Bitcoin ETFs Experience First Inflows of October Amid Major Core Upgrade
On October 4, the first inflows of the month were recorded for US spot Bitcoin exchange-traded funds (ETFs), marking a rebound after a $400 million drop in the initial three days of trading.
This positive movement aligns with the rollout of a major upgrade to Bitcoin Core, the foundational software for the cryptocurrency.
Data from SoSoValue indicates that Bitwise’s Bitcoin ETF (BITB) led the way with net inflows of $15.3 million, followed closely by Fidelity’s FBTC with $13.6 million. Both Ark 21Shares’ ARKB and VanEck’s HODL saw inflows of $5.3 million each. In contrast, Grayscale’s GBTC experienced outflows of $13.9 million, while other funds like BlackRock’s iShares Bitcoin Trust (IBIT) and Franklin Templeton Bitcoin ETF (EZBC) did not see any inflows during this timeframe. IBIT remains the market leader with over $21 billion in cumulative net inflows.
This uptick follows a rocky start to October for Bitcoin, which saw its price dip below $60,000 before rebounding to around $62,000 amid ongoing geopolitical tensions in the Middle East. Despite the fluctuations, analysts are optimistic about Bitcoin’s performance in the fourth quarter, pointing to strong macroeconomic support and increasing institutional investments.
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Crypto analyst Gally Sama noted that the second week of October typically marks the beginning of a robust period for Bitcoin, suggesting that “Uptober” could see significant gains starting next week.
On October 5, Jameson Lopp, co-founder of the self-custody solution Casa, announced the release of Bitcoin Core version 28.0. This update includes crucial security enhancements, functionality improvements, and bug fixes, as well as better privacy features for users. The upgrade follows warnings from developers about a significant vulnerability affecting one in six Bitcoin nodes, which could have allowed for denial-of-service (DoS) attacks.
The new version addresses these security concerns and adds support for reproducible builds, allowing advanced users to compile identical binaries from the Bitcoin Core website. This initiative aims to enhance transparency and trust within the Bitcoin community. Node operators are advised to back up their files and exit their current software version before installing the update.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
