BlackRock leads the inflow of new Bitcoin ETF funds in the United States

The U.S. spot Bitcoin ETF recorded a net inflow of approximately US$292.5 million in the first two trading days of October

The U.S. spot Bitcoin ETF recorded a net inflow of approximately US$292.5 million in the first two trading days of October. This initial total of $134.4 million is incomplete because it does not include the $158.2 million allocated to BlackRock's IBIT funds on October 2.

Summary of Core Points

• The U.S. Bitcoin ETF attracted US$292.5 million in capital inflows in the first two trading days of October.
• BlackRock dominated the money flow, with its IBIT fund capturing $353.8 million in two days.
• Capital inflows are consistent with lower-than-expected U.S. employment data.
• Bitcoin fell back to around $85,000 after briefly breaking through $87,000.
• The Bitcoin ETF ended a strong September performance, with total inflows of US$2.65 billion in September.

Bitcoin ETF opens October with two positive trading days

On October 1, the fund attracted US$102.7 million; the next day, after all issuers 'data were integrated, inflows reached US$189.8 million. This revised estimate replaces the preliminary total of US$31.7 million announced before BlackRock released traffic data.

This trend at the beginning of the month reversed the trend observed on the last trading day of September. The updated data is summarized as follows:

• US$148.7 million was withdrawn on September 30;
• US$102.7 million was invested on October 1;
• US$189.8 million was increased on October 2;
• Total inflows in the previous two trading days reached US$292.5 million;
• ETF now shows two consecutive days of inflows.

The $134.4 million figure comes from adding Thursday's $102.7 million to Friday's partial total of $31.7 million. This is not a calculation error, but a snapshot taken before receiving the IBIT data. The difference is a reminder that daily traffic can change in hours after the close. Some funds released creation and redemption data later than others, making the initial totals provisional.

BlackRock still dominates the flow of Bitcoin ETF funds

On October 1, IBIT attracted $195.6 million in funding. The pool offset outflows from multiple competitors, including $60.7 million lost by Fidelity funds and $31.4 million lost by Grayscale's GBTC. Bitwise lost $6.9 million, while ARK21 Shares, Invesco and VanEck all ended up with negative gains. Instead, Morgan Stanley's fund received $7 million and Grayscale's Bitcoin mini trust received $14.6 million.

Trading was more concentrated on October 2. IBIT absorbed $158.2 million, Fidelity $29.3 million, and Morgan Stanley $2.4 million. No significant net changes were recorded for other products.

During those two days, BlackRock received $353.8 million. This amount exceeded the overall positive flow of $292.5 million, as part of IBIT subscriptions were used to offset withdrawals recorded in other ETFs. This concentration alleviates interpretation of the market. Investors are returning to Bitcoin ETFs, but they mostly favor BlackRock's products. This trend has not translated into uniform progress for all managers.

Employment report supports Bitcoin

The return of capital flows is consistent with U.S. employment data being less than expected. The U.S. economy added 29,000 jobs in September, compared with market expectations of about 90,000. Unemployment rose to 4.2%.

These data lowered market expectations that the Federal Reserve would raise interest rates again in October. Lower or stable interest rates often increase the attractiveness of risky assets by reducing the yield provided by bonds. After the data was released, Bitcoin briefly exceeded $87,000, and then fell back to around $85,000. The response suggests investors welcomed the slowdown in employment but did not trigger a sustained breakout from the September peak.

ETF traffic can support spot demand because managers will typically purchase bitcoins to cover the creation of new shares. However, they do not by themselves explain prices, which also depend on positions in the U.S. dollar, bond yields and derivatives markets.

Bitcoin ETF bids farewell to strong September

比特币ETF在9月份接收了约26.5亿美元的资金，这是几个月来的最佳月度总量。从9月17日开始的一系列九个正向交易日产生了超过30亿美元的资金，直到9月30日的撤资才中断了这一趋势。

第三季度以近63.4亿美元的流入量结束。这一积累使得2026年的资金流在7月中旬观察到接近58亿美元的赤字后略微转为正值。

10月的积极开局助长了“Uptober”（上涨十月）的叙事，这是一个因比特币历史表现而得名的月份昵称。“目前交易员估计，上行潜力超过下行潜力，”Algoz的策略总监Stephen Wundke表示。然而，这种季节性并不构成预测。下一个考验将在10月14日美国通胀数据公布时到来，随后是10月28日的美联储决策。持续的流入将既取决于这些数据，也取决于该月份的有利声誉。