Bitcoin spot ETF received capital inflows, and Ethereum funds were sold off for nine consecutive days.
On October 9, the U.S. Bitcoin spot exchange-traded funds (ETFs) recorded a net inflow of US$21.13 million. Among them, BlackRock's IBIT performed strongly, attracting US$22.38 million in funds, while Fidelity's FBTC posted a net outflow of US$3.58 million. In comparison, the Ethereum ETF recorded a net outflow of US$56.1 million that day, with BlackRock's ETHA being the main source of outflows, extending the Ethereum ETF's consecutive net outflow trading day to nine days.
Data shows that against the background of both major asset prices falling, market capital flows and changes in exchange positions show completely different trends.
Exchange balances showed the opposite trend
According to Sanitation Intelligence, between October 4 and October 8, the exchange balances of Bitcoin and Ethereum moved in exactly opposite directions. The exchange balance of Ethereum (ETH) increased by more than 100,000 pieces, an increase of nearly 2%, while the exchange balance of Bitcoin (BTC) decreased by approximately 15,000 pieces. This suggests that during this period, Bitcoin is leaving the exchange and Ethereum is returning to the exchange.
At the same time, prices also fell. According to Sanitation statistics, ETH fell by about 10% and BTC fell by about 6% during this period. Previously, Sanitation reported that as of October 6, the spot Ethereum ETF had experienced a net outflow for six consecutive days. At the same time, Bitcoin funds have attracted capital inflows, a figure confirmed by Farside data cited by analysts.
Historical data shows that capital flows fluctuate repeatedly
Looking back at historical ETF data from January 2024 to October 2026, the conversion of capital inflows and outflows occurs repeatedly. Bitcoin funds have experienced large-scale capital inflows many times, for example, peaked close to US$1.35 billion at the end of 2024 and early 2025. However, there has also been a significant wave of redemptions in subsequent stages, including a net outflow of nearly $1 billion around March 2025.
Capital flows have become more frequent since July 2026, but recent activities have remained mixed. Data from the Ethereum ETF also shows that daily capital flows fluctuate with price changes. ETH prices climbed to the US$4,500 - 4,800 range in September 2025, and then fell back to US$1,500 - 2,000 in mid-2026. The latest chart shows that prices had partially recovered to the $2,000 - 2,500 range, but then came under pressure again around $2,500.
The data provided bydoes not establish that ETF fund flows are the sole determinant of price changes for these two asset types.

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