Bitcoin ETF inflows hit $2.4 billion as “Uptober” narrative takes focus

Major cryptocurrencies entered October following a strong third quarter, bolstered by renewed institutional interest and several upcoming technical catalysts. While volatility increased toward the end of September, Bitcoin, Ethereum, and select altcoins outperformed broader risk assets even as the macroeconomic backdrop remained cautious.

Bitcoin and institutional demand

Bitcoin closed September trading between $83,000 and $84,000 after briefly exceeding $87,000 earlier in the month. U.S. spot Bitcoin exchange-traded funds (ETFs) registered approximately $2.4 billion in inflows during the week ending September 25, marking the strongest weekly figure since October 2025. In total, spot Bitcoin ETF products attracted about $4.9 billion since August 19, reflecting sustained appetite from institutional investors.

Despite these inflows, Bitcoin’s upward momentum was checked by rising bond yields and profit-taking from investors following the summer rally. Analysts at JPMorgan identified $85,000 as the estimated average production cost for Bitcoin, noting that the token recently moved above this key threshold after spending about 280 days below it, only to later settle near $84,000 by the end of the month.