Bitcoin ETFs See $134.4 Million Inflows as 'Uptober' Begins
U.S. spot Bitcoin exchange-traded funds (ETFs) saw significant inflows over the first two trading sessions of October, with a total of $134.4 million pouring in. This marks a return to net inflows after a brief $148.7 million outflow on September 30.
The September 30 outflow had ended a nine-session streak of net inflows, but the funds quickly regained their momentum with $102.7 million and $31.7 million invested on October 1 and 2, respectively. The return to inflows is partly attributed to the softer labor figures released in the September jobs report, which eased expectations for a Federal Reserve rate hike.
The September payrolls rose by 29,000, and the unemployment rate stood at 4.2%. This development has sparked optimism among investors, with many expecting a positive start to 'Uptober,' a nickname tied to Bitcoin's historically strong October performance.
While the early inflows are a promising sign, it remains to be seen whether the funds will continue to attract money throughout the month. The latest activity follows a strong September, when the funds recorded about $2.4 billion in net inflows during the week ended September 25.