U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) wrapped up the week ending September 20, 2025, with robust net inflows, signaling renewed institutional enthusiasm amid a recovering crypto market.
According to data from SoSoValue and CoinShares, combined inflows across both asset classes exceeded $1.5 billion for the week, reversing earlier outflows from the first week of September. This marks a significant rebound, driven by anticipation around the Federal Reserve’s rate cut and broader market optimism, with Bitcoin ETFs leading the charge at approximately $1.2 billion in net gains and Ethereum ETFs adding over $300 million.
Bitcoin ETFs recorded six consecutive days of inflows mid-week, peaking at $552.78 million on September 12, before a minor dip of $51.28 million on September 18 due to hawkish Fed signals. BlackRock’s IBIT and Fidelity’s FBTC dominated, with cumulative weekly inflows pushing total assets under management (AUM) to $151.72 billion—representing 6.6% of Bitcoin’s market cap.
Ethereum ETFs flipped from eight days of outflows to $646 million in net gains over four days, highlighted by $359.73 million on September 15 and $213.1 million on September 18. Grayscale’s ETHE and BlackRock’s ETHA saw strong demand, lifting cumulative inflows to $13.72 billion and AUM to $30.35 billion.
Uniswap’s Trading Volume Hits Historic $1 Trillion Annual Milestone
Decentralized exchange (DEX) Uniswap achieved a landmark feat surpassing $1 trillion in annual trading volume for the first time ever, as confirmed by CEO Hayden Adams. This milestone, tracked via Token Terminal, reflects explosive growth in DeFi activity, with Q3 2025 volumes already exceeding $270 billion—on pace for a record quarterly high above $300 billion.
Despite the protocol’s success, Uniswap’s native UNI token dipped 26% over the past month, trading around $10 amid debates over its utility in a shifting regulatory landscape. Adams pushed back on critics, noting improved regulations and “many exciting things on the horizon,” including potential upgrades like cross-chain integrations.
The achievement cements Uniswap’s dominance as the top DEX, outpacing rivals in liquidity and user engagement, even as competitors like Fluid gain ground in stablecoin swaps. The $1.5 billion in combined inflows signals growing institutional trust in cryptocurrencies as a legitimate asset class.
This is particularly notable after a period of outflows, suggesting investors view the recent market dip as a buying opportunity, bolstered by macroeconomic factors like the Federal Reserve’s rate cut. The sustained inflows into Bitcoin ($1.2 billion) and Ethereum ($300 million) ETFs indicate a maturing market where traditional finance is increasingly comfortable allocating capital to digital assets.
The influx of capital into ETFs, with Bitcoin ETF AUM reaching $151.72 billion (6.6% of Bitcoin’s market cap), could provide price stability for Bitcoin and Ethereum. Large institutional inflows often reduce volatility by increasing liquidity and signaling long-term commitment.
However, the minor outflow on September 18 ($51.28 million) tied to hawkish Fed signals highlights sensitivity to monetary policy shifts, suggesting potential short-term price swings if macro conditions tighten. Ethereum ETFs flipping from outflows to $646 million in inflows over four days reflects renewed interest in Ethereum’s ecosystem, likely driven by its role in DeFi and smart contracts.
This could foreshadow increased demand for ETH, especially if ETF inflows continue to grow, potentially pushing prices toward yearly highs if macroeconomic conditions remain favorable. The record $3.3 billion in weekly digital asset fund inflows underscores crypto’s deepening integration into traditional portfolios.
As ETFs make crypto exposure more accessible, retail and institutional investors may diversify further, potentially spurring innovation in crypto-based financial products. Uniswap’s milestone of surpassing $1 trillion in annual trading volume on September 21, 2025, has significant implications for the decentralized finance (DeFi) sector.
Uniswap’s record volume, with Q3 2025 already at $270 billion, highlights DeFi’s scalability and appeal as a decentralized alternative to traditional exchanges. This milestone reinforces Uniswap’s position as the leading DEX, signaling robust user adoption and liquidity, which could attract more developers and projects to build on its protocol.
Despite the volume milestone, the 26% monthly decline in UNI’s price reflects ongoing concerns about the token’s utility and governance model. This disconnect between protocol success and token performance may pressure Uniswap’s team to introduce value-accruing mechanisms, such as fee-sharing or enhanced governance incentives, to align UNI’s price with the platform’s growth.
CEO Hayden Adams’ optimism about improved regulations suggests Uniswap is preparing for a more compliant DeFi landscape, which could enhance its appeal to institutional users. However, rising competition from DEXs like Fluid in stablecoin swaps indicates Uniswap must innovate—potentially through cross-chain integrations or new features—to maintain its edge.
Uniswap’s success drives liquidity and activity across Ethereum’s DeFi ecosystem, benefiting related protocols (e.g., lending platforms, yield aggregators). The $1 trillion milestone may accelerate DeFi’s mainstream adoption, but it also highlights scalability challenges, as Ethereum’s gas fees and network congestion could push users toward layer-2 solutions or competing blockchains.
The ETF inflows and Uniswap’s volume milestone collectively signal a bullish phase for crypto, driven by institutional interest and DeFi’s growth. However, risks remain: ETF flows are sensitive to Federal Reserve policy and economic signals, which could trigger outflows if rates rise unexpectedly.
While Uniswap anticipates better regulations, evolving global crypto policies could impact both ETF accessibility and DeFi operations. Uniswap’s dominance is not guaranteed, as competitors innovate in niche areas like stablecoin trading. These developments suggest a critical juncture for crypto, with institutional and decentralized finance converging to drive adoption.
