Key points

  • U.S. spot Bitcoin ETFs posted $102.7 million of net inflows on October 1 and another $31.7 million on October 2.
  • Spot Ether ETFs recorded $55.4 million of outflows on October 1 and $17.3 million on October 2.
  • The two-day divergence followed a positive September for both groups, showing that short windows should not be treated as a settled trend.

U.S. spot Bitcoin exchange-traded funds began October with two consecutive sessions of net inflows, while their Ether counterparts moved in the opposite direction. Farside Investors' fund-level tables show the Bitcoin products took in $102.7 million on October 1 and $31.7 million on October 2. Spot Ether funds lost $55.4 million and $17.3 million on the same dates. That leaves the Bitcoin group with $134.4 million of net additions across the two sessions, compared with $72.7 million of net redemptions from the Ether group.

A split at the start of the quarter

The contrast was clearest on October 1. BlackRock's iShares Bitcoin Trust recorded $195.6 million of inflows, according to Farside, while several other Bitcoin products posted withdrawals. The combined group still finished positive. On the Ether side, Fidelity's FETH, VanEck's ETHV, Franklin Templeton's EZET and Grayscale's ETHE all registered outflows that day. Grayscale's lower-fee Ethereum Mini Trust recorded a small inflow, but it was not enough to reverse the group total.

Related reporting: US Bitcoin and Ether ETFs pull in $2.85B over four sessions

The second session was quieter. Farside reported $31.7 million of aggregate Bitcoin ETF inflows on October 2, led by $29.3 million for Fidelity's FBTC and $2.4 million for Morgan Stanley's MSBT. Ether funds posted $17.3 million of net outflows, all attributed in the table to Fidelity's FETH. The data does not establish why investors chose one product or asset over another, and daily creations and redemptions can reflect portfolio rebalancing, liquidity needs or tactical allocations rather than a broad conviction shift.

September puts the move in context

The opening split followed a month in which both categories attracted substantial capital. The Block, citing SoSoValue data, reported that U.S. spot Bitcoin ETFs gathered $2.65 billion in September, down from $3.52 billion in August but still their second-largest monthly inflow since October 2025. Spot Ether ETFs added $832.43 million in September, compared with $1.85 billion in August. Against those monthly totals, two trading days are meaningful as an early signal but too short to define the quarter.

What the flows do and do not show

ETF flows are one measure of demand for regulated market access to crypto assets. They are not the same as price performance, trading volume or the number of investors entering or leaving a fund. A net inflow means creations exceeded redemptions across the products in the group; it does not reveal whether the underlying buyers are long-term allocators, short-term traders or participants using the shares in hedged positions. The comparison also spans products with different fee structures, liquidity profiles and launch histories. Bitcoin funds remain the larger market in aggregate, so a dollar-for-dollar daily comparison should not be read as a direct measure of relative enthusiasm. What the two sessions do show is where net share creation was concentrated at the start of the quarter.

The figures also remain subject to routine data updates. Farside notes that its tables are generated automatically and may contain inaccuracies, while issuer reporting schedules can leave some cells blank until data arrives. The next several sessions will show whether Bitcoin's early-October advantage persists or whether Ether funds regain the positive momentum they carried through September. For now, the verified numbers point to a sharp but still preliminary divergence between the two largest U.S. spot crypto ETF markets.

Sources

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