Bitcoin's $2.98B inflow week is hiding a 35% spot volume collapse
Bitcoin drew roughly $2.98 billion into US spot ETFs across seven straight $100 million-plus days through September 25, its best weekly showing in nearly a year, and the same week 24-hour spot volume fell about 35%. That split, institutional accumulation into spot products running flat against collapsing retail participation, is the entire story of this rally, and the whole reason to treat it as structurally fragile rather than comfortably bullish.
Key Takeaways US spot Bitcoin ETFs took in about $2.4 billion net in the week ending Sept 25, the largest weekly gain since October 2025, flipping 2026 year-to-date flows positive. Farside data shows $2.98 billion across seven consecutive $100M-plu…
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