Bitcoin spot ETFs ushered in strong capital inflows in the third quarter
U.S. spot Bitcoin exchange-traded funds (ETFs) attracted a net inflow of approximately US$6.34 billion in the third quarter, setting the strongest quarterly performance since 2026. The total size for this quarter contrasts sharply with the second quarter, when the funds experienced a net outflow of about $5 billion.
From monthly data, net inflows in July were US$172 million, surged to US$3.52 billion in August, and contributed a net inflow of US$2.65 billion in September.
Bitcoin rose nearly 43% quarterly, hitting a multi-year high
The recovery in ETF demand coincides with one of Bitcoin's strongest quarters in recent years. Bitcoin gained 42.71% in the third quarter, showing such a strong quarterly performance for the first time since the fourth quarter of 2024, which was also its best third-quarter return since 2017.
In terms of price, Bitcoin hovered around US$58,500 in early July, then climbed above US$80,000 in August, and broke through the US$86,000 mark in September. Eventually, as of the end of September, BTC prices closed at approximately US$83,600.
It is worth noting that this quarter's market was not evenly distributed: the increase was about 7.4% in July, the surge was nearly 25% in August, and the increase was another 6.3% in September. However, ETF dynamics on the last trading day of the quarter showed continued volatility in demand. On Wednesday, the Bitcoin ETF recorded a net outflow of about $149 million, ending a nine-day momentum that had attracted inflows of about $3.1 billion.
Demand for crypto ETFs surpasses Bitcoin and spreads to altcoins
比特币并非唯一受益于ETF需求回暖的加密货币。美国现货以太坊ETF在第三季度吸引了约30.5亿美元的资金流入,扭转了第二季度约7.14亿美元的流出局面。在本季度中,以太坊的表现甚至优于比特币,涨幅约为56%。
此外,对山寨币的需求也有所延伸。XRP ETF在第三季度的流入量约为3.08亿美元,使其累计流入总额达到17.9亿美元。
更强的ETF资金流与比特币近43%的季度反弹相结合,表明机构需求在经历2026年上半年艰难时期后,于第三季度实质性回归。随着第四季度拉开序幕,市场关注的焦点在于这种强劲的资金流入能否持续下去。

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