Bitcoin exchange-traded funds extended their streak of inflows this week, with no recorded outflows since September 26.
Over the four trading sessions from September 29 to October 2, inflows exceeded $2.25 billion, indicating a surge in investor optimism surrounding the cryptocurrency.
| Date | IBIT | FBTC | BITB | ARKB | BTCO | EZBC | BRRR | HODL | BTCW | GBTC | BTC | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 Sep 2025 | (37.3) | (300.4) | (23.8) | (17.8) | 0.0 | 0.0 | 0.0 | (9.3) | 0.0 | (17.1) | (12.6) | (418.3) |
| 29 Sep 2025 | (46.6) | 298.7 | 47.2 | 62.2 | 35.3 | 16.5 | 0.0 | 30.7 | 0.0 | 26.9 | 47.1 | 518.0 |
| 30 Sep 2025 | 199.4 | 54.7 | 70.1 | 105.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 429.9 |
| 01 Oct 2025 | 405.5 | 179.3 | 59.4 | 5.9 | 0.0 | 0.0 | 0.0 | 6.6 | 0.0 | 9.2 | 9.9 | 675.8 |
| 02 Oct 2025 | 466.5 | 89.6 | 11.2 | 45.2 | 0.0 | 0.0 | 0.0 | 1.7 | 0.0 | 2.8 | 10.2 | 627.2 |
Consistent inflows across issuers
Data showed $627.24 million in inflows in the most recent trading session.
BlackRock’s IBIT led with $466.55 million, followed by Fidelity’s FBTC at $89.62 million. ARKB added $45.18 million.
Ethereum ETFs also benefited, recording $1.06 billion in inflows across the same four-day span.
Their daily tally of $307.05 million was strong, still below Bitcoin ETF levels.
The momentum has coincided with what market participants often call “Uptober,” a month historically associated with stronger Bitcoin performance.
The absence of outflows since late September has underscored optimism around both price outlook and macroeconomic conditions.
Bitcoin price performance
Bitcoin began the week with a 1.92% rise on Monday, closing above the 50-day exponential moving average at $114,076.
Despite a small pullback on Tuesday, it held support at that level and extended gains through Thursday, finishing above $120,000.
By Friday, the cryptocurrency hovered near $119,800.
If upward momentum continues, analysts suggest Bitcoin could test its all-time high of $124,474.
JPMorgan sees further upside
JPMorgan analysts said Wednesday that Bitcoin could reach $165,000 by year-end, citing its relative valuation to gold.
The bitcoin-to-gold volatility ratio has fallen below 2.0, meaning Bitcoin now requires roughly 1.85 times more risk capital than gold.
Based on that ratio, the bank’s team, led by Nikolaos Panigirtzoglou, calculated that Bitcoin’s $2.3 trillion market capitalisation would need to rise by around 42% to match the $6 trillion of private gold investment.
They noted the shift from Bitcoin being $36,000 overvalued at the end of 2024 to $46,000 undervalued now, relative to volatility-adjusted gold levels.
“This mechanical exercise thus could imply significant upside for bitcoin,” the analysts wrote.
The projection comes amid what JPMorgan described as growing interest in the “debasement trade,” with investors seeking hedges against government deficits, inflation, and weakening fiat currencies.
Retail investors have been at the forefront, pouring into both Bitcoin and gold ETFs since late 2024.
Cumulative flows into spot Bitcoin and gold ETFs have climbed over the past year.
While Bitcoin ETF inflows slowed in August, gold funds picked up momentum, narrowing the gap.
Futures positioning, the analysts said, has lagged ETF demand, underscoring the retail tilt of this trend.
With gold prices rising in recent weeks, JPMorgan argued that Bitcoin’s relative appeal has strengthened.
Their new year-end projection of $165,000 replaces an earlier August forecast of $126,000.
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