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According to Grayscale's September market report, Bitcoin performed well in the global market turbulence in September 2023. Bitcoin rose by 4.1% in September, while most traditional assets suffered significant losses, especially in the context of rising US bond yields, highlighting Bitcoin's characteristics as a "store of value" and a "safe haven" during a crisis. The report further suggests that the next price catalyst for Bitcoin may come from the approval of a Bitcoin spot ETF. In particular, the SEC must seek a reconsideration of the recent court decision in which Grayscale lost by October 13. If the SEC drops the appeal, it will reconsider Grayscale's application to convert GBTC to a spot ETF and other related Bitcoin spot ETF applications. Nevertheless, Grayscale warns that the broader financial market environment still presents challenges. Federal Reserve tightening policies and government bond yields may still be seeking a new balance, and the uncertainty of a "soft landing" for the US economy persists. Although Bitcoin's trading volume decreased in September, various on-chain metrics improved: funding addresses, active addresses, and the number of transactions all increased. |
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Post time 11-10-2023 14:43:33
