Key takeaways
Why is crypto off to a strong start this October?
A surge in stablecoin deposits and record inflows into crypto funds is boosting market momentum.
Is Bitcoin leading the current rally?
Yes, Bitcoin is outperforming Ethereum and attracting the most investor attention and capital.
The crypto market is starting October on a strong note. Over $1.1 billion in stablecoins has flowed into Binance, giving traders buying power.
At the same time, Bitcoin [BTC] is bouncing back as more coins move off exchanges and into private wallets.
Adding to the positive mood, global crypto funds just saw a record $5.95 billion in weekly inflows – mostly into Bitcoin and Ethereum [ETH]. After months of doubt, momentum may finally be shifting back to the bulls.
Uptober is on!
According to The Kobeissi Letter, crypto funds recorded $5.95 billion in net inflows, surpassing the previous ATH by over $1 billion.
Bitcoin led the charge with $3.55 billion, followed by $1.48 billion into Ethereum funds. Interestingly, Ethereum’s YTD inflows now stand at a record $13.7 billion, nearly triple last year’s total.
Other altcoins weren’t left behind. Solana [SOL] and Ripple’s [XRP] also saw record inflows of $706.5 million and $219.4 million, respectively.
Bullish signs abound
The positive trend is clear on Binance. Since the start of October, over $1.1 billion in stablecoins have flowed into Binance, a sign that traders are getting ready to buy.
Over $500 million worth of Bitcoin has recently been transferred to private wallets—a move that typically signals long-term holding by investors.
This, combined with fresh capital flowing into the market, reflects growing confidence among participants.
Meanwhile, the rising Binance Buying Power Index confirms that demand is picking up again, reinforcing the strong bullish sentiment across the crypto space this month.
BTC leads while ETH lags
The latest price data shows BTC continuing to outperform ETH in early October.
At press time, BTC has climbed nearly 6% in the past week, holding strong around the $122K mark, while ETH remains down about 2.4% over the same period.
Investor attention and inflows are still centered around Bitcoin, a trend supported by record-breaking fund data and rising Binance buying power.
BTC is the main driver of this month’s bullish phase.