Bitcoin rises for third straight week on strong ETF demand
The original cryptocurrency climbed as much as 2.7% to $86 851, before paring gains to trade around $86 400.
Bitcoin surged above US$86,000 on October 2nd, marking its third consecutive weekly rise. The cryptocurrency rebounded to a high of US$86,200 in London trading. This jump was driven by strong institutional demand for exchange traded funds, which bolstered investor appetite for risk assets ahead of October. Bitcoin has gained roughly 2% this week, concluding its best quarter since late 2024 with a 40% increase over the last three months of 2025.
Despite being battered earlier in 2026, some traders speculate a bottom for cryptocurrencies after hitting an all-time high of over US$126,000 in June 2026. The cryptocurrency has remained relatively unscathed by recent macro trends, with macro trends such as the US Senate failing to advance a crypto regulation bill and the Federal Reserve raising interest rates in September.
The optimism surrounding Bitcoin coincides with a traditional seasonal trend known as "Uptober," with the cryptocurrency posting gains in 10 of the last 15 Octobers. Additionally, industry leaders and executives are set to convene for Token2049 in Singapore, amid an improved mood compared to August. The upcoming US jobs report on October 2nd, which economists predict will show nonfarm payrolls rising around 90,000 in September, is also fueling the rally.
European stock indexes saw a 1% increase in early trading, while US stock index futures rose by 0.5%.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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