Bitcoin ETFs Pull In $134 Million as 'Uptober' Kicks Off

October has started on a positive note for Bitcoin, living up to its nickname "Uptober" — crypto slang for the fact that October is historically one of Bitcoin's strongest months.

What happened? U.S. spot Bitcoin ETFs attracted a lot of new money in the first two days of October. An ETF (Exchange-Traded Fund) is an investment product you can buy on the stock market that tracks the price of something — in this case, Bitcoin. It lets ordinary investors get exposure to Bitcoin without buying the crypto directly.

• $102.7 million flowed in on Thursday
• $31.7 million flowed in on Friday
• That's $134.4 million in net inflows (more money coming in than going out) to start the month

This green start came right after a red finish: on Sept. 30, the funds lost $148.7 million, ending a nine-day winning streak. Still, September was one of their best months ever, with $2.65 billion in net inflows.

Why the jobs report matters A weak U.S. jobs report gave Bitcoin an extra push. The economy added just 29,000 jobs in September, and unemployment rose to 4.2%. When the job market is weak, the Federal Reserve (the Fed — the U.S. central bank that sets interest rates) has less reason to raise rates. Lower rates usually help risky investments like Bitcoin.

After the report, the chance of an October rate hike dropped from 70% to just 14%.

Where is Bitcoin now? Bitcoin briefly touched $87,173 on Friday — just below its September peak — before easing back to around $85,000 on Sunday.

But not everyone is convinced. Traders on the prediction market Myriad put the odds at 93% that Bitcoin won't hit a new all-time high in 2026.

The bottom line: October is off to a strong start, but big tests are coming — the inflation report on Oct. 14 and the Fed's next meeting on Oct. 28.

This is an AI-generated summary. Read the original article at: https://decrypt.co/380007/uptober-starts-green-bitcoin-etfs-draw-134-million