US spot Bitcoin exchange-traded funds have seen a significant slowdown in activity, recording only $232 million in inflows over the last 13 trading sessions. This follows a period of high demand in late September, when funds attracted $1.7 billion in just two days, specifically on September 21 and 22. Data from SoSoValue indicates that cumulative inflows reached $56.87 billion by the end of that period.
The market trend shifted at the end of September, with a $148.7 million outflow recorded on September 30. Recent performance has been volatile, including a net outflow of $681 million for the week ending October 9. During the same period, spot Ethereum ETFs also faced pressure, recording $542 million in net outflows. Total net assets for Bitcoin ETFs dropped from $110.77 billion to $105.84 billion between October 5 and October 9.
BlackRock’s iShares Bitcoin Trust currently dominates the sector, holding $66.3 billion in assets, which accounts for approximately 63% of the total market share. In contrast, the Grayscale Bitcoin Trust has seen cumulative net outflows of $27.94 billion. Trading volume has also fluctuated, hitting a low of $1.44 billion on the most recent Friday, compared to a peak of $3.18 billion on October 8.
Market sentiment, measured by the Fear and Greed index, is currently at 39, placing it in the fear zone. According to SoSoValue, US spot Bitcoin ETFs now hold 6.38% of the total Bitcoin market value. Analysts note that institutional demand remains a key factor for price stability, and a sustained rally without significant ETF participation would require support from other market segments.
