Bitcoin Eyes $94K as Uptober Begins and SEC Advances Crypto Custody Rules
Bitcoin (BTC) is making a strong push toward $87,000 as October begins, reigniting hopes among seasonal bulls for a potential climb to $94,000. The cryptocurrency started the month with a rise from a low near $85,550 to a high around $86,770 on October 4, bringing it close to Friday’s peak of $87,180. September had ended with BTC priced near $83,560, marking a 6% gain over the prior month. If October follows its historical trend of a roughly 12% advance, the price could reach $94,000, aligning with several technical forecasts and recent resistance levels.
The optimism around Bitcoin’s performance in October, often dubbed “Uptober,” is tempered by a tight trading range. Early October trading has seen a tug-of-war between favorable seasonality and resistance just below last week’s highs. Institutional products continue to play a significant role, with US spot Bitcoin exchange-traded funds (ETFs) seeing $6.3 billion in net inflows during the third quarter, including $2.7 billion in September. However, recent flows have slowed, with provisional data showing much smaller intakes compared to the prior week.
Bitcoin ETFs recorded about $241 million in inflows last week, bringing cumulative net inflows since launch to roughly $57.8 billion and year-to-date inflows to around $1.2 billion. In contrast, Ethereum products experienced about $138 million in weekly net outflows, though year-to-date ether ETF inflows remain near $1.5 billion. At the time of reporting, Bitcoin was trading around $86,200, up 3.7% on the week, while Ether was near $2,730.
Away from price movements, Securities and Exchange Commission (SEC) Chair Paul Atkins is advancing a rulemaking agenda to keep digital-asset activity within the United States. On October 1, he issued a statement tied to a Commission proposal that outlines how investment advisers and regulated funds may custody crypto assets under the Investment Advisers Act and the Investment Company Act. Atkins described the measure as closing a gap that has left advisers and funds without a clear lawful path for an asset class clients increasingly want, aiming to treat the US as a primary venue for crypto markets.