Key highlights:
- US spot Bitcoin ETFs took in $241.1 million last week, their third weekly gain in a row.
- Ether ETFs lost $138 million in the same week after a $690 million inflow the week before.
- Zcash funds recorded their first weekly outflow, about $94 million.
US spot Bitcoin ETFs have kept their run of inflows going into October, while Ethereum funds moved the other way. This comes as BTC extends its move upward and “Uptober” sentiment rises across the market.
Bitcoin ETFs add another week of gains
Bitcoin ETFs drew $241.1 million last week, according to SoSoValue data. That marks three weeks of net inflows in a row. The two weeks before brought in $2.4 billion and $6.2 million. Total net inflows since launch now stand at $57.8 billion, and net inflows for the year are around $1.2 billion.
Weekly BTC ETF inflows. Source:
Results were mixed among other altcoin funds. Zcash ETFs posted their first weekly outflow on record, with about $94 million leaving. Solana and XRP ETFs both extended their inflow streaks. Solana funds added $2.4 million, and XRP funds added approximately $5 million.
“Uptober” and a weak jobs report
The early October gains match a pattern crypto traders call “Uptober,” a nickname for the month’s record as one of Bitcoin’s strongest. Over the past decade, Bitcoin has gained an average of 18% in October.
US economic data added to the mood on Friday. The Bureau of Labor Statistics reported that the economy added only 29,000 jobs in September, while unemployment rose to 4.2%. After the report, CME FedWatch odds of an October rate hike fell to 14%. They had been 70% earlier in the week.
A softer job market can reduce pressure on the Federal Reserve to keep raising interest rates. Lower rates or a pause in hikes tend to help risk assets like BTC.
Source:: Bitcoin ETFs Extend Inflow Streak as Ether Funds Lose $138M