At the beginning of October, the cryptocurrency market showed positive signs as Bitcoin crossed $28,000 and Ethereum briefly surpassed $1,700 for the first time since late August. Bitcoin saw a 3% increase, initially appearing to align with the rise in tech stocks, but recent data suggests minimal correlation with major equity indices since September 18.
Ethereum gained 0.2% in the past 24 hours, reaching $1,684, driven by excitement around the introduction of several Ethereum futures ETFs.
These ETFs, including offerings from VanEck, Valkyrie, ProShares, and Bitwise, mark the first ETFs based on Ethereum futures, coming nearly two years after the debut of the first Bitcoin futures ETF.
Akash Mahendra, Director of the Haven1 Foundation, sees this SEC-approved move as a significant step for Ethereum’s mainstream adoption, signaling a shift in the regulatory landscape.
Lucas Kiely, CIO of Yield App, noted the historical favorability of October for the crypto market, often referred to as “uptober.” However, he cautioned against excessive optimism, emphasizing the need for additional catalysts for a substantial rally.
Kiely also reminded investors of crypto’s vulnerabilities, mentioning the upcoming “Sam Bankman-Fried trial” that may draw attention to crypto’s risks.
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