The wrappers just erased a year of red ink in five sessions.

U.S. spot bitcoin ETFs took in about $2.4 billion in the week ended September 25 — the largest weekly print since the week of October 10, 2025 ($2.7 billion, when bitcoin was tagging $126,000). That haul flipped 2026 net flows positive at roughly $934 million, after the complex sat about $5.8 billion underwater as recently as July 13. Lifetime net creations are back around $57.6 billion. Combined net assets sit near $108 billion. Bitcoin spent the back half of the week consolidating in the mid-$84,000s, not at the $87,000 high that opened the week. The bid did not need a new high to show up.

How the week actually printed

Monday September 21 did the damage: $999 million, 2026’s fattest day and the largest since October 6, 2025. Then the tape faded in a straight line — $715 million Tuesday, $347 million Wednesday, $191 million Thursday, $135 million Friday. First two days were about 72% of the week. Friday was a rounding error next to Monday and still green. A seven-session streak from September 17 totals about $3.0 billion, which more than offsets the −$746 million Clarity-and-Fed bleed of September 15–16.

Issuers: IBIT took about $1.2 billion of the week. FBTC about $702 million. ARKB about $295 million. Those three were more than 90% of the flow. Morgan Stanley’s MSBT had a notable Tuesday. The usual suspects did the work.

What flipped the year

Spot ether ETFs were not spectators. They took in about $690 million the same week after a $140 million outflow the week before. Solana products printed one of their better days since the October 2025 launch. The bitcoin number is the one that rewrote the scoreboard. From mid-July’s hole, the category has taken in on the order of $6.5–$6.6 billion. That is a second-half allocation, not a January chase. Average ETF holder cost near $82,000 is in the money again on an $84,000 coin.

Read the deceleration

A $2.4 billion week with a decaying daily print is still a $2.4 billion week. It is also a market that did its buying into the squeeze and then idled while the 10-year sat on 5% and PMI ran hot. Institutional demand after the Treasury-buyback chatter and the break of prior resistance is the sell-side sentence. The flow table is simpler: creations continued after price failed $87,000. That is more useful than a victory lap.

2025 is still the bar

Last year these funds took in about $21 billion. Matching that from here would take a pace this streak has beaten on some days and will not beat on a quiet Friday. Positive YTD is a psychological line, not a cycle high. $934 million after a $5.8 billion hole is the recovery. $108 billion of AUM is the stock. $135 million on Friday is the question for the next five sessions — whether the bid that showed up at $87,000 still shows up at $84,000 when there is no short squeeze left to finish the job.

The wrappers flipped the year. Price did not flip the range. Those can both be true until the next outflow day.