US spot Bitcoin ETFs took in $134.4 million across the first two days of October, after $148.7 million left the funds on 30 September.
The money came back as the US jobs market slowed sharply. But it came back in small amounts, and it shrank from one day to the next.
The flows
The funds drew $102.7 million on Thursday and $31.7 million on Friday, a fall of almost 70% from one session to the next. That compares with a single day of $999 million during September’s nine-day inflow run.
Cumulative inflows since the funds launched now stand at about $58.1 billion, with total net assets of around $101.1 billion. Flows for the year to date remain under $1 billion.
The jobs report
The US added just 29,000 jobs in September, against forecasts of roughly 84,000 to 95,000. Unemployment rose to 4.2% from 4.1%. Earlier months were revised down by a combined 60,000 jobs, with July now showing a loss of 10,000.
Wages rose 0.1% on the month and 3.0% on the year, below inflation of 3.4%.
The market read it as a reason for the Federal Reserve to wait. After the report, a hold at the 27 to 28 October meeting was priced at 77%, against odds of a hike that had stood above 70% on 23 September.
The price
Bitcoin is trading near $85,300. It reached $87,173 on Friday, close to but still below its September high of $87,354.
That is the pattern of the past fortnight. The macro picture has moved steadily in Bitcoin’s favour, first with softer inflation data and now with weak hiring. The flows have returned. The price has not yet broken out.
