Bitcoin ETFs Experience Significant Inflows as October Begins
- US-listed spot Bitcoin ETFs saw $3.24 billion in inflows last week, marking the second-best week since their launch.
- This rebound follows a previous week of $902 million in outflows, indicating a significant shift in investor sentiment.
- Cumulative four-week inflows for Bitcoin ETFs reached nearly $4 billion, with expectations of retiring over 100,000 BTC from circulation this quarter.
- Bitcoin’s price briefly surpassed $123,996 on Friday, reaching its highest point since August.
- October historically averages around a 20% return for Bitcoin, often referred to as “Uptober” by investors.
The substantial inflows into Bitcoin ETFs signal renewed optimism among investors, driven by expectations of potential US interest rate cuts that enhance risk asset appeal. Continued ETF demand may support Bitcoin’s momentum throughout October.
With last week’s inflows totaling $3.24 billion, analysts anticipate strong performance for Bitcoin this month as it approaches historical highs.(Source)
