Crypto ETF Month — September 2025: net +$3.8B
September 2025 saw positive net flows into crypto ETFs, with Bitcoin and Ethereum leading the way. The month ended with a total net figure of +$3.8B.
TL;DR
- Net flow: +$3.8B
- Total inflows: +$4.1B
- Total outflows: -$328.1M
- Strongest day: Sep 29 (+$1.1B) · Weakest day: Sep 26 (-$666.7M)
Monthly Overview
In September 2025, net flows into spot crypto ETFs were positive, totaling +$3.8B. Only two assets experienced flows during the month, with Bitcoin and Ethereum being the primary contributors.
Flows by Asset
BTC
Net: +$3.5B / Inflow: +$3.7B / Outflow: -$200.2M
| Fund | Flow |
|---|---|
| BlackRock | +$2.7B |
| Fidelity | +$525.0M |
| Grayscale | -$200.2M |
| 21Shares | +$178.2M |
| Grayscale BTC | +$140.5M |
| Invesco | +$63.4M |
| Bitwise | +$57.1M |
| VanEck | +$52.2M |
| Franklin | +$30.2M |
ETH
Net: +$285.6M / Inflow: +$413.5M / Outflow: -$127.9M
| Fund | Flow |
|---|---|
| BlackRock | +$315.0M |
| Grayscale ETH | +$78.6M |
| Fidelity | -$51.6M |
| Bitwise | -$38.8M |
| Grayscale | -$28.7M |
| 21Shares | -$8.8M |
| Franklin | +$8.6M |
| VanEck | +$6.4M |
| Invesco | +$4.9M |
Weekly Breakdown
| Week | Net flow |
|---|---|
| Sep 2 – Sep 5 | -$537.3M |
| Sep 8 – Sep 12 | +$2.9B |
| Sep 15 – Sep 19 | +$1.4B |
| Sep 22 – Sep 26 | -$1.7B |
| Sep 29 – Sep 30 | +$1.7B |
Biggest Fund Moves
Largest inflows
- BlackRock (BTC): +$2.7B
- Fidelity (BTC): +$525.0M
- BlackRock (ETH): +$315.0M
- 21Shares (BTC): +$178.2M
- Grayscale BTC (BTC): +$140.5M
Largest outflows
- Grayscale (BTC): -$200.2M
- Fidelity (ETH): -$51.6M
- Bitwise (ETH): -$38.8M
- Grayscale (ETH): -$28.7M
- 21Shares (ETH): -$8.8M
Market Interpretation
Bitcoin saw significant capital inflows, particularly from BlackRock and Fidelity, which added +$2.7B and +$525.0M respectively. Ethereum also recorded inflows, albeit to a lesser extent, highlighted by a +$315.0M contribution from BlackRock. Notably, the worst day of the month was September 26, when outflows peaked at -$666.7M, suggesting a period of volatility, while the best day on September 29 saw a recovery with inflows of +$1.1B.
Conclusion
Overall, the month concluded with a net inflow of +$3.8B. This positive momentum indicates continued interest in spot crypto ETFs.