Spot Bitcoin ETFs start “Uptober” with the second-best week on record

Exchange-traded funds (ETFs) kicked off October with the second-largest weekly inflow since their launch, signaling a renewed wave of investor optimism.

Over the past trading week, Bitcoin ETFs attracted a combined $3.24 billion, just shy of the record $3.38 billion set during the week ending November 22, 2024.

The strong inflows of recent days stand in sharp contrast to the outflows of the previous week, when investors withdrew nearly $902 million from the funds. Analysts attribute this turnaround to rising expectations of another U.S. interest rate cut, which triggered a “shift in sentiment” and renewed demand for Bitcoin ETFs.

Over the past four weeks, total inflows reached nearly $4 billion.

“At the current pace, more than 100,000 BTC could be withdrawn from circulation in the fourth quarter — twice the volume of new issuance,” noted Illya Kalchev, an analyst at digital asset platform Nexo.

The ongoing inflows into ETFs could provide significant support for Bitcoin in October, which historically ranks as the second-best month for Bitcoin in terms of average returns.
Crypto investors often refer to it as “Uptober.”

This week, the price of the flagship asset briefly climbed above $123,996, fueling expectations of a new all-time high.

See also: "Bitcoin: decline after record high, driver — ETF"

#ETF #Investment #Bitcoin (BTC)

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