A buying frenzy over nine consecutive trading days suddenly hit the brakes. As of U.S. Eastern time on September 30, the U.S. spot $BTC ETF recorded a total net outflow of approximately $149 million. All 12 products saw zero net inflow, and in the same period spot Ethereum ETFs also saw net outflows of nearly $60 million. Over the past two weeks, the marginal liquidity that had been steadily injected through over-the-counter institutional channels surprisingly went collectively quiet at the end-of-month window.
Previously, over nine trading days, more than $3 billion in net inflows had accumulated, forming the most core spot-driven push behind the market. A full-day pullback alone cannot directly be taken as a complete reversal of the capital trend. More likely, after continuously pushing higher, the large funds leading the incremental demand chose a tactical pause in a dense resistance zone overhead. Immediately afterward, spot absorption capacity showed a brief gap.
The next watershed hinges on whether liquidity supply can reconnect in the short term. The key is whether, over the next few trading days, institutional channels can quickly resume net inflows to digest in-market derivative profit-taking; if the outflow trend evolves into a normal, multi-day pattern, tightening spot liquidity will force prices to pull back and revisit the lower-range chip area to find support.
Previously, over nine trading days, more than $3 billion in net inflows had accumulated, forming the most core spot-driven push behind the market. A full-day pullback alone cannot directly be taken as a complete reversal of the capital trend. More likely, after continuously pushing higher, the large funds leading the incremental demand chose a tactical pause in a dense resistance zone overhead. Immediately afterward, spot absorption capacity showed a brief gap.
The next watershed hinges on whether liquidity supply can reconnect in the short term. The key is whether, over the next few trading days, institutional channels can quickly resume net inflows to digest in-market derivative profit-taking; if the outflow trend evolves into a normal, multi-day pattern, tightening spot liquidity will force prices to pull back and revisit the lower-range chip area to find support.