Bitcoin Faces October Headwinds

Key Summary

Bitcoin enters October with four pressures, including thin liquidity, weaker ETF demand, the Iran war, and a Mt. Gox deadline. Historically, the largest cryptocurrency has closed higher in 10 of the last 13 Octobers, with a median gain of 12.73%. This month, Bitcoin is up 1.98%. Stablecoin supply has recovered $4 billion since September, but analyst Darkfost believes the rebound is too timid to push Bitcoin to new highs. Meanwhile, institutional demand has cooled, with spot Bitcoin ETFs posting $148.69 million in net outflows on September 30. Trading activity has also thinned, with daily value traded falling from $4.57 billion on September 21 to $1.97 billion on October 1.