According to analyst Nate Geraci from ETF, since the U.S. Treasury Department announced an expansion of long-term Treasury bond repurchases, spot Bitcoin in the United States has attracted approximately $5.3 billion in funds.
- After the Ministry of Finance announced an expansion of long-term government bond repurchases in August, $5.3 billion flowed into spot Bitcoin ETF.
- As of the week of September 25th, the overall net inflow of Bitcoin ETF in the United States amounted to 2.4 billion US dollars.
- On Monday, $999 million flowed into these funds, which is the ninth largest single-day inflow since their inception according to historical data.
- After experiencing a deficit of $5.8 billion in July, the capital flow of Bitcoin ETF turned positive in 2026.
- Market data shows that IBIT under BlackRock led last week, with a net inflow of approximately $1.2 billion.
On September 26, Geraci stated that these funds attracted $2.4 billion in a single week, with approximately $1 billion flowing in on Monday. According to historical data, this represents the ninth largest single-day net inflow for the US spot Bitcoin ETF since its launch in January 2024.
This rebound has brought the capital flows for 2026 back into a positive range. Previously, by July, such funds had experienced nearly $5.8 billion in net outflows for the year. Market data shows that after five consecutive trading days of capital inflows, the net inflow from the beginning of the year to date is approximately $934 million.
After the Ministry of Finance's repurchase announcement, Bitcoin ETF has seen a cumulative inflow of $5.3 billion.
On August 19, the U.S. Treasury Department announced that it would increase the maximum scale of liquidity support repurchase operations involving longer-term nominal U.S. Treasury bonds.
The maximum size for transactions in the 10 to 20-year and 20 to 30-year periods has been increased from $2 billion to at least $4 billion. The larger-scale transactions took effect on September 9 and are scheduled to last until November 4.
Geraci linked the timing of the recovery in ETF funds with this policy announcement. His calculations show that since then, the cumulative net inflow of spot Bitcoin ETF has been approximately 5.3 billion US dollars.
This figure describes two changes that occurred during the same period, and it cannot alone prove that the Ministry of Finance's repurchases led investors to allocate their funds to Bitcoin funds.
The Ministry of Finance stated that the expanded operations are aimed at providing more liquidity to the long-term government bond market. The Ministry explained that the reason for increasing the trading volume is that market participants in these maturity ranges have continuously offered strong bids.
On August 19, as the Ministry of Finance announced its repurchase plan, long-term yields declined while the prices of risk assets strengthened. Reports indicated that the yield on 30-year U.S. Treasury bonds fell after reaching a 19-year high.
The observation of Geraci focuses on the capital flow of ETF since the announcement date, while the larger-scale transactions by the Ministry of Finance did not begin until September 9th.
Bitcoin ETF raised $2.39 billion in a week
The strongest rebound occurred during the trading week from September 21 to 25. According to the data compiled by crypto.news from Farside Investors, U.S. spot Bitcoin funds recorded net inflows for five consecutive trading days, totaling approximately $2.39 billion. On Monday, there was an inflow of about $999 million, on Tuesday it was $714.7 million, and on Wednesday it was $346.9 million.
An additional $190.7 million was added on Thursday, and another $134.5 million flowed in on Friday. The total inflow over five consecutive trading days has reached the highest weekly level since October 2025.
According to the weekly report on ETF capital flows by crypto.news, BlackRock's iShares Bitcoin Trust led the way during this period, with a net inflow of approximately $1.16 billion. Fidelity's FBTC attracted $701.6 million, and ARKB from 21Shares increased by $294.7 million.
Morgan Stanley’s MSBT received another $203.3 million this week, which is the largest single-week inflow for the fund since its establishment in April.
According to data cited by The Block from SoSoValue, the inflow of $999 million on Monday was the strongest single-day total since 2026 and also the ninth-largest single-day net inflow for spot Bitcoin ETF in the United States since its launch. There was a slowdown in the daily inflow rate thereafter, but these funds continued to maintain a net inflow until Friday.
In 2026, the ETF capital flow will recover from a deficit of $5.8 billion.
The latest round of subscriptions reversed the weak trend of the first seven months of this year. Around July 13th, the capital flow of Bitcoin in the United States ETF was still in a net outflow of about $5.8 billion since the beginning of the year. The capital inflow in the most recent week brought the net flow for 2026 back to a positive value, at approximately $934 million.
According to separate calculations based on Farside, the low point for the year was close to a net outflow of $5.69 billion. By September 22, these ETF capital flows turned positive for the first time since May 26.
Since their launch in January 2024, these funds have seen a cumulative net inflow of approximately $57.6 billion, and as of Friday's close, their total net assets amounted to around $108.4 billion.
This turnaround did not occur in a linear manner. During the week from September 14th to 18th, Bitcoin funds only recorded a net inflow of about $6.1 million, as there was a total outflow of $746.3 million on Tuesday and Wednesday. The inflow of $433 million on Friday made up for most of the decline.
According to reports by crypto.news after the Federal Reserve meeting, on September 17th the flow of funds began to change, with 159.5 million US dollars flowing into these funds on that day. In the following trading day, another 433 million US dollars flowed in, and then the demand further accelerated on the following Monday.
After the demand for ETF increased, Bitcoin remained around $84,000.
During the few days of continuous capital inflow into ETF, the price of Bitcoin once rose significantly, only to later give back some of that gain. BTC Earlier this week, Bitcoin broke through $87,000, reaching a high of around $87,363, before falling back to around $84,000, the level seen on September 26th. crypto.news reported that on Friday morning, Bitcoin was trading at around $84,008 on the Binance platform. Over the past 7 days, this cryptocurrency has still risen by about 3.8%, while the total market value of cryptocurrencies is close to $2.98 trillion.
In related reports, crypto.news stated that this round of gains began in tandem with stronger demand for ETF. On September 21, $999 million flowed into Bitcoin funds, and another $714.7 million followed the next day. During the same period, futures traders added more than $2 billion in open positions. Despite the continuous subscription to ETF, Bitcoin still saw a decline afterward. crypto.news reported on September 25 that funds had seen net inflows for six consecutive trading days, while BTC was consolidating around $84,000.
On September 26th, selling orders were mainly concentrated in the range of around $85,000 to $85,800, with the four-hour Supertrend indicator at approximately $86,435. After pulling back from its intraweek high, Bitcoin was still above the 20-period moving average on the daily chart.
The Ministry of Finance's repurchase program continues until November 4th.
The expanded long-term repurchase program of the Ministry of Finance is still being carried out according to the current quarter's refinancing cycle.
According to the announcement on August 19th, each transaction within the target long-term period can reach at least $4 billion, which is twice the previous upper limit of $2 billion. The Ministry of Finance stated that it will provide information on future repurchase volumes during the next quarterly refinancing on November 4th.
The Treasury Department described these transactions as operations to support the liquidity of older versions of U.S. Treasury bonds, rather than monetary stimulus, nor were they purchases made by the Federal Reserve.
Geraci uses the announcement date from the Ministry of Finance as the starting point to measure the capital flow of Bitcoin funds, resulting in a calculation of $5.3 billion for ETF. According to The Block, Bloomberg ETF analyst Eric Balchunas also mentioned the same period during discussions about the ETF rebound.
As of Friday, inflows of $134.5 million extended the consecutive net inflow trading days for Bitcoin ETF to 7 days. This round of inflows, which began on September 17th, had accumulated to about $3 billion by the end of the weekend.
