Overview
- Bitcoin pushed toward the roughly $87,000 area and then reversed to the mid‑$80,000s, marking a second recent rally that stalled below the late‑September high.
- U.S. spot Bitcoin ETFs recorded a third straight weekly net inflow for the week ending Oct. 2 and added about $241 million, bringing cumulative inflows since launch to roughly $57.8 billion.
- BlackRock’s iShares Bitcoin Trust (IBIT) accounted for a large share of the recent buying with multi‑day and weekly inflows that outpaced most other funds.
- A weak U.S. payrolls report that showed 29,000 jobs added on Oct. 2 lowered October Fed‑hike odds and triggered heavy short‑covering and leveraged trading that amplified intraday moves.
- On‑chain research from Glassnode and Binance Research warns much of the bounce may reflect forced buying rather than broad new demand while European products show stronger regional participation and key data releases on Oct. 7 and Oct. 14 could sway the next leg of the market.