News on October 5, according to the September market report released by Grayscale, Bitcoin performed well amidst the global market fluctuations in September 2023. Bitcoin rose 4.1% in September, while most traditional assets suffered heavy losses. , especially in the context of rising bond yields in the United States, showing the characteristics of Bitcoin as a "store of value" and a "crisis haven". Reports further suggest that the next price catalyst for Bitcoin could come from the approval of a Bitcoin spot ETF. In particular, the SEC has until October 13 to seek a rehearing of Grayscale’s defeat in the court’s recent ruling. If the SEC abandons the appeal, it will reconsider Grayscale’s application to convert GBTC to a spot ETF, as well as other related bits. Coin spot ETF application.
Still, Grayscale warned that the broader financial market environment remains challenging. The Fed's tightening policy and government bond yields may still be looking for a new balance, and a "soft landing" for the US economy is uncertain. While Bitcoin’s transaction volume fell in September, various on-chain metrics improved: funding addresses, active addresses, and the number of transactions all increased.
Bitcoin is trading sideways above 27326.6 today, with trading volume shrinking.