Bitcoin (CRYPTO: BTC) spot ETFs recorded $347 million in net inflows on Sept. 23, pushing weekly inflows to $2.06 billion, their strongest weekly showing since October 2025.
Crypto analyst Scott Melker pointed to broadening institutional demand behind Bitcoin’s rebound.
Did ETF Demand Confirm BTC Breakout?
Melker on Wednesday said the latest ETF inflows provide “real institutional confirmation” behind Bitcoin’s rebound, arguing the breadth of demand matters as much as the headline numbers. He also noted that large ETF inflow days can sometimes be heavily concentrated in BlackRock’s IBIT, where institutional investors can use the fund alongside futures and options for carry trades.
However, he highlighted that recent demand has been spread across multiple ETF products rather than dominated by BlackRock.
That distinction makes the inflows more compelling because it potentially points to broader investor demand rather than primarily arbitrage-driven positioning.
Are ETF Buyers Building A Floor Under BTC?
Melker also pushed back against the idea that Bitcoin’s rebound from the $60,000 range into the $80,000s was driven solely by a short squeeze.
Bitcoin initially held around $80,000 despite historic short liquidations before pushing toward $88,000 while ETF demand remained positive, which Melker views as evidence of an institutional and retail “floor” underneath the rally.
He believes many ETF investors outside arbitrage-focused funds are buying Bitcoin exposure with a longer-term horizon.
That combination suggests there is a “real institutional and retail floor” underneath the move.
"I think we’re getting a sustained floor. I think people are really starting to believe that this is real," Melker said.
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