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First Mover Americas: Bitcoin Drops 3%, Still on Track for Best September Since 2013
The latest price moves in crypto markets in context for Sept. 30, 2024.
Sep 30, 2024, 12:06 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin fell below $64,000 during the European morning, losing 3% in the last 24 hours. The drop seems to be a typical bull-market pullback that follows overbought conditions, according to 10x Research. "We noted that BTC appears to be overbought in the short term, as reflected by the heightened levels of the Greed & Fear index. Current short-term reversal signals have turned bearish, indicating that a pullback is likely over the next few days," Markus Thielen, founder of 10x Research, told CoinDesk. The wider digital asset market is 1.8% lower, the CoinDesk 20 Index shows.
September is historically the worst month for the bitcoin price, but it may be about to close its best yet. BTC ended September in the red in eight of the past 11 years. This year, it looks set to close the month up by at least 7%, even with today's swoon. The bullish month puts bitcoin on a strong footing going into October, which, by contrast, is one of its strongest. Where September has seen an average loss of 3.6% since 2013, October has seen average gains of 23%. Some traders are targeting a run to as high as $70,000 in the coming weeks. A green September has always resulted in bitcoin closing higher in October, November and December.
Digital asset funds saw inflows of $1.2 billion last week, the largest total since the week ended July 19, according to crypto asset manager CoinShares. The additions marked the third consecutive week of inflows and were attributed to expectations of further interest-rate cuts by the Fed. U.S.-based funds accounted for $1.17 billion of the $1.2 billion of inflows. The U.S. bitcoin ETF sector received a boost recently with SEC approval of physically settled options tied to BlackRock's IBIT, the largest of the spot BTC funds in the U.S. Bitcoin funds saw over $1 billion of inflows. Ether products added $87 million to break a five-week losing streak and net "the first measurable inflows since early-August," according to the report.
Chart of the Day
- Sui blockchain's native token SUI has more than doubled to $1.73 this month, the highest since April, outperforming other top 100 cryptocurrencies by market value.
- Later Monday, about 64.19 million SUI, worth over $100 million, are scheduled for unlock, releasing 2.4% of the cryptocurrency's circulating supply, according to TokenUnlocks.
- Source: TradingView
- Omkar Godbole
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