TechFlow, on October 7, according to Jinshi Data, data from the London Stock Exchange Group showed that after Bitcoin hit a record high in the previous trading session, it pulled back as traders took profits.
James Madden, Trading Director at Deus X Pay, said in a report that the recent Bitcoin rally was driven by institutional demand, favorable macroeconomic conditions, and seasonal momentum. In the week ending October 3, inflows into spot Bitcoin exchange-traded funds reached $3.2 billion.
He further noted that supportive macroeconomic factors include market expectations of further interest rate cuts by the U.S. Federal Reserve, as well as rising correlation between Bitcoin and gold prices amid the backdrop of a potential U.S. government shutdown. Additionally, historical data shows that Bitcoin often trends upward in October.
