Analysis: Bitcoin ETFs lose $148.7 million, remain $5 billion short of flow record

US spot Bitcoin ETFs recorded $148.7 million in net withdrawals on Sept. 30, their first daily outflow in more than two weeks, according to Farside Investors. The outflow ended nine consecutive positive sessions that brought in about $3.08 billion. Fidelity's FBTC recorded $125.6 million in outflows. Bitwise's BITB lost $13.6 million. BlackRock's IBIT lost $9.5 million. The other nine listed funds recorded no net flows. The funds attracted about $2.65 billion in September, their strongest monthly flow this year behind August's $3.52 billion. The positive September flow brought 2026 net inflows to roughly $930 million after much of the year was spent in net outflows. Bloomberg Intelligence data show that cumulative inflows peaked at about $62.8 billion on Oct. 10, 2025. By July 13, redemptions had reduced cumulative inflows by about $12 billion from that peak, leaving them near $50.9 billion. Renewed demand brought cumulative inflows to around $57.7 billion by late September, roughly $5 billion short of the previous peak. Bloomberg ETF analyst Eric Balchunas said the rebound was notable after 11 months of pressure on Bitcoin ETFs. Balchunas said flows had returned to levels resembling their earlier strength despite higher yields and lingering negative sentiment. Balchunas added that the recovery made the bearish case harder to sustain as Bitcoin's price continued rising. The Sept. 30 outflow alone does not establish whether the rebound has ended, particularly because withdrawals were concentrated in Fidelity's fund. Broader redemptions across large issuers would suggest the recovery is losing momentum. However, renewed inflows would suggest the outflow was a pause after more than $3 billion of inflows. Bitcoin traded around $83,800 early Oct. 1. ETF demand remains a gauge of whether institutional buyers continue adding Bitcoin exposure near current levels.