‘Uptober’ Starts Green as Bitcoin ETFs Draw $134 Million
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Written by
Simonas Brazionis - Updated 2026-10-04 18:35:45
U.S. spot Bitcoin ETFs began October with net inflows totaling $134.4 million, comprising $102.7 million on Thursday and an additional $31.7 million on Friday. This positive start follows a $148.7 million outflow at the end of September, which had concluded a nine-session streak of inflows.
Despite the late September outflow, September itself was the second-strongest month for Bitcoin ETFs since October 2025, accumulating $2.65 billion in net inflows. Historically, October has shown an average gain of 18% for Bitcoin over the past decade.
Economic Factors and Market Sentiment
The positive sentiment was bolstered by a U.S. jobs report indicating only 29,000 new jobs in September and an increase in the unemployment rate to 4.2%. This data significantly reduced the probability of an October rate hike by the Federal Reserve, dropping from 70% to 14%.
A weaker labor market typically eases pressure on the Fed to raise interest rates, which is generally favorable for risk assets such as Bitcoin. Stephen Wundke of Algoz noted that traders currently perceive more upside potential than downside risk for the cryptocurrency.
Bitcoin Performance and Future Outlook
Bitcoin briefly touched $87,173 on Friday, approaching its September high of $87,354, before a minor retraction. As of Sunday morning, it was trading around $85,000, reflecting a 0.5% increase over 24 hours. Cumulative net inflows for Bitcoin ETFs have reached $58.1 billion, with total net assets at $101.1 billion.
However, not all market participants anticipate a significant breakout. Prediction markets suggest a 93% probability that Bitcoin will not achieve a new all-time high in 2026. Year-to-date inflows for Bitcoin ETFs remain under $1 billion due to earlier outflows. Upcoming economic reports, including September's CPI report on October 14 and the Federal Reserve meeting on October 28, are expected to influence market dynamics.
