The single-day net inflow of U.S. spot Bitcoin ETF hits an 11-month high
On September 21, the U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of US$998.95 million, setting the largest single-day net inflow in 11 months. The last time comparable inflows occurred was on October 6, 2025, when net inflows reached US$1.2 billion.
BlackRock's IBIT led all funds with a net inflow of $381.4 million. Ark's joint launch with 21Shares followed closely, recording a net inflow of $289.1 million, while Fidelity's FBTC increased by $238.8 million. In addition, funds owned by Grayscale, Bitwise and Morgan Stanley also achieved positive capital flows that day.
ETH ETF ushered in its strongest performance since October
The spot Ethereum (ETH) ETF recorded a net inflow of US$269.98 million on September 21, the strongest single-day data since October 7, 2025. As of 3:00 am UTC on September 22, ETH prices rose 2.5% to US$2,730.
BTCreached$87,300 on Sept. 21, its highest price since January 2026, before pulling back to $85,400, up 4.7% over the prior 24 hours, as of 3:00 am UTC on Sept. 22. 
Analysts point out that technical and macro factors drive both
Min Jung, research assistant at Presto Research, said that the market was not driven by a single catalyst, but was the result of a combination of multiple factors: a rebound in risk appetite, strong ETF demand, and short covering triggered by BTC breaking through key technical levels. Jung pointed out that the huge capital inflow of ETFs that day may have further consolidated market momentum by releasing new signals of institutional interest.
Related Background
It has been previously reported that Bitcoin prices exceeded the US$85,000 mark as short positions of US$684 million were cleared within 24 hours.
Zeus Research analyst Dominick John believes that BTC's breakthrough of $85,000 reflects a broader risk revaluation, a process supported by institutional allocation, short liquidations, and improved macro conditions.
Jeff Ko, chief analyst at ViaBTC, described the trend as a technical breakthrough, pointing out that BTC's breakthrough of the $82,000 resistance level is likely to prompt systemic trading strategies to return to the market. BTSE chief operating officer Jeff Mei pointed out several macro factors that attracted buyers back to BTC: falling oil prices, easing bond yields, and planned meetings between U.S. and Chinese leaders.
John added that positive funding rates and high open interest volume suggest that the market is regaining long exposure. He emphasized that traders are closely watching whether BTC can stabilize above $85,000 and ETH can remain above $2,700, and that continued inflows of spot ETF funds will be a key indicator of whether demand is sustainable.

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