Bitcoin exchange-traded funds (ETFs) listed in the United States have started October on a strong note, recording their second-best week of inflows since launch. The surge has been taken as a clear sign of renewed confidence among investors heading into the historically bullish month often dubbed “uptober.”

Inflows rebound sharply

According to data from SoSoValue, spot Bitcoin ETFs pulled in $3.24 billion in net inflows over the past week. That figure is only slightly below the all-time record of $3.38 billion set back in late November 2024.

The turnaround is especially notable given that the prior week saw $902 million in outflows. Analysts say the sharp reversal is tied to rising expectations of a U.S. interest rate cut, which has sparked fresh demand for risk assets like Bitcoin.

Iliya Kalchev, a dispatch analyst at Nexo, explained that ETF demand is accelerating while long-term holders have slowed their selling. “At current run rates, Q4 flows could remove more than *100,000 BTC from circulation — double the new issuance,” he noted.

Uptober momentum building

The strong inflows briefly pushed Bitcoin’s price above $123,996 on Friday, its highest level since mid-August, according to TradingView data.

Historically, October has been one of Bitcoin’s best-performing months, with positive seasonal trends giving rise to the nickname “Uptober.” This year, ETFs are seen as the driving force behind the rally, acting as the market’s “clearest sentiment barometer,” Kalchev said.

Charles Edwards, founder of Capriole Investments, added that Bitcoin’s breakout over $120,000 could set up a “very quick move” toward the $150,000 all-time high before the end of 2025.

Bitcoin ETFs now serve as the “clearest sentiment barometer” for the cryptocurrency industry, indicating a potential breakout for October, Kalchev said.

Uptober raises analyst hopes of new Bitcoin highs

“Uptober is showing clear signs of an early-Q4 breakout in the crypto market, powered by ETF inflows, seasonal strength, and dovish macro conditions.”
However, Bitcoin’s momentum will depend on several key events next week, including US Federal Reserve Chair Jerome Powell’s upcoming speech, as well as the release of the minutes from the Federal Open Market Committee (FOMC) meeting.

Investors are also looking forward to the delayed US jobs report, but its publication date depends on the length of the current US government shutdown, the first such instance since 2018.

Meanwhile, investors are expecting a strong month for Bitcoin’s momentum, as October is the second-best month in terms of Bitcoin’s historical performance.

Even so, investor sentiment heading into October is strong. With ETF inflows accelerating and macro conditions tilting dovish, many believe Bitcoin is well-positioned for another historic “Uptober.”