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Bitcoin traded mostly steady on Tuesday, holding close to all-time highs after a surge past $126,000, supported by strong institutional inflows, safe-haven rotation during the prolonged U.S. government shutdown, and seasonal optimism often dubbed “Uptober.”
As of 02:05 ET (06:05 GMT), Bitcoin (BTC) rose 0.4% to $124,427.9, after touching a record high of $126,186.0 on Monday. The world’s largest cryptocurrency has gained over 10% in the past week and more than 30% year-to-date in 2025.
ETF Inflows and ‘Debasement Trades’ Drive Momentum
Data from SoSoValue showed U.S. spot Bitcoin exchange-traded funds (ETFs) attracted $3.2 billion in net inflows during the week ending October 3 — the second-largest weekly total since their launch earlier this year. Daily inflows on October 3 alone reached nearly $1 billion, underscoring robust institutional demand.
The persistent inflows reflect a preference among large investors to gain exposure through regulated ETFs rather than holding Bitcoin directly, helping sustain bullish market momentum.
Meanwhile, the ongoing U.S. government shutdown, now in its second week, has disrupted key economic data releases and clouded fiscal policy visibility. This uncertainty has strengthened demand for alternative assets, with investors rotating capital into Bitcoin and gold — a trend often referred to as a “debasement trade,” signaling hedging behavior against potential inflation and currency weakness.
Seasonal “Uptober” Rally
Bitcoin’s performance also aligns with its historical October rally, nicknamed “Uptober,” a month that has traditionally delivered some of the strongest returns for cryptocurrencies. The combination of seasonal optimism, easing rate expectations, and strong ETF inflows has driven momentum in the digital asset market.
However, profit-taking emerged following Monday’s record highs, moderating gains as traders locked in short-term profits.
Galaxy Digital Challenges Robinhood
Crypto financial services firm Galaxy Digital (TSX: GLXY) unveiled GalaxyOne, a new commission-free trading platform offering access to stocks, ETFs, and cryptocurrencies, directly challenging Robinhood (NASDAQ: HOOD). The announcement pushed Galaxy shares up 7% on Monday, while Robinhood shares slipped 3%.
The launch underscores the growing convergence between traditional finance and crypto, as fintech firms race to offer multi-asset digital trading experiences.
Altcoins Extend Gains
Broader crypto markets followed Bitcoin’s lead, with Ethereum (ETH) jumping 4.1% to $4,712.75, while XRP gained 0.5% to $2.99.
Other major tokens saw moderate gains: Solana rose slightly, Cardano and Polygon added 3.5% each, and meme token Dogecoin climbed 5%, while $TRUMP gained 2%.
Despite near-term consolidation, analysts say sentiment remains broadly bullish, with institutional inflows, macro uncertainty, and seasonal trends continuing to favor risk assets in the digital currency space.
