U.S. spot Bitcoin ETFs took in $134.4 million over two days to open October, reversing a late-September outflow. A soft jobs report cut the odds of an October rate hike, while Bitcoin pulled back from a brief test of $87,173.
U.S. spot Bitcoin ETFs drew $102.7 million on Thursday and another $31.7 million on Friday, according to Decrypt's Bitcoin ETF tracker. That put net inflows at $134.4 million to start October.
Funds reverse a late-September outflow
The gains follow a reversal. The funds shed $148.7 million on Sept. 30, snapping a nine-session inflow streak that began Sept. 17. Even so, September was the funds' second-best month since October 2025, with $2.65 billion in net inflows, according to SoSoValue data.
Cumulative net inflows since the funds launched now stand at $58.1 billion, with total net assets at $101.1 billion, per the same tracker. Year-to-date inflows, however, remain under $1 billion after heavy outflows earlier in the year.
A soft jobs report moves the odds
Friday's jobs report added fuel. The U.S. economy added just 29,000 jobs in September, and unemployment rose to 4.2%, according to the Bureau of Labor Statistics. After the release, CME FedWatch odds of an October rate hike fell to 14% from 70% earlier in the week. A weaker labor market eases pressure on the Fed to keep raising rates, which tends to favor risk assets like Bitcoin.
"Uptober" is crypto shorthand for October's track record as one of Bitcoin's strongest months. Over the past decade, the asset has averaged an 18% gain in October, Algoz's Stephen Wundke told Decrypt. According to Wundke: "Traders feel there is more upside currently than there is downside."
Bitcoin pulls back from its September high
Bitcoin briefly tested $87,173 on Friday, just shy of its September high of $87,354, before pulling back. It traded at around $85,000 on Sunday morning, up 0.5% over 24 hours, according to CoinGecko data.
Not everyone expects a breakout. Traders on Myriad, a prediction market owned by Decrypt's parent company Dastan, put the odds at 93% that Bitcoin won't set a new all-time high in 2026. The next tests come soon: September's CPI report lands Oct. 14, and the Fed meets Oct. 28.
Source: Decrypt
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