Bitcoin, Ethereum and XRP enter October on ETF inflows, U.Today outlook says
In brief
- Bitcoin and Ethereum each rose about 7% in September, per U.Today's monthly outlook.
- U.S. spot Bitcoin ETFs drew about $2.4 billion in the week ending Sept. 25, U.Today said.
- Ethereum's first public Glamsterdam testnet is scheduled for Oct. 6, the outlet said.
- U.S. spot XRP ETF cumulative inflows stood at about $1.79 billion by Sept. 25, per U.Today.
- Bond yields, policy uncertainty and profit-taking are headwinds, U.Today said.
ETF money kept coming. Price didn't follow.
Flows were the headline. U.S. spot Bitcoin ETFs drew about $2.4 billion in the week ending Sept. 25, their strongest weekly inflow since October 2025, by U.Today's account (it doesn't name the data provider). The outlet put Bitcoin ETF inflows since Aug. 19 at roughly $4.9 billion.
Bitcoin still ended September around $83,000 to $84,000 after a late-month push to roughly $87,000. U.Today said rising bond yields and profit-taking kept the market from moving decisively higher.
JPMorgan analysts, as reported by U.Today, see roughly $85,000 as a reference point for Bitcoin's average production cost. Bitcoin recently moved above that line, then slipped back below it and was trading near $84,000 at month's end. That estimate isn't fixed (it shifts with network difficulty, electricity prices and hardware efficiency).
Analyst Benjamin Cowen has argued investors should focus on Bitcoin's current chart structure rather than traditional four-year cycle expectations, after Bitcoin moved above its May high on the weekly timeframe.
Ethereum, XRP and the altcoin question
Ethereum finished September around $2,650 to $2,700, extending its relative strength against Bitcoin. U.Today called Glamsterdam upgrade testing the next major catalyst, with the first public testnet scheduled for Oct. 6.
XRP traded mostly between $1.48 and $1.55 late in the month after reaching about $1.66 on Sept. 23. It gained 10.4% in the week ending Sept. 26, per 24/7 Wall St. data cited by U.Today, while U.S. spot XRP ETFs logged 11 straight weeks of inflows and about $1.79 billion in cumulative inflows by Sept. 25.
Bitcoin dominance slipped below 60% as several large-cap altcoins gained. Solana has roughly doubled from its June low, and Chainlink's up more than 20% since the start of September. U.Today cautioned that a falling dominance figure alone isn't enough to establish a sustained altcoin season.
Uptober, with caveats
The outlet described October sentiment as cautiously optimistic and increasingly centered on the "Uptober" narrative. Bitcoin has historically performed strongly in October, but 2025 broke the previous six-year winning streak.
That's the catch.
U.Today listed elevated bond yields, monetary-policy uncertainty and possible profit-taking after the Q3 rally as the main counterweights, set against continued ETF flows, the Oct. 6 testnet and XRP Ledger upgrade developments on the other side of the ledger.
