Spot bitcoin ETFs log $2.65B September inflows, second-best month since Oct 2025

The detail worth noting is the ranking: a $2.65 billion month lands second only to October 2025, which suggests the ETF channel has settled into a durable baseline of institutional allocation rather than episodic spikes. That distinction matters for how the market reads future flow prints — a softer month may reflect timing rather than a change in demand. Whether this pace holds as a recurring floor, or proves to be the high-water mark of a late-cycle run, is the open question.