U.S. spot bitcoin ETFs logged a third straight week of net inflows, but IBIT alone took in nearly twice the group's total while Fidelity's fund bled. Bitcoin, meanwhile, failed again just shy of $87,000.
The week's scoreboard says demand for spot bitcoin funds is back. The fund-by-fund detail says most of it went to one address.
U.S. spot bitcoin ETFs took in a net $241.1 million over the five sessions from Sept. 28 to Oct. 2, the third consecutive week of net buying. Friday was the strongest day, with $189.9 million of net inflows, and Thursday added $102.7 million, for $292.6 million across the first two sessions of October.
Strip out the iShares Bitcoin Trust and the picture flips. IBIT gathered $450.2 million over the week, about 187% of the group's net total. Every other fund combined lost $209.1 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) accounted for most of that, shedding $167.9 million, with $125.6 million leaving on Sept. 30 alone, the session that dragged the whole complex to a $148.7 million outflow.
Friday's tally showed the same tilt in miniature. IBIT took $158.2 million of the $189.9 million, or 83%. FBTC added $29.3 million and MSBT $2.4 million. No other fund recorded a flow. Cumulative net inflows since the products launched now stand at about $57.9 billion.
Rotation or new money?
The concentration matters because it changes what the inflow total can tell investors. A week in which one fund gains $450 million while its largest rival loses $168 million is consistent with advisers and platforms consolidating into the most liquid product, not only with fresh capital arriving. Both can be true at once, but the headline number cannot separate them.
The cleaner test is breadth. A week in which the funds outside IBIT finish with net inflows would be the first sign that demand is spreading beyond a single allocation channel. Until then, the complex's flow line is effectively IBIT's flow line.
Price stalls at the same ceiling
Bitcoin itself has not followed the money higher. The coin traded at $86,073 early Monday, down 0.5% since midnight UTC, after an overnight high of $86,930 came within about $470 of the $87,397 peak set on Sept. 21. It is the second time in a week that buyers have stalled in the $87,000 area, after Friday's push to roughly $87,200 also faded.
The trend measures remain constructive. Bitcoin sits about 9.6% above its 50-day average of $78,559 and roughly 20% above its 200-day average of $71,425. It is still about 32% below its 52-week high of $126,296.
Ether funds keep leaking
The ether side of the ledger is weaker. Spot ether ETFs posted a fourth straight day of outflows on Oct. 2, losing $37.4 million, and shed about $138 million over the week. Ether traded at $2,720.31 early Monday, little changed on the day.
What to watch: Monday's flow print, released after the U.S. close, and whether funds other than IBIT turn positive. A daily close above $87,400 would clear the September high that has capped two rallies in a week.