Sentiment: 🐂 Bullish | Focus:
$BTC ,$ETH
Q3 Performance & ETF Momentum
Crypto closed a standout Q3 despite late-quarter volatility:
Bitcoin (
$BTC ): Gained +44%, marking its best quarter since Q1 2024.
Ethereum ($ETH): Surged +70.9%, outperforming
$BTC by 27 percentage points in its strongest quarter since 2021.
Institutional Inflows: Spot Bitcoin ETFs drew $6.34B in Q3, sharply reversing Q2’s $5B outflows. ETH ETFs pulled $3.05B, alongside steady interest in $XRP (308M) andSOL ($272M in Sept).
📊 Citi Raises
$BTC Target to $113,000
Citigroup updated its 12-month forecasts, relying on a "thin-flow" supply dynamic:
New Price Targets: Bitcoin raised to $113,000 (+38%) and Ethereum to $3,028 (+35%).
Supply Crunch: Glassnode data shows Long-Term Holder (LTH) supply at an all-time high of 80%. With fewer coins available for trade, modest inflows can trigger larger price jumps.
⚠️ Macro Headwinds: Labor Stays Hot, Yields Rise
Macro indicators present a mixed backdrop as markets eye Friday’s Non-Farm Payrolls (NFP):
Resilient Labor Market: Initial jobless claims dropped to 197K (below the 200K threshold), while Chicago PMI beat expectations at 58.8 (vs. 51.2 forecast).
Bond Yield Pressure: Softer PCE briefly pushed
$BTC above $85,500 before oil price spikes and rising bond yields (10-year holding near 5.28% / Real Yields at 2.83%) pulled prices back toward $83,700.
Fed Outlook: A firm labor market paired with sticky inflation complicates rate-cut expectations heading into Q4.
💡 Key Takeaway: While macro headwinds (high real yields and DXY at 101.8) remain active, historically
$BTC averages a +77% gain in Q4. Combined with an 80% locked supply, structural support remains intact for mid-to-long-term upside.
$BTC $ETH
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