U.S. spot Bitcoin ETFs received $2.65 billion of net inflows during September, their second-largest monthly result since October 2025.
The total was lower than August’s $3.52 billion but remained substantially above most monthly results from the past year. The funds added another $102.7 million on October 1, based on SoSoValue data reported by The Block. The Block
That flow history materially qualifies the $148.7 million daily redemption reported in the preceding Token Recon scan. The negative session ended an inflow streak, but September still produced a large net addition of institutional capital.
Spot Ether ETFs received $832.43 million during September, compared with $1.85 billion in August. They then lost $55.4 million on October 1, showing a clearer loss of momentum than the Bitcoin products.
ETF flows measure creations and redemptions through regulated investment vehicles. They do not capture all spot demand, and daily values can be affected by portfolio rebalancing, arbitrage and settlement timing.
TOKEN RECON ASSESSMENT
September’s total shows that institutional Bitcoin demand survived several volatile sessions. The next confirmation is whether October maintains positive cumulative flows while Bitcoin trades above $85,000.
A divergence would be informative. Rising price with persistent ETF redemptions would suggest derivatives or offshore spot markets are leading. Continued creations would indicate that regulated U.S. demand is helping finance the breakout.
Source
The Block: Spot Bitcoin ETFs log $2.65 billion in September inflows
