Bitcoin ETFs Draw $134 Million to Start 'Uptober'

The 'Uptober' phenomenon has begun with a strong showing from Bitcoin ETFs, drawing in $134.4 million in net inflows to start October. This comes after a red finish to September, where the funds shed $148.7 million on September 30, snapping a nine-session inflow streak.

According to SoSoValue data, September was the second-best month for the funds since October 2025, with $2.65 billion in net inflows. The strong start to October is attributed to the asset's track record, with Bitcoin averaging an 18% gain in the month over the past decade.

Stephen Wundke from Algoz told Decrypt that 'traders feel there is more upside currently than there is downside.' The jobs report released on Friday added fuel to the fire, with the U.S. economy adding just 29,000 jobs in September, and unemployment rising to 4.2%.

The weaker labor market has eased pressure on the Fed to keep raising rates, which tends to favor risk assets like Bitcoin. However, not everyone is sold on a breakout, with traders on Myriad, a prediction market owned by Dastan, putting the odds at 93% that Bitcoin won't set a new all-time high in 2026.