Bitcoin ETFs net inflows surge past $2 billion this week as ‘Uptober’ momentum builds

The three-day net inflow streak for BlackRock’s IBIT Bitcoin exchange-traded fund topped $1 billion on Thursday, coinciding with the cryptocurrency’s rise back above $120,000 for the first time since August as the “Uptober” narrative gains momentum.

Despite seeing outflows of $46.6 million on Monday, IBIT’s subsequent run has contributed to the U.S. Bitcoin ETFs’ combined haul of $2.25 billion so far this week, with Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BTB also attracting substantial inflows of $622.3 million, $219 million, and $187.9 million, respectively. Cumulative inflows since the Bitcoin ETFs began trading in January 2024 are now approaching $60 billion, according to data compiled by The Block.

IBIT’s trading volume was also elevated on Thursday, attracting $4.3 billion of the total $5.6 billion Bitcoin ETF activity — reaching the rare accolade of being among the top 10 ETFs by daily volume, alongside the likes of SPY, QQQ, and GLD, Bloomberg Senior ETF Analysts Eric Balchunas noted on X.

Earlier this week, the BlackRock ETF also entered the top 20 ETFs by assets under management for the first time, back above the $90 billion mark, Balchunas pointed out. However, IBIT remains approximately $50 billion short of reaching the top 10. “If forced, I’d set the over/under for Xmas 2026,” the analyst said.

Meanwhile, BlackRock’s ETHA is on a four-day streak of $485 million worth of inflows, adding to a combined total of more than $1 billion this week for U.S. Ethereum ETFs. Those products, which debuted later in July 2024, have now attracted over $14 billion in cumulative inflows.

IBIT options open interest flips Deribit bitcoin options for the first time

Following last Friday’s expiry, open interest in IBIT options contracts reached around $38 billion, surpassing the $32 billion of bitcoin options open interest on Deribit for the first time, equivalent to approximately 45% of global bitcoin options open interest.

Deribit, which was acquired by crypto exchange Coinbase in a $2.9 billion cash-and-stock deal earlier this year, is the global leader in crypto derivatives by open interest and options volume. The platform had dominated bitcoin option open interest since launching in 2016. In comparison, options trading for BlackRock’s IBIT was only approved last November.

“IBIT has surpassed Coinbase’s Derbit platform as the largest venue for bitcoin options with $38b in open interest.  I told y’all ETFs are no joke.. Fat crypto margins in trouble,” Balchunas noted on X.

IBIT tops Deribit in notional bitcoin open interest. Image: Bloomberg.

Among the U.S. Bitcoin ETFs, IBIT completely dominates bitcoin options open interest, Balchunas highlighted. “Options tend to be more winner-take-all vs ETF AUM, which is more spread around,” he said.

IBIT dominates BTC ETF options open interest. Image: Bloomberg.

Bitcoin breaks $120K as ‘Uptober’ momentum fuels crypto surge

The ETF inflow streak comes amid growing momentum in crypto price action. Bitcoin surged nearly 10% over the past week to break back above $120,000 on Thursday for the first time since Aug. 14 as the “Uptober” narrative gains traction, BRN Head of Research Timothy Misir told The Block.

“Historically, October has been the strongest month for BTC, with positive returns in 10 of the last 12 years,” Misir noted. “This year appears no different: in just the first two trading days, bitcoin has already booked a 5.41% monthly gain.”

October has been the strongest month for BTC, with positive returns in 10 of the last 12 years. Image: CoinGlass.

The rally occurs amid a broader backdrop of gains, with stocks rising despite the U.S. government shutdown and a steep decline in private payrolls. The S&P 500 ended Thursday at a record 6,715, while gold also extended its record rally. Markets are taking weak labor data and political gridlock as signals for further Fed easing, fueling a surge across both risk assets and safe havens, Misir said. 

NovaDius Wealth Management President Nate Geraci suggested that President Trump’s comments about the U.S. needing to grow itself out of debt and potential taxpayer rebates of $1,000 to $2,000 using tariff revenue were also factors in bitcoin and gold trading near all-time highs.

Bitcoin is currently trading at around $120,388, according to The Block’s BTC price page, a 1.4% increase in the past 24 hours. Meanwhile, Ethereum is changing hands for $4,478, having gained 1.9% in the past day and 13.5% in the last week. The GMCI 30 index of leading cryptocurrencies has increased by 11.9% over the last seven days.

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