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Bitcoin heads into Uptober after a near-record September run

BTC was up 7.3% for September, helped by a rebound from earlier weakness, even as the Fed hiked rates and 10-year Treasury yields reached 5.3%.

Reported · Written up by our desk · Market Structure

Bitcoin is starting October, often dubbed “Uptober” for strong historical crypto performance, after a September that finished green for the first time in its “Red September” narrative. According to Decrypt, BTC opened the month around $83,823, up 0.28% on the day, after posting a 7.3% gain for September that nearly topped its 2024 mark.

Decrypt also notes that October’s longer-term track record has been upbeat for crypto investors. Since 2013, October has returned 19.9% on average and 14.7% at the median, though last year bucked the trend with a 3.7% decline.

The piece flags the current macro backdrop as a potential headwind for risk assets. Decrypt points to the Federal Reserve’s 25 basis point rate hike on Sept. 16, bringing the policy range to 3.75% to 4%, alongside 10-year Treasury yields sitting at 5.3%.

Latest closeBitcoin $85,956.49 ▲2.9%

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