Fidelity leads $148.7 million bitcoin ETF outflow after nine-session run

U.S. spot bitcoin exchange-traded products recorded $148.7 million of net outflows during the September 30 trading session, ending a run of nine consecutive positive sessions, according to the daily fund table compiled by Farside Investors.

The reversal matters because the preceding streak had restored a sustained source of demand through regulated U.S. investment products. Coinburn calculates from Farside’s daily rows that the funds attracted approximately $3.08 billion from September 17 through September 29. Wednesday’s withdrawal equaled about 4.8% of that intake, meaning it interrupted the streak without erasing most of the accumulated inflow.

The result was also concentrated rather than uniform. Fidelity’s Wise Origin Bitcoin Fund, or FBTC, accounted for $125.6 million of the outflow—approximately 84.5% of the group total. Bitwise’s BITB lost $13.6 million and BlackRock’s IBIT lost $9.5 million. Farside reported no net creations or redemptions for the other nine products in its table.

Concentration narrows the signal

A negative aggregate establishes that more money left the product group than entered it during the completed U.S. session. It does not establish a broad exit by every issuer’s investors.

The concentration in FBTC makes that distinction especially important. A large redemption from one product can reflect a single allocation change, portfolio rebalance, tax decision or trading strategy. The available data do not identify the beneficial investors or their motivations, and they do not show whether any associated bitcoin was sold on an open exchange.

The nine-session comparison reinforces the limited scale of the reversal. The positive sequence began with $159.5 million on September 17 and included particularly large totals of $999 million on September 21 and $714.7 million on September 22. It then slowed to $31 million on September 28 and $66.2 million on September 29 before turning negative.

Those figures describe net creations and redemptions, not trading volume. ETF shares can change hands between investors without producing a corresponding inflow or outflow. Authorized participants may also use existing inventory when creating or redeeming shares, so a dollar flow should not be converted directly into a claim that the same amount of bitcoin was bought or sold at one identifiable price.

BlackRock data show the scale of the wrapper

BlackRock’s official product page reported that IBIT held approximately $67.06 billion in net assets at the close of September 30. It listed 1.415 billion shares outstanding and a $47.39 net asset value per share for that date. The fund’s net asset value increased 0.19% during the session even as Farside attributed a $9.5 million outflow to the product.

The juxtaposition illustrates why daily fund flows and investment performance are separate measurements. Net asset value changes primarily with the value of the underlying bitcoin, while flows track estimated additions to or withdrawals from the fund. A product can therefore post an outflow on a day when its net asset value per share rises.

BlackRock also warns that IBIT is not registered under the Investment Company Act of 1940 and is not subject to the same regulatory requirements as conventional mutual funds or registered ETFs. Fidelity similarly describes FBTC as an exchange-traded product holding cryptocurrency rather than a 1940 Act ETF.

What Wednesday established

The defensible conclusion is narrow: the U.S. spot bitcoin product complex moved into net redemptions on September 30 after nine positive trading sessions, and Fidelity’s fund supplied most of the change. The data do not demonstrate that regulated demand has entered a lasting downturn or that the outflow caused any subsequent bitcoin-price movement.

Farside states that its table is generated automatically and may contain errors or inaccuracies. TFTC’s separate tracker reported the same $148.7 million group total and fund-level distribution but cautioned that recent figures can be revised as issuers finalize disclosures. The next completed U.S. session will show whether Wednesday was an isolated redemption or the start of a broader change in flows.