Bitcoin Jumps 27% in October Crypto Rally Driven by Bitcoin ETF Enthusiasm
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BTC jumped 27% in October, its biggest monthly gain since January, as crypto prices rallied amid bitcoin ETF enthusiasm.
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Sentiment hit an "exuberant" level as traders "panic bought", but BTC could still run to $40,000, according to analysts.
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ETFs could attract up to $100 billion in inflows over 5 years and have an "outsize impact on BTC price", says Bitwise's Ryan Rasmussen.
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October saw a broad crypto rally, but DeFi tokens lagged while computing/infrastructure protocols like SOL boomed over 70%.
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Beyond ETFs, momentum, short squeezes, macro backdrop, and shifting sentiment from Paul Tudor Jones also lifted crypto prices.