Bitcoin ETFs See $241 Million Inflow as Uptober Begins
U.S. bitcoin exchange-traded funds (ETFs) saw a substantial inflow of $241.1 million last week, marking the third straight week of positive net inflows. Data from Farside Investors revealed that investments poured into these funds daily, except on Wednesday, when nearly $149 million was withdrawn. The consistent inflow has helped maintain bitcoin's upward momentum during the early days of so-called 'Uptober,' a term referring to the historically strong performance of bitcoin in October.
The price of bitcoin has risen nearly 7% over the past 30 days, recently reaching $85,605. BlackRock's iShares Bitcoin Trust led the inflows, attracting over $450 million in new investments. Funds managed by Fidelity and Morgan Stanley also experienced significant trading activity and inflows. These ETFs provide investors with easy access to bitcoin through traditional brokerage accounts, contributing to the cryptocurrency's price stability and growth.
Bitcoin's rally began in August, following the U.S. Treasury Department's announcement to double the size of its government debt repurchases. The cryptocurrency had its best August in three years, benefiting from the 'debasement trade,' where investors buy assets to hedge against currency devaluation amid a sliding dollar. September saw a nearly 6% increase in bitcoin's price, making it the best third quarter since 2024. The October phenomenon, known as 'Uptober,' has historically delivered strong returns for bitcoin investors.
Data firm CryptoQuant reported that bitcoin is back in a bull market after crossing above its 365-day moving average, a key technical indicator that has signaled the start of previous rallies. Bitcoin's price peaked at a record $126,080 in October last year before a major liquidation event caused a slide. For most of 2026, the cryptocurrency has been in a bear market.