Bitcoin Defies Odds with $86K Rebound as ETF Flows Reverse
Bitcoin rebounded in September after the US Senate's failed vote on the CLARITY Act, reaching $86,349 on September 21, its highest level since late January. The cryptocurrency's recovery coincided with a sharp reversal in US spot Bitcoin exchange-traded fund (ETF) flows.
Kester Ejikeme, founder and project lead of Bitcoin Anambra, notes that the sequence shows 'one legislative event doesn't necessarily change the underlying demand for Bitcoin.' He looks at broader market conditions first and treats the seasonal pattern as confirmation at most.
The 'Uptober' phenomenon, where Bitcoin finishes October higher than it began in nine of the last 11 years, with an average return of 19.1%, is often cited. However, Ejikeme emphasizes that this record is not automatic and should be treated with caution.