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Institutional investors have been quietly making up their minds about Bitcoin, and the answer, at least for the past week, has been yes. US spot Bitcoin and Ether ETFs together pulled in approximately $452 million in net inflows on September 23, extending a streak that has become one of the more consequential stretches of ETF flow data in recent memory.
BlackRock’s iShares Bitcoin Trust, known by its ticker IBIT, sat at the front of that parade. The fund has been the consistent leader throughout this inflow window, drawing $381.4 million on September 21 and $350.3 million on September 22, cementing its position as the gravitational center of institutional Bitcoin exposure in the US market.
From outflows to a $2B-plus reversal
Context makes these numbers more interesting. Just days before the streak began, Bitcoin ETFs were bleeding: roughly $746 million in net outflows hit across September 15 and 16.
What followed was a swift about-face. The four-day inflow streak running through September 22 accumulated somewhere between $2.1 billion and $2.3 billion in net new money.
Bitcoin’s price held relatively steady through this stretch, trading in the $84,000 to $87,000 range.
Total assets across all US spot Bitcoin ETFs reached approximately $111 billion during this period. IBIT alone accounts for roughly $67.9 billion of that figure, meaning BlackRock holds about 61 cents of every dollar sitting in this product category.
Ether ETFs find their footing too
Bitcoin wasn’t the only beneficiary. Ether ETFs recorded inflows estimated between $162 million and $270 million on recent trading days, a range that reflects some disagreement among data sources but points in the same direction regardless of which figure you use.
Ether ETFs have had a considerably shorter runway in the US market, having launched after their Bitcoin counterparts, and building meaningful AUM has been a slower process.
What the flow data actually tells us
IBIT’s dominance in this cycle also carries competitive implications for every other spot Bitcoin ETF operator in the US. The $67.9 billion AUM figure creates a liquidity profile and operational credibility that tends to attract more inflows, compounding the advantage over time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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