Crypto exchange-traded funds absorbed $6.8 billion over six consecutive weeks through mid-September 2026, pushing the four-week rolling average to roughly $1.50 billion and the strongest sustained appetite since November 2025, according to data compiled by the Kobeissi Letter and tracked by CoinGlass.

BlackRock's iShares Bitcoin Trust (IBIT) collected approximately $3.4 billion during the streak, accounting for about 50% of the industry's total inflows. The figures sharpen a pattern visible since spot Bitcoin ETFs launched in January 2024: a single product is doing the heavy lifting for the category.

Last week's net inflow of about $1.3 billion followed a $3.3 billion haul the week prior, per the same data set. The four-week moving average now sits at its highest level in roughly ten months.

How concentrated are the inflows?

The concentration in IBIT has tightened through the cycle. BlackRock's fund has consistently captured the largest share of net creations, and the latest six-week window extends that lead.

• IBIT inflows (six weeks): ~$3.4 billion
• Total crypto ETF inflows (six weeks): ~$6.8 billion
• IBIT share of crypto ETF inflows: ~50%
• Last week crypto ETF inflow: ~$1.3 billion
• Prior week crypto ETF inflow: ~$3.3 billion

US spot Bitcoin ETFs recorded four consecutive daily outflows totaling about $462.7 million during the same stretch. The pattern signals meaningful intra-week volatility beneath the headline weekly totals.

Is capital rotating from Bitcoin to Ethereum?

Spot Ethereum ETFs attracted approximately $216.4 million in a single session last week, with BlackRock's ETHA contributing $148.8 million of that total. The session revived the prospect that some institutional allocators are diversifying out of pure Bitcoin exposure.

Ethereum's price briefly advanced from about $2,403 to $2,666, a 7.8% move, before pulling back. ETH now trades near its converged 100- and 200-hour moving averages around $2,494-$2,497, according to charts cited by the source.

The price action has not been decisive enough to confirm a sustained rotation. Bitcoin remains the dominant institutional crypto asset by assets tracked through US-listed ETFs, and the largest spot BTC products continue to absorb the bulk of net creations.

What could break the streak?

Bitcoin trades around $78,000, having found support in the $75,668-$76,279 range. A sustained move above the 200-hour moving average near $78,151 could put last week's highs between approximately $79,850 and $80,537 back into focus.

Two countervailing forces complicate the picture. Reserves of Bitcoin held on Binance have reportedly climbed to their highest level of 2026, raising the supply potentially available for sale. At the same time, leveraged perpetual futures positioning has grown, increasing the risk of cascading liquidations if momentum reverses.

Whether ETF demand holds as Bitcoin approaches $80,000 will determine whether the recovery develops into a broader rally or stalls at resistance. The next consolidated monthly fund-flow print, due in early October, will give allocators a cleaner read on whether the six-week streak is structural or tactical.