Bitcoin ETFs Draw $134M as Uptober Goes Green

‘Uptober’ Starts Green as Bitcoin ETFs Draw $134 Million

U.S. spot Bitcoin exchange-traded funds (ETFs) opened October on a positive note, pulling in $134.4 million over the first two trading days of the month. The rebound followed a sharp reversal at the end of September, when the group recorded a combined $148.7 million net outflow on Sept. 30, ending a notable winning streak.

The early-October inflows came as a weak U.S. jobs report cooled expectations for further Federal Reserve rate hikes, a macro backdrop that can influence risk assets. While the ETFs’ daily flows can be volatile, the quick return to inflows showed continued demand for regulated Bitcoin exposure after a strong quarter for the products.

Across the third quarter, U.S. spot Bitcoin ETFs posted $6.34 billion in net inflows, including $2.65 billion in September alone. Bitcoin rose 42.71% over the quarter, underscoring how fund flows and underlying price performance moved in the same direction during the period.

Since launching in January 2024, the ETFs have accumulated roughly $57 billion in cumulative net inflows, including about $970 million so far this year, according to figures cited in the provided information. Separate data cited from SoSoValue put cumulative net inflows at $57.6 billion and combined net assets at $109.3 billion after the first trading day of October.

The Sept. 30 outflow was notable because it interrupted a nine-day inflow streak across a dozen U.S.-listed Bitcoin ETFs. That run brought in a combined $3.1 billion, one of the strongest stretches since the products launched.

Corporate buying also continued alongside ETF demand. Strategy, a frequent Bitcoin purchaser, bought 1,665 BTC for approximately $142.7 million between Sept. 21 and Sept. 27. The company reported total holdings of 847,666 BTC, valued at $70.6 billion, with an average purchase price of $75,437 per Bitcoin. Those holdings represent more than 4% of Bitcoin’s circulating supply.

Bitcoin traded at about $85,900 at the time of publication, up 2.1% over the past 24 hours, according to CoinGecko. Alternative.me’s Crypto Fear & Greed Index slipped to 72 from 74 a day earlier, remaining in “Greed” territory.