US spot Bitcoin exchange-traded funds attracted USD 2.65 billion in September, then opened October with another positive trading session. The monthly total ranked second among inflows recorded since October 2025, although buying slowed from August. Meanwhile, Ether funds began the new month with withdrawals after also drawing fresh money in September.
According to SoSoValue data, September’s Bitcoin ETF inflows fell from USD 3.52 billion in August. That represents a decline of about 25%, or USD 870 million. Even so, September remained one of the stronger months for the funds over the past year.
Across the third quarter, the funds collected approximately USD 6.34 billion, their highest quarterly total of 2026. July contributed about USD 172 million, meaning August and September accounted for most of the quarter’s new money.
Bitcoin gained 42.71% during the same period, recovering from its weaker performance earlier in the year.
Bitcoin ETFs received USD 102.7 million on October 1, reversing the previous session’s USD 148.7 million withdrawal. Their combined net assets reached approximately USD 109.3 billion, while cumulative net inflows stood near USD 57.6 billion. The daily reversal followed the close of their strongest quarter this year and returned the funds to positive flows.
Ether ETFs moved in the opposite direction, losing USD 55.4 million on Thursday. That extended their withdrawal streak to three trading sessions, with combined outflows of roughly USD 118 million.
However, their September balance remained positive at USD 832.43 million, down from USD 1.85 billion in August. The monthly comparison showed slower buying across both Bitcoin and Ether products.
Dominick John, an analyst at Zeus Research, said that institutional demand did not fade. He linked continued ETF purchases to a more sustained recovery. His assessment followed two consecutive months of multibillion-dollar Bitcoin ETF inflows, even though September’s total was lower than August’s. The demand assessment represents John’s interpretation of the fund data.
Bitcoin traded at USD 86,626 at 1 am Eastern Time on Friday, gaining 3.1% over 24 hours. Meanwhile, Ether rose 1% to USD 2,735. John also pointed to a Crypto Fear & Greed Index reading of 69, placing sentiment in the greed category, below the index’s extreme-greed range.
Separately, Citigroup increased its 12-month Bitcoin forecast to USD 113,000 from USD 82,000, Reuters reported on October 1. The bank also raised its Ether target to USD 3,028 from USD 2,240.
It cited stronger crypto activity, returning ETF inflows and a supportive economic backdrop. The revised figures are forecasts rather than confirmed future prices. Citi expects USD 5 billion in inflows over the next 12 months, with advisers and brokerages gradually increasing Bitcoin allocations.
Meanwhile, John identified the October 8 jobless claims report as another scheduled reading on the US labor market. He also said inflation releases and Federal Reserve commentary could change interest-rate expectations as traders track whether ETF buying continues through October.
ALSO READ: Russia’s USD 46B Crypto Market: How New Rules Could Boost Bitcoin, Ether Adoption