比特币ETF本周暂收8290万美元……

美国现货比特币ETF资金流向由4.26亿美元流出转为每周净流入600万美元

截至10月2日当周，美国现货比特币交易所交易基金（ETF）录得初步净流入8,290万美元，与此前一周吸引的23.9亿美元巨额流入相比，增速几乎完全停滞。与此同时，现货以太坊ETF的资金流向出现逆转，从上周一周的近6.9亿美元净流入转为约1.18亿美元的净流出。目前这些数据尚未最终确定。

在10月4日数据核查时，Farside Investors仍未提供贝莱德（BlackRock）IBIT产品的周五资金流动数据。贝莱德的ETHA和ETHB产品周五数据同样缺失，这意味着随着缺失数据的补充，本周的最终数字可能会发生变化。然而，就目前已有的数据而言，节奏的变化十分显著：比特币ETF的周环比流入量下降了约97%，而以太坊基金则从6.898亿美元的净流入转为净流出。

前一周的表现异常强劲。9月21日至9月25日期间，美国比特币ETF吸引了约23.9亿美元的流入，这被描述为自2025年10月以来的最大单周流入量。根据已确定的每日数据，仅周一就有9.99亿美元入账，随后周二为7.147亿美元，周三为3.469亿美元，周四为1.907亿美元，周五为1.345亿美元。

比特币ETF资金流从23.9亿美元骤降至初步统计的8,290万美元

This week's Bitcoin fund flow sequence was initially positive, but never reached the level of previous week's purchases. On Monday, September 28, the spot Bitcoin ETF absorbed US$31 million; on Tuesday, it flowed again US$66.2 million. However, the direction changed sharply on Wednesday, when investors withdrew $148.7 million. This September 30 trading day ended nine consecutive trading days of positive capital flow records for Bitcoin ETF. Fidelity's FBTC accounted for $125.6 million of that divestment, while BlackRock's IBIT lost only a relatively small $9.5 million.

The $148.7 million reversal on September 30 marked a significant interruption in the institutional buying trend, which gradually took shape in late September. The category rebounded on Thursday, recording $102.7 million in inflows, while Farside's currently incomplete data showed another $31.7 million in inflows on Friday. This resulted in an initial weekly total of $82.9 million: $31 million on Monday,$66.2 million on Tuesday,$148.7 million on Wednesday,$102.7 million on Thursday, and $31.7 million currently reported on Friday.

BlackRock bought, while the rest of the market sold

The overall numbers also masked an unusually concentrated week. BlackRock's IBIT attracted approximately $292 million in inflows from Monday to Thursday, of which it reached $195.6 million on October 1 alone. In comparison, the total net inflow of all Bitcoin ETFs over the same four trading days was only US$51.2 million. This means that the entire Bitcoin ETF portfolio excluding IBIT was a net seller between Monday and Thursday, with a size of approximately $240.8 million.

Fidelity's FBTC is one of the clearest sources of redemption. It lost $10.9 million on Monday, had no liquidity on Tuesday, lost $125.6 million on Wednesday, lost another $60.7 million on Thursday, and then absorbed $29.3 million in preliminary Friday data. Based on currently reported figures, FBTC has accumulated losses this week of approximately $167.9 million. Grayscale's GBTC also posted a net loss of $54.6 million this week, including $23.2 million on Monday and $31.4 million on Thursday.

This concentration was particularly clear on Thursday. IBIT absorbed $195.6 million, while Fidelity, Bitwise, ARK, Invesco, VanEck and GBTC all recorded divestments. BlackRock's size alone is enough to pull the entire category back to a positive earnings result of $102.7 million.

Ethereum ETF capital flow turned from US$689.8 million in inflow to US$118 million in outflow

Ethereum's transformation is even more complete. The spot Ethereum ETF attracted $689.8 million in inflows during the week last week, closing positive every trading day. That record includes $270 million on September 21,$162.2 million the next day,$104.5 million on Wednesday,$66.1 million on Thursday, and $87 million on Friday.

Institutional demand for Ethereum accelerated to nearly $690 million a week. The week started with only $17.1 million in inflows on Monday, September 28. The fund then lost $2.8 million on Tuesday,$59.6 million on Wednesday, and $55.4 million on Thursday. Farside currently shows withdrawing another $17.3 million on Friday. This left an initial net outflow of $118 million this week.

贝莱德的缺失周五数据在此也很重要。ETHA和ETHB在Farside当前的表格中没有10月2日的报告数据，因此最终的每周结果仍可能发生实质性变化。

29,000个就业岗位的数据并未引发ETF的大规模涌入

周五也为加密ETF需求对宏观经济的敏感性提供了一个不寻常的测试。根据美国劳工统计局的数据，美国经济在9月仅增加了29,000个非农就业岗位，而失业率上升至4.2%。7月的数据从增加的21,000个修订为减少10,000个，8月则从162,000个下调至133,000个。这份报告大幅降低了市场预期，即美联储在9月加息后会在10月继续采取行动。CME FedWatch定价显示，在就业数据公布后，10月加息的概率立即降至约14%，而在报告发布前这一概率约为24%，早先一周的概率要高得多。

分析显示，29,000个工作岗位的数据将10月美联储加息的预期价格推低至约15%。原则上，这应该改善比特币等资产的流动性背景：预期的利率降低减少了现金的相对吸引力，并缩短了投资者对风险资产应用的贴现率。但是，ETF市场并没有显示出即时的大量配置浪潮。Farside目前记录周五只有3,170万美元的比特币流入和1.73亿美元的以太坊流出，尽管贝莱德缺失的报告使这两个数字都不完整。

This was the main message of the week: the macro background has become more favorable, with Bitcoin ETF funds flowing remaining positive, but institutional demand that generated $2.39 billion in purchases a week ago has not continued at nearly the same pace. The precise weekly total remains uncertain until BlackRock's numbers arrive on Friday. But the direction of the slowdown is clear: Bitcoin ETF demand fell from billions of dollars to tens of millions of dollars, while Ethereum funds are fully redeemed.