Bitcoin Holds $84,000 as ETF Flows Split Across Crypto Markets
Bitcoin ETF demand recovered into the end of the week even as most major crypto assets traded lower, creating a clear divide between where fund capital moved and how the underlying tokens performed.
Summary:
- Bitcoin ETFs attracted $82.9 million despite broader crypto weakness.
- Ethereum funds recorded four consecutive outflow sessions.
- Zcash suffered the strongest combination of ETF redemptions and falling price.
- Solana, XRP and Hyperliquid remained positive, but flows were small.
Bitcoin traded at $84,836.04 on Oct. 3 after gaining 0.89% over seven days. Its U.S. spot ETFs finished the Sept. 28-Oct. 2 period with $82.9 million in net inflows, overcoming a large midweek withdrawal, according to FarSide Investors.
Ethereum and Zcash moved in the opposite direction. ETH funds suffered persistent redemptions across the final four sessions, while Grayscale’s Zcash product recorded withdrawals on four of five trading days.
The differences become clearer when weekly fund flows are placed beside the underlying assets:
Bitcoin Recovers From the Week’s Largest ETF Withdrawal
Bitcoin’s positive weekly result was built around a sharp reversal in the second half of the period.
Funds took in $31 million on Sept. 28 and another $66.2 million on Sept. 29, before a $148.7 million withdrawal on Sept. 30 erased those early gains.
The reversal came one session later.
Spot Bitcoin ETFs attracted $102.7 million on Oct. 1, with BlackRock’s IBIT recording $195.6 million by itself. That inflow absorbed simultaneous withdrawals from Fidelity, Bitwise, ARK, Invesco, VanEck and Grayscale products.
Demand remained positive on Oct. 2, when another $31.7 million entered the category. Fidelity’s FBTC accounted for $29.3 million and Morgan Stanley’s MSBT added $2.4 million.
The sequence makes Bitcoin’s weekly total more useful than a simple positive or negative reading. Funds absorbed the largest single-day withdrawal of the week and still finished with fresh capital, while BTC remained above its level from seven days earlier.
Ethereum’s Withdrawal Streak Tells a Different Story
Ethereum started the period with $17.1 million of inflows on Sept. 28. That was its final positive session.
A modest $2.8 million withdrawal followed on Sept. 29 before redemptions accelerated to $59.6 million on Sept. 30 and $55.4 million on Oct. 1. Another $17.3 million left the funds on Friday.
Fidelity’s FETH was consistently on the negative side, recording withdrawals during each of the final four sessions. Its largest daily exits were $26.6 million on Wednesday and $23.5 million on Thursday.
Grayscale’s ETHE added $27.9 million of withdrawals across those same two sessions.
This separates Ethereum’s week from Bitcoin’s. BTC experienced a large but temporary midweek reversal. Ethereum’s result developed through four consecutive sessions of net selling across several products.
The flow data do not identify a single catalyst for those withdrawals. Without corresponding evidence on institutional positioning or investor motivation, attributing the sequence to one macroeconomic or crypto-specific event would go beyond what the figures establish.
Zcash Redemptions Accelerate Into Friday
Zcash produced the most persistent negative ETF pattern alongside Ethereum.
Grayscale’s ZCSH lost $8.1 million on Sept. 28, remained unchanged on Tuesday and then saw withdrawals accelerate to $30.2 million on Sept. 30.
Another $12.4 million left on Thursday, followed by $26.9 million on Oct. 2.
Unlike Bitcoin and Ethereum, the supplied Zcash data represent a single fund rather than flows distributed among multiple issuers.
READ MORE: Ethereum’s Glamsterdam Test Looms as ETH Leverage Builds
That makes the weekly number particularly concentrated.
The underlying market also moved in the same direction. ZEC was the weakest performer among the six assets tracked in the comparison, while its fund recorded withdrawals during four of five sessions.
That correlation should not be treated as proof that ETF selling caused the decline. The fund represents only one part of the broader ZEC market, and the supplied data do not establish how much of the token’s spot selling originated from ETF-related activity.
Smaller ETF Markets Finish in the Green
Solana, XRP and Hyperliquid avoided the sustained withdrawals seen in Ethereum and Zcash, although their weekly totals remained small.
Solana opened strongly with $7.7 million on Sept. 28, followed by $5.4 million the next day. A $12.5 million withdrawal on Wednesday erased almost all of those gains.
Flows remained slightly negative Thursday before $1.3 million returned on Oct. 2, leaving the category almost unchanged for the full week.
XRP showed a similarly narrow positive balance.
According to data from Coinglass, the funds attracted $2.61 million on Sept. 28, remained flat for the following two sessions and added $2.73 million on Oct. 1.
Bitwise’s XRP product then recorded a $2.2 million withdrawal on Friday.
Hyperliquid’s pattern was concentrated in the final three sessions. A $5 million withdrawal on Sept. 30 was offset by $5 million of inflows on Oct. 1 and another $3.4 million on Oct. 2.
Together, the three smaller categories attracted only about $7.3 million for the week. Their positive totals therefore indicate stability rather than an allocation shift comparable with Bitcoin’s $82.9 million intake.
Fund Flows Become More Selective as Crypto Market Weakens
The ETF divergence occurred against a softer broader market.
Total crypto capitalization stood near $2.89 trillion, down 1.79% over 24 hours. The CoinMarketCap 20 Index fell 2.47%, while the
Fear & Greed Index remained at 67, still inside “Greed.”
Derivatives positioning was also contracting. Aggregate open interest fell 1.55% to $382.18 billion, while 30-day liquidations totaled $380.24 million, with long positions accounting for $312.79 million.
Those figures provide useful context without explaining the ETF moves by themselves. ETF creations and redemptions reflect a specific segment of investment demand, while derivatives positioning, spot prices and total market capitalization capture different parts of the market.
Across the six ETF categories, the weekly figures amount to approximately $105.4 million in combined net withdrawals. Most of that imbalance came from Ethereum and Zcash, while Bitcoin absorbed fresh capital and the newer Solana, XRP and Hyperliquid products remained close to neutral.
The next week’s opening sessions will offer a more useful continuation signal than the aggregate figure. Bitcoin enters them after two consecutive inflow days, Ethereum after four consecutive outflow days, and ZCSH after its second-largest withdrawal of the week on Friday.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
