US spot Bitcoin ETFs pulled in $998.9 million in net inflows on Monday, the largest single-day haul since January, as Bitcoin pushed above $86,000 for the first time this year and briefly touched $87,360 on Tuesday. The figures come from SoSoValue flow data and mark a sharp reversal from the outflow streaks that dominated the summer, when persistent redemptions from the same funds were the main drag on price and the most-cited reason institutional money stayed on the sidelines.
BlackRock’s IBIT took in $166 million of the Monday total, the largest share of any single fund. Ether ETFs added $105 million the same day, with BlackRock’s ETHA accounting for roughly $50.8 million. Combined, the two groups drew about $452 million into US-listed crypto funds in one session, and the buying did not stop there.
Bitcoin ETFs logged a fifth straight day of inflows on Wednesday, taking in $346.98 million and pushing the running total to $57.22 billion, per SoSoValue. Ether ETFs stretched their own streak to four days with $104.63 million, lifting their cumulative total to $13.79 billion. XRP funds added $18.04 million, their second-highest daily figure of the month, bringing their total to $1.75 billion. Solana funds drew $13.77 million for a running total of $1.49 billion. The breadth matters as much as the size: all four fund groups posted inflows on the same day spot prices were falling, which has not happened often this year.
| Fund group | Daily inflow | Cumulative total |
|---|---|---|
| Bitcoin ETFs | $346.98 million | $57.22 billion |
| Ethereum ETFs | $104.63 million | $13.79 billion |
| XRP ETFs | $18.04 million | $1.75 billion |
| Solana ETFs | $13.77 million | $1.49 billion |
Prices fell anyway
The inflows landed during a rough stretch for spot prices. Bitcoin dropped from its eight-month high near $87,400 to around $83,300, a 3 percent daily slide that took the total crypto market cap from $3.02 trillion to $2.92 trillion in a single session. Trading volume spiked to $117 billion, well above a calm day, and Bitcoin’s share of the market held near 57 percent, which usually means altcoins took the worst of it.
XRP fell harder than everything else in the top ten, losing 8.6 percent to $1.46. That kind of gap relative to Bitcoin typically means leveraged long positions were liquidated in size and forced selling pushed the price down faster than the underlying move justified. Coinglass counted more than $540 million in liquidations across the market in 24 hours, most of it from longs, and Bitcoin’s open interest fell 6.63 percent over the same window. The long/short ratio on Binance dipped below 1, meaning retail derivatives traders flipped net short even as the ETF money arrived.
The trigger sat outside crypto
The selloff started with bonds. The 10-year Treasury yield posted its biggest single-day gain in 17 months, up 15 basis points, after stronger-than-expected PMI readings. The five-year yield crossed 5 percent for the first time since 2007, and a $70 billion five-year note auction cleared at 5.033 percent, more than 3 basis points above expectations and the second-weakest result since 2018. Bloomberg attributed the move to strong economic data, rising oil prices and weak auction demand arriving at once.
Rate swaps now price three more 25-basis-point Fed hikes over the next year. CME FedWatch puts the odds of a hike at the October 28 meeting near 70 percent, up from 11 percent in late August. The current target range sits at 3.75 to 4.00 percent, and nine months ago most traders expected a third rate cut by now. That gap between expectation and reality is doing most of the damage, and it hits crypto harder than most assets because the sector carries no cash flow to discount against. Higher yields raise the bar for every risk asset, and crypto, as the most liquid 24-hour risk market, reprices first.
Analysts read the flows as conviction
Fundstrat’s head of digital assets, Sean Farrell, told Yahoo Finance the breakout is credible and that he believes the crypto winter is over. Compass Point analyst Ed Engel described the market as being in the early stages of a new bull cycle in the same report. Neither man is making a call on the next week; both are arguing the multi-month trend has turned.
On-chain data points the same way. Santiment noted that wallets holding between 100 and 1,000 BTC have raised their holdings by 2.22 percent over the past two months, a cohort the firm says has historically correlated closely with market direction, with accumulation often appearing before or during stronger price periods. Analyst Ali Martinez flagged a double-bottom pattern on the daily chart with a neckline at $82,500 and kept a $100,000 target, though he noted a close below that level would weaken the setup. Bitcoin sits just above that line now, which makes the next few daily closes the practical test of his thesis.
ETF buyers showing up during a price drop is the detail most market watchers keep returning to. When flows stay positive while spot prices fall, it typically points to longer-term allocation rather than momentum trading, and it cushions the downside. That said, flows can reverse quickly, and the same vehicles that bought $999 million in a day can pull similar amounts out, as the Ethereum funds demonstrated this week when their seven-day, $851 million streak ended with a small outflow on Monday.
The next test comes with the roughly $18.1 billion in Bitcoin and Ether options expiring Friday, where Coinbase reports call options dominating and bullish positioning clustered at key strikes. A pin above the $82,500 neckline through expiry would remove the last bearish chart argument standing, and it would do so while the largest ETF buyers are still adding rather than trimming.