Bitcoin ETFs are living up to the “Uptober” meme, so far at least.
U.S. spot Bitcoin ETFs drew $102.7 million on Thursday and another $31.7 million on Friday, according to Decrypt‘s Bitcoin ETF tracker. That’s $134.4 million in net inflows to start October.
The green start followed a red finish. The funds shed $148.7 million on Sept. 30, snapping a nine-session inflow streak that began Sept. 17. Even so, September was their second-best month since October 2025, with $2.65 billion in net inflows, according to SoSoValue data.
“Uptober” is crypto shorthand for October’s track record as one of Bitcoin’s strongest months. Over the past decade, the asset has averaged an 18% gain in October, Algoz’s Stephen Wundke told Decrypt. “Traders feel there is more upside currently than there is downside,” he said.
Friday’s jobs report added fuel. The U.S. economy added just 29,000 jobs in September, and unemployment rose to 4.2%, according to the Bureau of Labor Statistics. After the release, CME FedWatch odds of an October rate hike fell to 14% from 70% earlier in the week. A weaker labor market eases pressure on the Fed to keep raising rates, which tends to favor risk assets like Bitcoin.
Bitcoin briefly tested $87,173 on Friday, just shy of its September high of $87,354, before pulling back. It traded at around $85,000 on Sunday morning, up 0.5% over 24 hours, according to CoinGecko data.
Cumulative net inflows since the funds launched stand at $58.1 billion, and total net assets sit at $101.1 billion, according to Decrypt‘s tracker.
Not everyone is sold on a breakout. Traders on Myriad, a prediction market owned by Decrypt‘s parent company Dastan, put the odds at 93% that Bitcoin won’t set a new all-time high in 2026.
Year-to-date ETF inflows also remain under $1 billion after heavy outflows earlier in the year. The next tests come soon: September’s CPI report lands Oct. 14, and the Fed meets Oct. 28.