Bitcoin ETFs kickstart ‘Uptober’ with $3.2B in second-best week on record

3 hours ago

US-listed spot Bitcoin exchange-traded funds (ETFs) began the historically bullish period of October with their second-best week of inflows since launch, signaling renewed capitalist optimism.

Spot Bitcoin (BTC) ETFs recorded $3.24 cardinal worthy of cumulative nett positive inflows implicit the past week, astir matching their grounds of $3.38 cardinal successful the week ending Nov. 22, 2024, according to information from SoSoValue.

The fig marks a crisp rebound from the erstwhile week’s $902 cardinal successful outflows. Analysts attributed the turnaround to increasing expectations of different US involvement complaint cut, which has improved sentiment toward hazard assets.

Growing expectations of different US involvement complaint chopped triggered a “shift successful sentiment,” attracting renewed capitalist request for Bitcoin ETFs, “bringing four-week inflows to astir $4 billion,” Iliya Kalchev, dispatch expert astatine integer plus level Nexo, told Cointelegraph. “At existent run-rates, Q4 flows could discontinue implicit 100,000 BTC from circulation — much than treble caller issuance.“

“ETF absorption is accelerating portion semipermanent holder organisation eases, helping BTC physique a stronger base,” adjacent cardinal method enactment levels, helium added.

Continued ETF inflows whitethorn supply important tailwinds for Bitcoin successful October, which is the second-best period for Bitcoin successful presumption of mean humanities returns, often referred to arsenic “Uptober” by crypto investors.

This week’s $3.2 cardinal concisely pushed Bitcoin’s terms supra $123,996 connected Friday, marking an implicit six-week precocious past seen connected Aug. 14 for the world’s archetypal cryptocurrency, TradingView data shows.

Bitcoin’s breakout supra $120,000 whitethorn invitation a “very speedy move” supra the $150,000 all-time high earlier the extremity of 2025, Capriole Investments laminitis Charles Edwards, told Cointelegraph during an interrogation astatine Token2049 successful Singapore.

Uptober raises expert hopes of caller Bitcoin highs

Bitcoin ETFs present service arsenic the “clearest sentiment barometer” for the cryptocurrency industry, indicating a imaginable breakout for October, Kalchev said.

“Uptober is showing wide signs of an early-Q4 breakout successful the crypto market, powered by ETF inflows, seasonal strength, and dovish macro conditions.”

However, Bitcoin’s momentum volition beryllium connected respective cardinal events adjacent week, including US Federal Reserve Chair Jerome Powell’s upcoming speech, arsenic good arsenic the merchandise of the minutes from the Federal Open Market Committee (FOMC) meeting.

Investors are besides looking guardant to the delayed US jobs report, but its work day depends connected the magnitude of the existent US authorities shutdown, the archetypal specified lawsuit since 2018.

Meanwhile, investors are expecting a beardown period for Bitcoin’s momentum, arsenic October is the second-best period successful presumption of Bitcoin’s humanities performance.