Sygnum November House View

Sygnum House View – Crypto bullish turn amidst macroeconomic uncertainty

Two pieces of fake news about the Bitcoin spot ETFs’ approval ignited a rally mid-October. Even though the news items were retracted, they shifted the narrative on the likelihood of an impending approval, and the rally stuck. As the catalyst was specific to Bitcoin, it led the market, rising 28.6 percent for the month. However, the rally fuelled even stronger price increases from tokens with a bullish narrative, such as AI-linked projects or Solana. Ethereum continued to underperform quite substantially, rising only 8.7 percent. The S&P Broad Crypto Market Index ended the month with +21.4 percent.

Bitcoin traded between USD 26,757 and USD 34,503 in October, and Ether traded between USD 1,540 and USD 1,804.

The Sygnum House View is available to professional and private qualified Swiss investors. For other updates on the digital asset markets, read our Insights articles here.

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This document is purely for educational purposes and has been issued by Sygnum Group. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication. It does not constitute an offer or a recommendation to subscribe, purchase, sell or hold any security or financial instrument. It contains the opinions of Sygnum Group, as at the date of issue. These opinions and the information contained herein do not take into account an individual‘s specific circumstances, objectives, or needs. No representation is made that any investment or strategy is suitable or appropriate to individual circumstances or that any investment or strategy constitutes personalized investment advice to any investor. Therefore, you must verify the above and all other information provided in the document or otherwise review it with your external advisors. Some investment products and services, including custody, may be subject to legal restrictions or may not be available worldwide on an unrestricted basis. The information and analysis contained herein are based on sources considered as reliable. Sygnum Group uses its best efforts to ensure the timeliness, accuracy, and comprehensiveness of the information contained in this document. Nevertheless, all information indicated herein may change without notice.

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