Bitcoin dropped 2.67% to $81,125, nearly erasing September gains as day traders sell and leveraged positions liquidate amid macro headwinds including rising Treasury yields and Fed rate hike expectations. October, typically bullish for crypto (Uptober), faces headwinds similar to last year's trend reversal, with spot Bitcoin ETFs experiencing their worst day since June.
Bitwise CEO Hunter Horsley described the closure of the Bitwise spot Dogecoin ETF (BWOW) as tragic, attributing it to fundamental differences between ETF investors and cryptocurrency application users. He stated that while he personally holds Dogecoin, ETF buyers have shown no interest in the asset, though this may change over time. Horsley expressed greater confidence in Bitwise's Solana Staking ETF, which he credits to its pioneering staking feature.