U.S. spot ETFs saw heavy buying when Bitcoin crossed the $85,000 mark in late September. Between September 21 and October 6, they recorded nearly $3 billion in inflows, their strongest pace of buying since November 2025.

This buying momentum didn’t last. Since October 7, these funds have recorded around $760 million in net outflows. With ETFs selling and major buyers selling at prices close to their breakeven point, underlying demand for the price is weak. A return to steady inflows in the #ETF would be the clearest sign of a revival in demand.