Bitcoin ETFs Begin October with Strong Inflows
- U.S. spot Bitcoin ETFs saw $102.7 million in inflows on Thursday and $31.7 million on Friday, totaling $134.4 million to start October.
- These inflows followed a $148.7 million outflow on September 30, ending a nine-session streak of inflows.
- The U.S. economy added just 29,000 jobs in September, raising unemployment to 4.2%, which reduced the odds of an October rate hike from the Fed.
- Bitcoin briefly tested $87,173 on Friday before settling around $85,000 by Sunday morning.
- Cumulative net inflows for Bitcoin ETFs stand at $58.1 billion with total net assets at $101.1 billion.
The start of October has been positive for Bitcoin ETFs, reflecting the “Uptober” trend as they recorded significant inflows after a notable outflow at the end of September.
Despite favorable conditions like a weaker labor market reducing rate hike pressures, traders remain skeptical about Bitcoin reaching new highs this year.(Source)
