Bitcoin spot ETF weekly net inflows $2 billion… 'Uptober' rally kicks off

U.S. spot bitcoin (BTC) exchange-traded funds (ETFs) recorded net inflows of $2.25 billion this week alone. Since the first trading day of October, expectations for 'Uptober' have been growing.

On the 3rd (local time), The Block reported that BlackRock's bitcoin spot ETF, IBIT, saw more than $1 billion flow in on the 2nd (local time) alone, marking three consecutive days of net inflows. U.S. bitcoin ETFs also achieved weekly net inflows of $2.25 billion. Cumulative inflows since January last year have approached $60 billion.

IBIT also stood out in trading volume and the options market. Its daily trading volume on the 2nd was $4.3 billion, accounting for most of total bitcoin ETF trading volume ($5.6 billion), and it ranked in the 'top 10 by trading volume' alongside traditional large ETFs such as SPY, QQQ and GLD. Open interest in options also reached $38 billion, surpassing Deribit's $32 billion for the first time; Deribit had dominated the market since 2016. The global bitcoin options market share was reorganized to IBIT 45%, Deribit 41.9%.

Coupled with strong ETF inflows, bitcoin rose nearly 10% this week, regaining $120,000. Timothy Mishi of BRN Research said, "October is traditionally a bullish period, having posted positive returns 10 times out of the past 12 years," and added, "This year too, the rally is expected to gain momentum alongside ETF inflows."