# Narrowing Stock Leadership and Slowing ETF Flows Keep Crypto Focused on Rates

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/25221
Published: 2026-09-29T07:10:57.000Z
Updated: 2026-09-29T07:10:57.000Z
Section: Investing

> The S&P 500 remains near its record high even as its equal-weighted index falls, while spot Bitcoin ETF inflows slow from $999 million to $135 million.

U.S. stock-market gains are becoming more concentrated while spot Bitcoin (BTC) ETFs see slower inflows, leaving risk assets sensitive to whether interest rates and bond yields begin to ease.

The Federal Reserve raised its policy rate by 25 basis points on Sept. 16 to a range of 3.75% to 4%. Upcoming indicators include the PCE report on Sept. 30, manufacturing and services PMIs on Oct. 1 and Oct. 5, and the nonfarm payrolls report on Oct. 2.

The S&P 500 was less than 1% below its record high as of Sept. 25, but its equal-weighted index had declined about 4% for the month. The gap indicates that technology-heavy stocks are supporting the benchmark while higher borrowing costs weigh on a broader group of companies.

For a sustained recovery in risk assets, long-term bond yields would need to ease. A decline in short-term yields alone may not relieve financing pressure if longer-term yields remain elevated, limiting the effect of improved expectations for near-term rate policy.

Crypto markets have continued to receive support from spot ETF demand, although the pace has weakened. U.S. spot Bitcoin (BTC) ETF inflows totaled about $2.386 billion from Sept. 21 through Sept. 25. Daily inflows fell from $999 million to $135 million across the five trading days, a five-day pattern that is not yet sufficient to confirm a trend reversal.

The next market test is whether ETF inflows continue while the dollar and bond yields stabilize. If ETF inflows turn negative while contract open interest continues to expand, any decline could be amplified by liquidations.

Attention over the coming days will center on stock-market breadth, continued spot demand for Bitcoin and the direction of interest rates, beginning with the PCE report on Sept. 30.