Spot Bitcoin ETFs Turn Positive for 2026 After $2.4B Weekly Inflow

Spot Bitcoin ETFs turned positive on 2026 year-to-date net flows, reaching about +$934.1M after sitting roughly $5.8B in the red in mid-July, The Block reported on September 26. A seven-day $2.4B weekly inflow, the largest since October 2025, drove the turnaround, according to The Block. Price also crossed Bloomberg analyst James Seyffart's estimated average ETF investor cost basis of $81,722.

From $5.8B in the Red to Positive

By mid-July 2026, year-to-date net flows into spot Bitcoin ETFs sat roughly $5.8B in the red. The 2026 year-to-date net flows now stand at about +$934.1M, according to The Block.

The Block described the $2.4B week as the largest weekly inflow into spot Bitcoin ETFs since October 2025, and that seven-day inflow turned 2026 year-to-date net flows positive.

The Run That Began September 17

The swing came from a stretch of spot Bitcoin ETF inflows that began September 17. Bitcoin Magazine counted more than $2.8B of those inflows through September 25.

The Block counted $3.0B of inflows through its September 26 cutoff, one trading day beyond Bitcoin Magazine's September 25 count of the same run.

Within that run, the seven-day $2.4B weekly inflow was the largest for spot Bitcoin ETFs since October 2025, according to The Block.

Average ETF Holders Back in Profit

Bloomberg analyst James Seyffart estimated the average ETF investor cost basis at $81,722 in a September 21 post, Bitcoin Magazine reported. As price crossed that $81,722 level, average holders were back in profit for the first time since January 2026.

Bitcoin Magazine reported on September 25 that bitcoin reached as high as $87,330 earlier that week. Bitcoin traded at $83,975 on September 28, 2026, still above the $81,722 average ETF investor cost basis.

Average ETF holders were last in profit in January 2026, and price crossing Seyffart's $81,722 cost basis estimate put average holders back in profit.

Why It Matters

Spot Bitcoin ETFs swung from roughly $5.8B in the red in mid-July to about +$934.1M in 2026 net flows, which shows that more than $2.8B of new buying since September 17 outweighed the earlier outflows. With bitcoin at $83,975 above the $81,722 average ETF investor cost basis that Bloomberg analyst James Seyffart estimated, average holders are back in profit for the first time since January 2026, so the ETF crowd that sat underwater all year now has a reason to stay. In our view, the seven-day $2.4B weekly inflow into spot Bitcoin ETFs, the largest since October 2025, shows demand for bitcoin, and every ETF share bought in that run is a custodial claim that holders could replace with bitcoin in self-custody.