Bitcoin Enters October After Record September, Fed Hike and 5.3% Treasury Yields Test Bulls

The tension here is structural rather than seasonal: October's reputation as bitcoin's strongest month rests on a sample far smaller than the macro forces now in play. A Fed hike alongside 5.3% Treasury yields raises the opportunity cost of holding a non-yielding asset, which is precisely the pressure the 'Uptober' narrative tends to ignore. What matters is whether bitcoin's record-September momentum was driven by crypto-native flows strong enough to absorb that competition, or by liquidity conditions that have now shifted.