 28.
- ETFs accumulated over 27,800 BTC last week, worth about $2.3B at an average purchase price of $84,000.
- Futures demand fell to 3,000 BTC while spot demand remained negative at -174,000 BTC, creating a divergence from ETF flows.
Bitcoin spot ETFs have recorded consecutive days of net inflows, even as broader market demand indicators remain weak. Santiment Intelligence reported $2.77 billion in net inflows between September 17 and 27, while SoSoValue recorded another $31.07 million on September 28. However, futures and spot demand figures point to a contrasting trend in Bitcoin’s market activity.
ETF Inflows Continue Into Late September
According to Santiment Intelligence, U.S. Bitcoin spot ETFs posted seven consecutive positive trading sessions from September 17 to 27. The inflows totaled $2.77 billion, reflecting renewed demand for Bitcoin exposure through investment products.
SoSoValue reported that Bitcoin spot ETFs recorded $31.07 million in net inflows on September 28, extending the streak to eight consecutive trading days. Ethereum spot ETFs also attracted $17.10 million that day, marking their seventh consecutive session of net inflows.
Santiment compared the recent Bitcoin ETF activity with the August rally. From August 17 to 27, spot Bitcoin ETFs recorded nine straight positive sessions, accumulating approximately $3.04 billion.
BlackRock and Fidelity were among the major contributors to recent ETF inflows, according to Santiment. The analytics platform also noted Bitcoin’s recovery above $85,000 alongside increased attention toward the investment products.
Bitcoin ETF Accumulation Reaches $2.3 Billion
Analyst Darkfost reported that ETFs accumulated more than 27,800 BTC last week. At an average price of $84,000, the purchases represented approximately $2.3 billion.
Darkfost described the period as the largest weekly ETF inflow since the April 2025 low. The analyst added that continued demand was prompting entities offering these products to adjust their Bitcoin reserves.
Futures and Spot Demand Remain Negative
Despite ETF inflows, Darkfost reported limited improvement in broader Bitcoin demand. Futures demand dropped sharply from 164,000 BTC to 3,000 BTC, while spot demand remained negative at -174,000 BTC. Consequently, the total 30-day demand estimate reached -171,000 BTC.
This occurred as Bitcoin climbed from $74,000 to $84,000 over 15 days, despite the negative demand readings. Santiment cautioned that sustained ETF enthusiasm could eventually lead to excessive buying as prices rise.
