October began with a surprise surge in Bitcoin $BTC and Ethereum $ETH prices. BTC crossed $28,000, a 3.3% increase in 24 hours, while ETH saw a jump from $1,595 to $1,750, stabilizing around $1,723.

#crypto enthusiasts call this "Uptober," historically a bullish month for cryptocurrencies. Data supports this, with October showing negative monthly returns only twice since 2013.

The surge aligns with expectations for the first Ethereum futures ETF.

Investors celebrated the surge, but short sellers faced significant losses, with over $70 million in short positions liquidated within hours.

Insights from 'Santiment' suggest the #bitcoin bull run might continue into October. Bitcoin whales are accumulating, holding about 13.03 million BTC, and quietly amassing Tether (USDT), indicating confidence in Bitcoin's long-term prospects.

Two key macroeconomic events in October could influence the crypto market: the U.S. unemployment rate report on October 6 and the CPI report on October 1, which affect the Fed's interest rate decisions.

“Welcome to Uptober.

Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.

Potentially #Bitcoin  to $40,000 is reasonable.” - @CryptoMichNL

October began on a bullish note, fueled by Bitcoin and Ethereum surges, likely tied to Ethereum ETF anticipation and the historical bullish trend of October.

However, market spectators remain cautious, considering broader economic factors and key events later this month.

Are you bullish? Is all these green light a Bull Run or a Bull Trap?

Share your opinion in the comment section.