On October 4, the US Spot Bitcoin Exchange Traded Fund (ETF) recorded its first inflows of the month, rebounding from total outflows of $400 million in the first three trading days.
This rise coincides with the release of a major upgrade to Bitcoin Core, the open-source software that underpins the leading cryptocurrency.
Bitcoin ETF receives first inflow in October
Bitwise Bitcoin ETF (BITB) led the way in inflows with $15.3 million in positive net inflows, followed by Fidelity’s FBTC with $13.6 million, according to SoSoValue data. Arc21Shares’ ARKB and VanEck’s HODL each had inflows of $5.3 million.
In contrast, Grayscale’s GBTC reported outflows of $13.9 million. Other issuers such as BlackRock’s iShares Bitcoin Trust (IBIT) and Franklin Templeton Bitcoin ETF (EZBC) did not record any inflows during this period. Meanwhile, IBIT remains the market-leading Bitcoin ETF, with cumulative net inflows of over $21 billion.
Read more: How to trade Bitcoin ETFs: A step-by-step approach
Bitcoin ETF daily flow. Source: SoSoValue data
This development comes after a rocky start to October for Bitcoin. During the week, the price of the top asset briefly dipped below $60,000, but recovered to around $62,000 amid geopolitical tensions in the Middle East.
Despite the volatility, market observers remain optimistic about Bitcoin’s prospects for the fourth quarter. Analysts cite strong macroeconomic support for top assets and an increase in institutional investors as reasons for their bullishness.
“If we magnify the seasonality of Bitcoin price on a weekly basis rather than a monthly basis, we see that the Uptober begins in the second week of October and is the strongest period of the year. Currently in week 40. We see it. If the pattern holds, the rocket will take off in week 41 next week,” wrote crypto analyst Gary Sama.
Network receives major core update
On October 5th, Jameson Lopp, co-founder of self-custody solution Casa, announced the release of Bitcoin Core version 28.0. This version includes significant security enhancements and improved functionality. It also fixes bugs and introduces better privacy features for users.
This release follows last month’s warning from Bitcoin developers about a high-risk vulnerability affecting one in six Bitcoin nodes. This flaw could allow a malicious attacker to conduct a denial of service (DoS) attack and overload a node with excessive data requests, potentially causing a system crash.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Bitcoin Core 28.0 addresses these issues and adds further security protections. An important addition is support for reproducible builds, allowing advanced users to compile identical binaries directly from the Bitcoin Core website. This measure will increase transparency and trust within the Bitcoin community.
Node operators upgrading to version 28.0 must exit their current software version and back up their files before installing.
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