Bitcoin (BTC) witnessed an impressive 26.5% price surge throughout the month of October, accompanied by a surge in various indicators, most notably the BTC futures premium and the discount on Grayscale’s GBTC.
As a result, constructing a bearish narrative for BTC has proven to be a formidable task. The available data mirrors the recovery phase post-FTX-Alameda Research’s recent troubles, further influenced by the Federal Reserve’s recent interest rate hikes.
The U.S. Budget Concerns Spark Institutional Optimism for Bitcoin
The annualized premium for Bitcoin 2-month futures has been soaring, as indicated by the data sourced from Laevitas.
However, despite the prevailing optimism, potential pitfalls lurk in the cryptocurrency landscape. Exchange-related risks remain a persistent concern.
In summary, Bitcoin’s recent performance and data trends underscore a bullish outlook among investors. Nonetheless, the path ahead is not without its challenges, including exchange-related risks that warrant close attention.
