Bitcoin Surges to Record High Amid “Uptober” Rally and Strong ETF Inflows

Bitcoin traded at $125,500 on Sunday, about $1,000 higher than its previous record high in mid-August. Ethereum, BNB, Solana, and others are also performing well in this environment.

With a new all-time high of around $125,500 on Sunday, Bitcoin confirmed October’s reputation for consistently delivering gains for BTC. This is why October is often called “Uptober” in the crypto scene. Binance Coin (BNB) also recorded a new all-time high of $1,190 over the weekend, while other popular altcoins like Ethereum and Solana gained 10 percent or more in the first few days of October. What will shape Bitcoin and other cryptocurrencies this trading week?

In the US, there is no end in sight to the shutdown, and negotiations appear to be at a standstill. However, fears that the shutdown could harm BTC’s price performance are not coming true – quite the opposite. Analysts like Jeff Dorman of the investment firm Arca even see the shutdown and domestic political dispute as a positive for Bitcoin. “I only buy BTC at times when society is losing trust in governments and banks,” Dorman writes on X.

Bitcoin ETFs back on record course

Bitcoin ETFs in the US are highlighted as a direct price driver. With $3.24 billion in capital inflows, Bitcoin ETFs experienced their second-best performance since their inception last week, according to data from SoSo.

Ethereum ETFs also enjoyed a capital inflow of $1.3 billion, and ETH is now trading at a promising level of just over $4,500. Solana climbed to just over $230 with a weekly gain of 12 percent, also a potential launching pad for further gains.

ASTER DEX again confronted with allegations of manipulated data

There’s a lot of excitement surrounding ASTER, the challenger to Hyperliquid (HYPE) launched in September. The data service DeFiLlama has refrained from publishing figures on Aster’s derivatives trading volumes until further notice.

DeFiLlama co-founder 0xngmi explained the decision to move to X by arguing that Aster is likely engaging in wash trading, i.e., artificially inflating trading volumes. As early as the end of September, serious doubts about Aster’s data were circulating, and the DEX was at risk of losing confidence.

Conclusion: Bitcoin leads crypto markets into “Uptober”

Optimists are now setting $130,000 as Bitcoin ‘s next price target and will closely monitor whether the ETFs have another strong week. In the background, a cut in the US key interest rate expected at the end of October continues to boost sentiment, as such a move typically favors Bitcoin.

BNB, Solana, and Ethereum, as leading altcoins in the decentralized finance (DeFi) sector, are gaining momentum in Bitcoin’s wake – October rallies would be no surprise. The military conflicts in Ukraine and the Gaza Strip could prove to be a damper on the fun; escalation would not be in the best interests of the financial markets or Bitcoin.

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(Featured image by Kanchanara via Unsplash)

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