BlackRock Dominates Fresh US Bitcoin ETF Inflows

U.S. spot Bitcoin ETFs recorded about $292.5 million in net inflows during the first two sessions of October. The initial total of $134.4 million was incomplete because it did not yet include the $158.2 million allocated to BlackRock’s IBIT fund on October 2.

Bitcoin ETFs start October with two positive sessions

The funds attracted $102.7 million on October 1^st, then $189.8 million the next day once data from all issuers were integrated. This second estimate replaces the provisional total of $31.7 million announced before BlackRock’s flow release.

The start of the month thus reverses the movement observed during the last session of September. The updated data summarize the sequence :

• $148.7 million were withdrawn on September 30 ;
• $102.7 million entered on October 1 ;
• $189.8 million were added on October 2 ;
• The total for the first two sessions reaches $292.5 million ;
• ETFs now show two consecutive days of inflows.

The figure of $134.4 million came from adding $102.7 million from Thursday and a partial total of $31.7 million for Friday. This was not a calculation error but a snapshot taken before receiving IBIT’s data.

This difference reminds that daily flows can evolve several hours after close. Some funds publish their creations and redemptions later than others, making initial totals provisional.

BlackRock still dominates Bitcoin ETF flows

On October 1^st, IBIT attracted $195.6 million. This gathering offset outflows seen at several competitors, including $60.7 million for Fidelity’s fund and $31.4 million for Grayscale’s GBTC.

Bitwise lost $6.9 million, while ARK 21Shares, Invesco, and VanEck also ended in the red. Conversely, Morgan Stanley’s fund received $7 million and Grayscale’s Bitcoin Mini Trust $14.6 million.

The October 2 session was much more concentrated. IBIT collected $158.2 million, Fidelity $29.3 million, and Morgan Stanley $2.4 million. Other products recorded no significant net movement.

Over the two days, BlackRock received $353.8 million. This amount exceeds the overall positive flow of $292.5 million, as part of IBIT’s subscriptions served to offset withdrawals recorded in other ETFs.

This concentration tempers market reading. Investors are returning to Bitcoin ETFs, but they largely favor BlackRock’s product. The movement does not translate into uniform progress across all managers.

The employment report supports bitcoin

The flow return coincided with a weaker-than-expected U.S. employment report. The U.S. economy added 29,000 jobs in September, against about 90,000 expected. The unemployment rate rose to 4.2%.

These figures reduced expectations of another Federal Reserve rate hike in October. Lower or stable rates tend to improve the attractiveness of risky assets by reducing the yield offered by bonds.

Bitcoin briefly exceeded $87,000 after the release before returning toward $85,000. This reaction shows investors welcomed the employment slowdown without triggering a sustained break above September’s peak.

ETF flows can support spot demand, as managers generally buy bitcoins to cover new shares creation. However, they alone do not explain the price, which also depends on the dollar, bond yields, and positions in derivatives markets.

ETFs come off a strong September

Bitcoin ETFs had received about $2.65 billion in September, their best monthly total in several months. A series of nine positive sessions starting September 17 notably generated more than $3 billion before the September 30 withdrawal.

The third quarter ended with nearly $6.34 billion in inflows. This gathering allowed 2026 flows to return slightly positive after a deficit close to $5.8 billion observed in mid-July.

The positive start to October fuels the narrative of “Uptober”, a nickname for the month due to bitcoin’s historical performances. “Traders currently estimate that the upside potential exceeds the downside,” said Stephen Wundke, strategy director at Algoz.

However, this seasonality does not constitute a forecast. The next test will come on October 14 with U.S. inflation, then on October 28 with the Fed decision. Continued inflows will depend as much on these data as on the month’s favorable reputation.