Bitcoin ETF Outflows Top 42,000 BTC in 2026 as Short-Term Demand Improves

Highlights:

• More than 42,000 BTC have left spot Bitcoin ETFs so far this year, but recent demand is starting to recover.
• Bitcoin ETF flows improved strongly in recent weeks, pushing the 30-day netflow to around $21.9 billion.
• Bitcoin is now above the ETF investors’ average cost near $72,000–$73,000, putting their holdings back in profit.

Bitcoin exchange-traded funds (ETFs) demand is showing a sharp short-term recovery after months of heavy outflows, according to new CryptoQuant data. While more than 42,000 BTC has left spot Bitcoin ETFs so far in 2026, recent flows suggest institutional demand is beginning to improve.

CryptoQuant analyst Darkfost shared the data on September 10, which points to a clear change in the recent trend. “Outflows have consistently dominated, with more than 42,000 BTC having left the ETFs so far this year. However, we can see that the short-term trend is improving,” Darkfost said. A separate CryptoQuant analysis showed that the 30-day Bitcoin ETF netflow has climbed to about $21.9 billion, while Bitcoin was trading near $78,400.

Note that in 2026, outflows have consistently dominated, with more than 42,000 BTC having left the ETFs so far this year.

However, we can see that the short-term trend is improving. https://t.co/kZCTe25eXg pic.twitter.com/TBSZyYFbLB

— Darkfost (@Darkfost_Coc) September 10, 2026

Bitcoin ETF Inflows Accelerated in Mid-August

CryptoQuant said the shift began around mid-August. Between August 17 and August 21, Bitcoin ETF netflows totaled roughly $19.6 billion, accounting for most of the current 30-day figure. Bitcoin also strengthened during the same period. The cryptocurrency moved from the low-$60,000 range toward $80,000 as ETF demand recovered.

Another key level is the estimated ETF realized price of around $72,000 to $73,000. The realized price represents the average cost basis of Bitcoin held through the ETF cohort. With BTC trading above that area, the average ETF position has returned to unrealized profit.

CryptoQuant placed Bitcoin ETF MVRV at around 1.07, suggesting the average ETF-held BTC position was sitting on roughly a 7% unrealized gain. An MVRV below 1 would put the average position underwater, while a reading above 1 shows it is in profit. The $72,000 to $73,000 area could therefore remain an important level to watch if Bitcoin faces renewed selling pressure.

Coinbase Premium Also Shows Stronger US Demand

The improvement is not limited to ETF flows. CryptoQuant also reported a recovery in the Coinbase Premium 30-day moving average, a metric often used to track buying pressure from US-based investors. The indicator recovered from negative territory near -$100 and moved back toward positive levels around +$30. Bitcoin’s price, ETF flows and the Coinbase Premium have therefore all improved together during the latest recovery.

However, CryptoQuant warned against reading too much into the headline 30-day ETF figure. Nearly 90% of the current $21.9 billion 30-day netflow came from August 17 to August 21. As those strong inflow days eventually move outside the rolling 30-day calculation, the number could fall sharply even if investors do not begin selling again.

Fresh daily ETF flows will therefore be more useful for judging whether the improvement can continue. For now, the data shows a clear contrast. Bitcoin ETFs remain in net outflow territory when measured across 2026 in BTC terms, but recent demand has strengthened significantly. Holding above the ETF cohort’s $72,000–$73,000 cost basis alongside continued positive daily flows would keep the short-term recovery intact.

At the time of writing, Bitcoin was trading at around $77,958, up 1.19% over the past 24 hours. BTC remains about 38.11% below its all-time high of $126,198, reached on October 6 last year.