Bitcoin ETF inflows are back, but BlackRock is carrying the market into the Fed meeting

US spot Bitcoin exchange-traded funds returned to inflows on Sept. 14, though the rebound remained heavily concentrated in BlackRock and Fidelity.

The funds pulled in a net $159.9 million, ending four consecutive sessions of withdrawals that had removed $462.7 million from the market, according to Farside Investors data. The one-day recovery erased only about 35% of those losses, leaving the products with roughly $302.8 million of net outflows across the five sessions through Sept. 14.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $134.3 million of Monday’s inflows, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $53.3 million. Together, the two products attracted $187.6 million, more than the market’s overall net total because selling elsewhere offset part of the demand.

The ARK 21Shares Bitcoin ETF (ARKB) recorded $42 million of outflows, while Franklin Templeton’s EZBC added $4.6 million and Morgan Stanley’s MSBT took in $9.7 million. Most other funds reported no net movement.

The concentration around IBIT is consistent with a longer trend.

Blockchain data from Arkham Intelligence show the BlackRock fund added about $1.08 billion worth of Bitcoin over the past 20 days, with positive flows on seven of those sessions. Over the same period, Grayscale’s GBTC reduced its Bitcoin holdings by about $254.7 million.

The figures underline how ETF demand has become increasingly uneven across issuers. IBIT has continued accumulating Bitcoin even as the broader fund complex suffered repeated withdrawals, while Grayscale moved in the opposite direction.

The Arkham data track Bitcoin held by the funds and should not be read as a proprietary BlackRock wager on the token. New IBIT creations require Bitcoin to be added to the trust’s holdings as investors buy exposure through the ETF.

Fed decision will test whether the rebound lasts

The return to inflows comes immediately before the Federal Reserve’s Sept. 15-16 policy meeting, adding another test for Bitcoin ETF demand.

The market has already endured four straight sessions of withdrawals heading into Monday, suggesting investors had become more cautious ahead of the decision. A surprise in rates or the Fed’s outlook could shift demand for risk assets and determine whether the Sept. 14 rebound becomes a sustained reversal.

The concentration in BlackRock and Fidelity raises the bar for that recovery. Monday’s positive headline depended heavily on two products, while ARKB continued to lose assets and most other funds remained flat.

If the Fed decision brings renewed risk appetite, subsequent ETF reports will show whether demand broadens beyond IBIT and FBTC. Continued buying in those two funds alongside weaker activity elsewhere would reinforce the pattern already visible in Arkham’s data: BlackRock is capturing an outsized share of Bitcoin ETF demand even when the broader market remains fragile.

A renewed wave of redemptions after the Fed, however, would leave Monday’s $159.9 million inflow looking more like a pause in the selloff than the start of a durable recovery.

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