U.S. spot Bitcoin exchange-traded funds took in $241.1 million last week, extending their run to three consecutive weeks of positive net inflows. Bitcoin Magazine, citing data from Farside Investors, said the steady demand helped keep Bitcoin supported at the start of what traders often call “Uptober.”
According to the data, money flowed into the funds on every trading day except Wednesday. On that day, speculators pulled nearly $149 million from the products.
Bitcoin was recently priced at $85,605 and was up close to 7% over a 30-day period.
BlackRock led weekly inflows
BlackRock’s iShares Bitcoin Trust drew the largest share of last week’s investment, taking in more than $450 million in fresh capital. Funds managed by Fidelity and Morgan Stanley also saw significant trading activity and inflows.
Bitcoin Magazine said purchases of U.S. ETF shares often help buoy Bitcoin’s price. The products give investors exposure to the asset through shares they can buy in brokerage accounts.
August rally carried into October
The report said Bitcoin began rallying in August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. Bitcoin then posted its best run in three years and its third-best August on record.
Bitcoin Magazine also said the asset has recently benefited from the so-called debasement trade, in which investors buy certain assets as a hedge against currency devaluation. The dollar lost value in August. Bitcoin then continued to perform well in September, rising nearly 6% over a 30-day period.
For the third quarter, Bitcoin recorded its best three-month stretch since 2024, according to the report. October has also started well so far under the “Uptober” narrative, a reference to the month’s historically strong returns for Bitcoin investors.
CryptoQuant pointed to the 365-day moving average
Data firm CryptoQuant said in a September report released last week that Bitcoin had returned to a bull market after moving above its 365-day moving average. The firm described that level as the “definitive technical signal” that marked the start of rallies in past cycles.
Bitcoin Magazine added that Bitcoin touched a record high of $126,080 in October last year before falling after a massive liquidation event. The asset has spent most of 2026 in a bear market.
The article first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.