- Bitcoin has rallied 6% over the past week to US$118,548, recovering from last week’s dip below US$109k despite the US government shutdown.
- October historically delivers strong returns for Bitcoin, averaging 20.51% since 2013, with the month ending in profit 10 out of 12 times.
- The government shutdown has paused SEC operations, freezing over 90 cryptocurrency ETF applications including those for Solana, XRP and stablecoin products.
- Analysts suggest the regulatory delay adds uncertainty, though the high volume of applications indicates strong demand once normal SEC operations resume.
After falling below the US$109k (AU$164k) mark last week, Bitcoin (BTC) is on a roll again. The OG crypto has gained 6% over the past week, rallying to as high as US$118,548 (AU$179,205) at the time of writing. And this comes despite a shutdown of the US government – a past shutdown once sent BTC tumbling as much as 9%.
Uptober Time?
Historically, Bitcoin has performed well in October, which has led to the term “Uptober”. Since 2013, it has ended the month in the green 10 times and only twice in the red. Data from Coinglass shows an average October return of 20.51% and a median return of 14.71%.
That’s only topped by November, which brought a historic average return of 46.02% and a median of 10.82%.
Related: US Treasury Exempts Crypto From Unrealised Gains Tax in Major Industry Win
Shutdown Delays Altcoin ETFs
Bitcoin may be on a roll as Uptober kicks in, but not all the signals are straightforwardly bullish. One cloud on the horizon is the US shutdown, which has forced the SEC to put dozens of crypto ETF applications on ice – delaying a catalyst many investors had been counting on.
Under its contingency plan, the SEC will only handle “emergency” matters such as market enforcement, while non-essential tasks – including product approvals – are paused.
For issuers, it’s a frustrating waiting game. More than 90 filings – ranging from Bitcoin competitors like Solana and XRP to new stablecoin-linked ETFs – are now stuck in regulatory limbo.
Related: Crypto 101, Market Movers & a $150K Bitcoin Call on Tapping Into Crypto
Analysts warn the shutdown could push back the much-anticipated timeline for approvals, injecting further uncertainty into crypto markets.
Still, the number of applications signals strong underlying momentum – and once normal operations resume, demand for regulated crypto investment products could trigger a wave of action from the SEC.
Whether the coming weeks will turn out to be Uptober remains to be seen. But there’s definitely room for “Moonvember” and “Bullcember”, as some like to say.
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