U.S. Spot Bitcoin ETFs Take In $134.4 Million Over Two Sessions

U.S. spot Bitcoin exchange-traded funds took in $134.4 million over October’s first two trading sessions, returning to net inflows after a Sept. 30 withdrawal as weaker jobs data eased expectations for a Federal Reserve rate hike.

The funds drew $102.7 million on Oct. 1 and $31.7 million on Oct. 2. A $148.7 million outflow on Sept. 30 ended a nine-session streak of net inflows; the funds returned to inflows on Oct. 1 and Oct. 2.

September payrolls rose by 29,000, while the unemployment rate stood at 4.2%. The softer labor figures eased expectations for an October Fed rate hike, though the jobs report does not determine the central bank’s decision.

The two-day total gave “Uptober,” a crypto nickname tied to Bitcoin’s historically strong October performance, a positive start. The early inflows do not establish whether funds will continue to attract money through the month.

The latest activity followed a strong September, when the funds recorded about $2.4 billion in net inflows during the week ended Sept. 25.