Markets just closed out "Down-tember" with Bitcoin at $108K and ETH bellow $4K. Bankless asks: is this the start of a bigger correction, or just a setup for Uptober?
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The pullback: ETH had its worst weekly drop in months, but Bankless stresses this was expected seasonality, not the start of a bear market.
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Why bulls aren’t worried: September is historically weak for crypto, and October often flips bullish. Spot ETFs and institutional flows remain strong, with BlackRock now making $260M yearly from crypto ETFs.
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Big players holding firm: Apple CEO Tim Cook confirmed he owns BTC and ETH as part of his portfolio - another mainstream nod.
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Risk factors: Tether is seeking a $500B valuation to expand beyond stablecoins, raising concerns about concentration of power. Meanwhile, regulatory battles continue, though new SEC chair Paul Atkins is pushing friendlier policies.
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Macro signals: Despite the drop, total crypto market cap is still $3.9T, and long-term holders remain steady.
Outlook: Bankless frames the correction as a shakeout, not a trend reversal. If history repeats, October could live up to its "Uptober" reputation - but volatility is here to stay.
