Bitcoin gained approximately 6-7% in September, outperforming both equities and gold and closing near $83,500 to $84,000. Five major Bitcoin proxy stocks, including Strategy, Coinbase, Marathon Digital, Riot Platforms and CleanSpark, fell sharply in early October as US 10-year Treasury yields approached 24-year highs and oil prices rose above $100. Spot Bitcoin ETFs saw about $2.9 billion in September inflows before shifting to outflows, with liquidations totaling $500 to $700 million on October 7. This divergence reflects the higher sensitivity of crypto-linked stocks to interest rates and liquidity conditions compared to Bitcoin itself, which remains above its average acquisition cost of around $75,400 and continues to attract genuine underlying demand.
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