U.S. spot bitcoin ETFs absorbed $241.1 million in net inflows last week, according to data from Farside Investors, marking the third consecutive week of positive flows and extending a demand streak that has supported bitcoin through the start of October.

The inflows were not evenly distributed across trading days. Farside's daily ledger shows fresh money entering the funds every session except Wednesday, when investors pulled nearly $149 million out of the vehicles. The weekly total still landed firmly in positive territory on the strength of the surrounding sessions.

Where did the money go?

BlackRock's iShares Bitcoin Trust captured the majority of the week's investment, taking in more than $450 million in fresh cash. That figure exceeded the industry-wide weekly net total, meaning outflows from other funds partially offset BlackRock's gain. Funds managed by Fidelity and Morgan Stanley also saw significant trading activity and inflows, per the Farside data.

The structural role of these vehicles matters for market plumbing. Spot bitcoin ETFs give investors regulated exposure through ordinary brokerage accounts, and sustained purchases of fund shares translate into bitcoin demand on the underlying market. The current three-week inflow run has coincided with bitcoin holding near $85,605, up roughly 7% over the past 30 days.

What drove the recovery?

The rally has its roots in August, when the U.S. Treasury Department announced it would more than double the size of its government debt repurchases. Bitcoin responded with its best run in three years and its third-best August on record.

The so-called debasement trade has added fuel: investors buying assets as a hedge against currency devaluation, a dynamic that strengthened as the dollar slid in value in August. September added another near-6% gain over a 30-day window, and the third quarter as a whole was bitcoin's best three-month stretch since 2024.

Data firm CryptoQuant argued in a report published in late September that bitcoin had re-entered a bull market after crossing above its 365-day moving average. The firm described that crossover as the "definitive technical signal" that has marked the start of previous rallies across past cycles.

How far is bitcoin from its record?

The recovery still has significant ground to cover. Bitcoin touched an all-time high of $126,080 in October last year before a massive liquidation event knocked it off its peak, and the asset has spent most of 2026 in a bear market. At recent levels near $85,605, it trades roughly a third below that record.

The October seasonality that traders call "Uptober" — a reference to the month's historically strong returns — has so far held to form, with the ETF inflow streak providing institutional confirmation of retail-leaning momentum.

Whether the streak survives will depend on the weekly flow data: another positive print would extend the run to four weeks, while a repeat of Wednesday's $149 million redemption day could break it.