Spot Bitcoin ETFs in the U.S. recorded over $3 billion in net inflows last week, propelling BTC to a new all-time high and setting the tone for Uptober this year.
Summary
- BTC ETFs recorded $3.24 billion in inflows over the past week.
- BlackRockโs IBIT led the weekly inflows with over $1.8 billion in inflows.
- Bitcoin has hit a new all-time high of over $125k.
According to data from SoSoValue, the 12 U.S. spot Bitcoin ETFs drew in $3.24 billion in net inflows over last week, establishing their second-largest weekly total on record, just behind $3.38 billion peak recorded in November last year.
In the week of Sep. 29 to Oct. 3, BlackRockโs IBIT attracted the lionโs share of inflows, with over $1.8 billion entering the fund. Fidelityโs FBTC followed with $691.9 million in inflows.ย
Other major inflows during the week included ARK 21Sharesโ ARKB with $254.5 million and Bitwiseโs BITB with $211.9 million. The remaining Bitcoin ETFs, including BTC, HODL, GBTC, BTCO, and EZBC, collectively recorded $261.3 million in inflows.
The strong collective surge in inflows into these investment products over the week reflects growing institutional conviction and renewed retail interest in accessing Bitcoin through regulated channels.
Meanwhile, their Ethereum counterparts also resumed weekly inflows as they drew in $1.3 billion over the period. BlackRockโs ETHA fund saw the highest inflows at $687 million, with Fidelity following at $305 million. Grayscale attracted $175 million, while Bitwise brought in $83 million.
The renewed demand for both BTC and ETH ETFs helped end a brief period of outflows while setting a positive tone for October, which traders often refer to as โUptoberโ due to a strong track record of bullish crypto performance in the month. For reference, BTC has posted gains in 10 of the past 12 Octobers and in 8 of the past 12 fourth quarters.
Bitcoin price hits new all-time high
The weekly rebound in BTC inflows helped propel Bitcoin (BTC) to a new all-time high above $125,500 amid an ongoing U.S. government shutdown and deteriorating performance of the U.S. dollar. As of press time, the bellwether was trading at $123,753, still up 10.6% over the past 7 days.
โBitcoin is increasing in price due to inflation, currency devaluation, and geopolitical chaos with wars on multiple continents. The same reasons that have driven Bitcoinโs price all along are all intensifying to propel Bitcoin towards $150,000 and then higher.โ Kadan Stadelmann, CTO of Komodo Platform, told crypto.news.
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