What happened?
Bitcoin spot ETFs rebounded on September 24 with $241 million in net inflows after two days of big withdrawals. BlackRock’s IBIT led the gains while Fidelity, Ark/21Shares and Bitwise also saw inflows, lifting total Bitcoin ETF assets to about $149.7 billion. At the same time, Ethereum ETFs continued to see redemptions, recording $79.4 million in outflows and leaving ETH spot ETF assets near $27.4 billion.
Who does this affect?
Investors in crypto ETFs — both institutions and retail — are directly exposed, since fund flows drive liquidity and price moves. Big asset managers and custodians like BlackRock, Fidelity, Ark, Bitwise and Coinbase feel the effects through changing inflows, outflows and custody concentration. Traders and derivatives markets are also impacted because sizable ETF flows can trigger liquidations and amplify short-term volatility.
Why does this matter?
The rebound shows that Bitcoin ETF demand can quickly return, helping support spot liquidity and short-term price resilience. But the recent pullback in institutional buying and ongoing ETH redemptions increase the risk of more volatility or a deeper correction if flows don’t pick up. Overall, ETF flows concentrate capital and custody (notably at Coinbase), so shifts in those flows can have material ripple effects across crypto prices and market conditions.