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The Money Desk · Blog
Re:

Bitcoin Near $85,000: Did ETF Investors Keep Buying After Payrolls?

ETF investors kept buying across the first two October trading sessions, including payroll-release day. That short window is not proof of sustained inflows or a lasting Bitcoin recovery.
From TheFinanceBase Team2 min to read

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Did Bitcoin ETF investors keep buying after the September jobs report? Yes, in the limited window reported so far: U.S. spot Bitcoin ETFs had $134.4 million in net inflows over the first two October 2026 trading sessions, including October 2, the day the payroll report was released. That is evidence of near-term buying—not proof it continued in later sessions or that ETF flows caused Bitcoin’s move toward $85,000.

What the September jobs report said

The U.S. Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 29,000 in September 2026, while the unemployment rate was 4.2%. The payroll figure comes from the BLS establishment survey; the unemployment rate comes from its separate household survey. BLS, October 2, 2026.

The report also revised earlier payroll estimates downward. July’s change was revised from an increase of 21,000 to a decrease of 10,000, and August’s increase was revised from 162,000 to 133,000. Together, those two months were 60,000 jobs lower than previously estimated.

How ETF flows changed from September to October

Period Reported U.S. spot Bitcoin ETF net flows What the figure represents
September 2026 $2.65 billion Monthly net inflows reported by The Block, citing SoSoValue; the second-largest monthly inflow since October 2025, below August’s $3.52 billion. The Block.
October 1, 2026 $102.7 million Daily net inflows reported by The Block, citing SoSoValue. The Block.
October 2, 2026 $31.7 million Daily net inflows reported by Decrypt; this was the payroll-release day. Decrypt.
First two October 2026 trading sessions $134.4 million Combined net inflows reported by Decrypt’s Bitcoin ETF tracker. Decrypt.

The comparison is between different measurement windows: one full month and two trading sessions. It shows that reported net buying continued into the start of October, but the short October window cannot establish whether the September pace persisted.

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What the flows do—and do not—say about $85,000

Decrypt reported that Bitcoin briefly tested $87,173 on Friday, October 2, then traded around $85,000 on Sunday morning, October 4. These are dated observations, not live prices. Decrypt.

Positive ETF net flows alongside those price observations are consistent with continued short-term buying. They do not show that ETF purchases caused Bitcoin’s price movement, that every investor held on to shares, or that inflows would continue. A flow total records net fund activity over its stated period; it does not identify the full mix of market forces behind a price change.

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Dominick John, an analyst at Zeus Research, interpreted the inflows as suggesting institutional demand “has not faded,” and as pointing to a more sustained recovery, according to The Block. That is the analyst’s reading of the data, not proof that demand is durable or that flows explain the price move.

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What would count as stronger evidence?

The key test is whether daily net inflows remain positive in trading sessions after October 2. The figures available through October 4 cover only the first two October sessions, so they answer whether investors kept buying across that brief window—not whether the trend lasted. Later daily observations would be needed to assess persistence.

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The jobs report is relevant market context, but these figures alone do not establish how payrolls, yields, Federal Reserve expectations, short covering, or ETF activity each contributed to Bitcoin’s price behavior. Treat any direct causal explanation as interpretation unless supported by evidence that isolates those effects.

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