Investors acquired more than $241 million in U.S. bitcoin exchange-traded funds last week, marking the third consecutive week of inflows that has contributed to maintaining the price of the leading cryptocurrency during the onset of what is referred to as “Uptober.” Data indicates that capital flowed into the popular funds daily, with the exception of Wednesday, when speculators withdrew approximately $149 million from these vehicles. The price of bitcoin has increased by nearly 7% over the past 30 days, with a recent valuation of $85,605.
Last week, BlackRock’s iShares Bitcoin Trust attracted a significant portion of investment, garnering over $450 million in new capital. Funds overseen by Fidelity and Morgan Stanley also witnessed notable trading activity and inflows. Bitcoin’s price is frequently supported by investors purchasing shares of U.S. ETFs. The funds provide investors with straightforward access to the asset through shares available for purchase in their broking accounts. Bitcoin’s price began to rise in August following the announcement from the U.S. Treasury Department regarding a significant increase in the scale of its government debt repurchases.
The coin experienced its most significant performance in three years, marking the third-best August on record. The coin’s price has recently benefited from the so-called debasement trade: when investors buy certain assets to hedge against currency being devalued. The dollar experienced a decline in value during the month of August. It maintained a strong performance in September, increasing by nearly 6% over the course of 30 days. Bitcoin in the third quarter of this year experienced its most favourable three-month period since 2024. Thus far, the October phenomenon referred to as “Uptober” is commencing positively: historically, the month of October has yielded favourable returns for bitcoin investors.
Data stated in a report from September last week that bitcoin has re-entered a bull market after surpassing its 365-day moving average, which the firm characterised as the “definitive technical signal” that has historically indicated the commencement of the asset’s rally in previous cycles. Bitcoin’s price reached an unprecedented high of $126,080 in October of the previous year, subsequently declining after a significant liquidation event. It has spent the majority of 2026 in a bear market.
