Bitcoin Surges Above $86K for Third Week, Driven by ETF Demand

Bitcoin's price surged above $86,000 for the third consecutive week, a trend driven by institutional money flowing into US spot Bitcoin ETFs. On October 2, 2026, Bitcoin reached approximately $86,850 before cooling off to settle around $86,300 to $86,400. The weekly gain came in at about 2%, following a 40% gain for the quarter ending in September 2026, the cryptocurrency's best quarterly showing since late 2024. The catalyst for the recent recovery was the net inflows of $102.7 million into US spot Bitcoin ETFs on October 1, a significant shift from the prior session's outflows of $148.7 million. BlackRock's ETF was a major contributor, drawing around $196 million on its own.

The cumulative inflows into Bitcoin ETFs have reached roughly $57.6 billion since the funds launched in January 2024, with total assets under management across US spot Bitcoin ETFs standing at about $109 billion. Citigroup raised its 12-month price target for Bitcoin to $113,000, citing stronger ETF demand and a favorable macroeconomic backdrop. The bank's revised view also mentioned short liquidations exceeding $120 million recently, which aided Bitcoin's recent climb.