2.39 billion US dollars flowed into US spot Bitcoin ETFs in a single week, while at the same time the computing power of the Bitcoin network fell to its lowest level in three weeks. Two figures that should normally move in the same direction are currently diverging. That is exactly what makes the Bitcoin market on September 27, 2026 one of the most contradictory stories of the year.
While institutional investors are pumping more capital into Bitcoin ETFs than at any point since October, miner networks are technically retreating. The combination of record Bitcoin ETF inflows and a shrinking hashrate raises a central question: who is right, the capital markets or the miners?
Table of Contents
Image: “Holding Bitcoin cryptocurrency coin.jpg” by Satheesh Sankaran, licensed CC BY 2.0, source: Wikimedia Commons
Key Takeaways
- Bitcoin ETF inflows of 2.39 billion US dollars within one week mark the strongest figure since October [1][2].
- Bitcoin is trading at around 84,500 to 84,600 US dollars, after briefly crossing but failing to hold the 87,000 US dollar mark [9].
- The Bitcoin network’s 7-day hashrate has dropped to about 915.8 EH/s, the lowest level in roughly three weeks.
- Miner reserves fell by 1,530 BTC to approximately 1,192,766 BTC, a sign of economic pressure on mining companies.
- Rising US bond yields and Fed rate-hike expectations are shaping the macroeconomic backdrop around the ETF inflows.
The Current Market Situation
Bitcoin (BTC) is trading around midday Sunday, September 27, 2026, at roughly 84,500 to 84,600 US dollars. That represents a moderate gain of 0.5 to 0.7 percent over 24 hours, but a significant increase of about 5 percent over the week. During the week, the cryptocurrency briefly climbed above the psychologically important 87,000 US dollar mark for the first time since January 2026. However, this move was not confirmed: the price was rejected at that level, which analysts interpret as a sign of profit-taking and short-term overheating [9].
Bitcoin’s market capitalization currently stands at about 1.69 trillion US dollars. Ethereum (ETH), the second-largest cryptocurrency, is trading at around 2,700 to 2,713 US dollars, with a market cap of approximately 331 billion US dollars.
The Crypto Fear & Greed Index, a widely watched sentiment indicator, sits at about 70 to 72 points, signaling “Greed.” Despite the positive weekly performance, Bitcoin remains down roughly 3.3 percent year-to-date, a context that should not be forgotten amid the rally euphoria.
Bitcoin ETF Inflows: The Strongest Week Since October
The actual driver behind the recent price move is the wave of Bitcoin ETF inflows. According to data from SoSoValue, confirmed by several market observers, US spot Bitcoin ETFs recorded net inflows of around 2.39 billion US dollars between September 21 and 25, 2026 [1][3]. This is the highest weekly figure since October and is currently considered the strongest ETF week of 2026 so far.
The daily inflow dynamics in detail:
| Date | Net Inflow (approx.) |
|---|---|
| September 21 | 999 million US dollars |
| September 22 | 715 million US dollars |
| September 23 | 347 million US dollars |
| September 25 | 134 million US dollars |
This table reveals an important detail: Bitcoin ETF inflows were extremely strong at the start of the week but weakened noticeably toward the end [2][4][5]. This declining momentum fuels debate over whether this represents a sustainable trend reversal or merely a short-term, macro-news-driven buying wave [1][4][13].
“The record inflows show institutional interest, but the fading daily momentum leaves open whether the trend can hold,” several market analyses summarize the current uncertainty [4][13].
BlackRock’s IBIT the Clear Winner
Within the wave of Bitcoin ETF inflows, one product stands out in particular: the BlackRock iShares Bitcoin Trust (IBIT). It alone attracted around 1.16 billion US dollars during the week in question, making it the clear frontrunner among spot Bitcoin ETFs [3][5][15]. Fidelity and ARK also saw significant inflows into their respective spot Bitcoin ETF products, but remained well behind IBIT.
This concentration among a few large providers is not a new phenomenon, but it underscores how strongly institutional capital now flows into the Bitcoin market through established, liquid ETF structures rather than direct purchases.
What Hashrate and Miner Reserves Actually Mean
To understand the second half of the current story, it’s worth taking a brief look at two key terms from the mining space.
Hashrate describes the total computing power that all miners worldwide combine to compute new Bitcoin blocks and secure the network. A high hashrate generally signals miner confidence in the network’s future profitability and security. When the hashrate falls, it usually indicates that miners are shutting down machines or relocating capacity because operations have become less economically viable.
Miner reserves refer to the amount of Bitcoin that mining companies and mining pools currently hold in their own wallets rather than selling. Declining reserves can mean miners are selling holdings to cover ongoing costs such as energy, hardware, or personnel — an indicator of economic pressure within the industry.
The Current Hashrate Figures
In the data period from September 20 to 26, 2026, the Bitcoin network’s average 7-day hashrate fell to around 915.8 EH/s (exahashes per second), the lowest level in about three weeks, according to data from CryptoQuant and Digital Asset via crypto.news. Hashrate Index cites a 7-day SMA of around 946 EH/s and a 30-day average of about 934 EH/s for the week around September 21, while mining difficulty stood at approximately 132.76 T following an adjustment on September 19 [8].
Daily data show considerable fluctuations: values temporarily ranged between about 821 EH/s (September 19, with a daily decline of nearly 17 percent) and around 986 EH/s (September 26) [14]. It is also notable that the hashrate repeatedly fell below the 1 zettahash per second (ZH/s) mark throughout September and stayed there [7][8].
At the same time, miner reserves fell by 1,530 BTC over the same period to about 1,192,766 BTC — another signal that mining companies are drawing down their holdings.
Bitcoin’s First “Hashrate Bear Market”
Raphael Zagury, CEO of Twenty One Capital, has coined a striking term for this phase: he calls it Bitcoin’s first “hashrate bear market.” By this he means a sustained decline in network computing power of about 22 to 24 percent compared to the record high at the end of 2025.
Zagury names the growing redirection of energy and capital by mining companies toward AI data centers as a key reason for this development. This assessment aligns with other market observations: a mining report based on CoinShares data finds that the Bitcoin network’s total computing power currently sits roughly 50 percent below the expected growth trend, as some miners shift capacity toward AI workloads [6].
This development makes economic sense. Large data centers originally built for Bitcoin mining can, to some extent, also be used technically for AI training and inference workloads. When compensation for AI computing power exceeds expected mining returns, capital-rich operators shift their resources accordingly.
Concentration Among Large Mining Pools
At the same time, there is a growing concentration of remaining hashrate among a few large players. In mid-September 2026, Foundry USA and AntPool together held about 44 to 45 percent of total network hashrate, roughly 25.5 percent at Foundry USA and about 19.2 percent at AntPool. Other significant shares belong to F2Pool, ViaBTC, and SpiderPool [11].
This so-called “hashrate bear market” tends to favor larger, better-capitalized miners who can hold out longer during phases of declining profitability than smaller operators. A detailed market commentary describes exactly this effect: in early September, the 7-day hashrate stood near 946 EH/s, while the so-called spot hashprice — daily revenue per petahash of computing power — was around 38.96 US dollars, with difficulty at about 127.45 T [12].
Interestingly, hashprice temporarily rose by about 22 percent from roughly 32.42 to about 39.63 US dollars in early September, while the hashrate stagnated around 934 EH/s and stayed below the 1 ZH/s mark [7][8]. This means miners are currently earning tendentially more per unit of computing power, even though total network output is declining — an indication that reduced competition among miners is supporting the returns of the remaining operators.
Macroeconomic Background Of The Rally
The current wave of Bitcoin ETF inflows cannot be viewed in isolation — it is connected to significant movements in traditional bond markets. The yield on 10-year US Treasury bonds temporarily rose above 5.1 percent, the highest level since 2007.
At the same time, market participants are currently pricing in a 64 to 70 percent probability of another interest rate hike by the US Federal Reserve in October. This combination of high bond yields and rate-hike expectations seems paradoxical at first glance for a Bitcoin rally, since rising rates traditionally weigh on riskier assets like cryptocurrencies.
One possible explanation: institutional investors may increasingly view Bitcoin during this phase as an independent asset class with hedging characteristics against inflation risk and monetary policy uncertainty, independent of short-term rate movements. The strong Bitcoin ETF inflows despite rising yields could therefore also be interpreted as a diversification decision by large capital pools, not purely as price speculation.
Trend Reversal Or Short-Term Momentum
The central open question remains: are the record Bitcoin ETF inflows the beginning of a sustained institutional buying wave, or a short-term, macro-news-driven momentum move? Several analysts express cautiously mixed views, with some authors explicitly stating that buying momentum has already “faded” or is at least inconsistent [1][4][13].
Regarding the future development of the hashrate, there is a clearly labeled forecast among market observers: should the strong Bitcoin ETF inflows continue and the Bitcoin price remain elevated over the medium to long term, this could pull more computing power back into the network. The reason lies in the economics: higher hashprices would make new and previously shut-down miners economically attractive again, tending to increase network hashrate [6][7][12].
Readers interested in the longer-term cyclical context of the Bitcoin price can find further analysis in our article Bitcoin at $40,000 in October? What the 4-Year Cycle Actually Says.
Conclusion And Takeaways For Investors
The current market phase presents an unusual picture: record-high Bitcoin ETF inflows of 2.39 billion US dollars meet a shrinking mining hashrate and declining miner reserves. Institutional capital is flowing into spot Bitcoin ETFs at record pace, while at the same time more and more computing power is being withdrawn from the network or redirected toward AI infrastructure.
This divergence between capital-market demand and operational network health deserves particular attention in the coming weeks. Important indicators observers should watch include:
- The weekly development of Bitcoin ETF inflows, especially at IBIT
- The stability of network hashrate above or below the 1 ZH/s mark
- The further development of hashprice as an indicator of miner profitability
- The Fed’s response to current bond yields at its October meeting
For investors: the combination of strong institutional inflows and a structural shift in the mining industry makes the Bitcoin market currently more complex than pure price movements suggest. Anyone engaging with this asset class should consider both sides of the story — capital flows and network fundamentals — together, rather than focusing solely on price action.
Important notice: This article is provided for journalistic information purposes only and does not constitute financial advice, investment recommendations, or a solicitation to buy or sell cryptocurrencies or related financial products. Cryptocurrency markets are highly volatile and carry substantial risk. Make investment decisions solely based on your own research and, where appropriate, in consultation with independent, qualified financial advice.
References
[1] Bitcoin Etfs Pull Record 2 133928478 – https://finance.yahoo.com/markets/crypto/articles/bitcoin-etfs-pull-record-2-133928478.html
[2] 239 Billion In One Weekly Institutional Investors Bet On Bitcoin Again – https://u.today/239-billion-in-one-weekly-institutional-investors-bet-on-bitcoin-again
[3] Bitcoin Etf Menarik Inflow 2 39 Miliar Dolar – https://pluang.com/en/news-feed/bitcoin-etf-menarik-inflow-2-39-miliar-dolar
[4] Bitcoin Etfs Record 2 39 Billion Inflows In 2026 Amid Mixed Demand Signals – https://www.kucoin.com/news/flash/bitcoin-etfs-record-2-39-billion-inflows-in-2026-amid-mixed-demand-signals
[5] Etf Bitcoin Aset Net Inflow Berlanjut 2 Miliar – https://pluang.com/en/news-feed/etf-bitcoin-aset-net-inflow-berlanjut-2-miliar
[6] Bitcoins Network Hashrate Is 50 Below Trend As Miners Shift To Ai 2000811882 – https://gizmodo.com/bitcoins-network-hashrate-is-50-below-trend-as-miners-shift-to-ai-2000811882
[7] Difficulty Rises Hashprice Rips 22 As Bitcoin Hashrate Stalls – https://news.bitcoin.com/mining/difficulty-rises-hashprice-rips-22-as-bitcoin-hashrate-stalls/
[8] Hashrate Index Roundup September 21 2026 – https://hashrateindex.com/blog/hashrate-index-roundup-september-21-2026/
[9] Cryptobriefing Bitcoin Etfs Accumulate 2b This Week Amid Price Rejection At 87k – https://www.tradingview.com/news/cryptobriefing:1c6e44fbf094b:0-bitcoin-etfs-accumulate-2b-this-week-amid-price-rejection-at-87k/
[10] Hashrate Index Roundup September 14 2026 – https://hashrateindex.com/blog/hashrate-index-roundup-september-14-2026/
