Jamie Crawley is a CoinDesk news reporter based in London.
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.
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.
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.
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 tointerests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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