U.S. spot Bitcoin ETFs recorded about $1.71 billion in net inflows across Monday and Tuesday, extending a four-session inflow streak as Bitcoin moved above the estimated average cost basis of ETF investors. The two-day surge followed a weaker period for fund flows and coincided with Bitcoin’s return above $86,000.
The funds attracted $998.95 million on Monday and $714.75 million on Tuesday, according to SoSoValue data reported by multiple market sources. Monday’s inflow was the largest single-day intake since October 2025, while Tuesday extended the buying streak and pushed cumulative inflows across four sessions above $2.3 billion.
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Bitcoin ETF inflows accelerate
On Tuesday, BlackRock’s iShares Bitcoin Trust was the biggest receiver with $350.35 million in inflows, while the Wise Origin Bitcoin Fund by Fidelity registered approximately $257.42 million in inflows. Morgan Stanley Bitcoin ETF saw around $99.01 million in inflows, while Grayscale’s Bitcoin offering also had smaller inflows recorded.
Flows on Monday were dominated by some of the largest issuers too. Among them were the IBIT of BlackRock with inflows worth $381.4 million, followed by ARKB at $289.1 million and the Fidelity FBTC at $238.8 million. This level of allocations represented a stark difference compared to the previous week, when Bitcoin ETFs only had around $6.2 million of net inflows per week.
The funds attracted $998.95 million on Monday and $714.75 million on Tuesday, according to a recent post by Crypto Banter. Therefore, consistent creations are an indicator of capital moving into Bitcoin ETFs, despite ETF flows not determining Bitcoin’s future price movements.
BTC Moves Above ETF Cost Basis
The most recent money flows came at a time when the price of Bitcoin had climbed above the $81,722 ETF cost basis estimate compiled by Bloomberg Intelligence. Analyst James Seyffart revealed that the average U.S. spot Bitcoin ETF investor was once again profitable for the first time in months after Bitcoin climbed above the threshold.
That threshold provides additional context for the recent recovery. When Bitcoin traded below the estimated cost basis, the average ETF position was at an unrealized loss based on the calculation. Moving above it changes that aggregate position into an unrealized gain, although individual investors can have substantially different entry prices.
The recent price recovery of Bitcoin has been significant over the past seven days. According to CoinGecko, BTC was trading around $86,183 on September 22 compared to $80,874 on September 18. Bitcoin had even briefly climbed above the $87,000 mark.
Bitcoin ETF Demand Drives Market Uptrend
The rise in the ETF numbers comes amid a lower demand period, meaning the latest developments will matter for the Bitcoin ecosystem in general. Monday’s influx of almost $1 billion was higher than the whole week’s net gains last week. It means that the influx of capital to US-based spot products may have been bolstered by the recovery of Bitcoin’s price.
A number of reasons have been cited by analysts for explaining the recent uptrend of the cryptocurrency. As noted by The Block, quoting Presto Research’s Min Jung, the reasons include risk-on sentiment, increased ETF demand, and short covering because Bitcoin went above the technical levels. All of this happened against the backdrop of the large allocations in the ETF seen on Monday.
Santiment also reported that Bitcoin’s market capitalization increased 36% from August 18, while the S&P 500 gained 0.8% and gold declined 1.5% over the same period. The analytics firm attributed the divergence to liquidity, renewed ETF demand, and short squeezes, while noting that leverage could increase the risk of short-term price swings.
Ethereum ETFs add to crypto demand
Demand has also extended beyond Bitcoin. U.S. spot Ethereum ETFs recorded $162.31 million in net inflows on September 22. The leading one was from BlackRock ETHA, with $88.13 million, then Fidelity’s FETH with $33.64 million, and some other inflows in Grayscale products.
CoinGecko showed Bitcoin’s market capitalization on September 22 as approximately $1.74 trillion with daily trading volumes above $61 billion. According to the latest historical data on September 23, the market capitalization was $1.73 trillion.
Now the immediate question is how long this demand will continue because there have been four consecutive inflows in ETFs. Whether Bitcoin continues above its estimated ETF cost basis, along with creating new funds and on-chain transactions, will give some clues to how the current recovery process is working or not.
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