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Sygnum House View – The crypto market awaits catalyst

The crypto market continued to lack a strong catalyst in September, with no decisive developments on either the Bitcoin cash ETF approvals or a long-awaited breakthrough in adoption for use cases. As the sale of FTX’s token holdings commenced, the market drifted slightly lower mid-September, and the news at month end that Ethereum ETFs are to start trading imminently provided a slight impetus for the market to rise. The S&P Broad Crypto Market Index ended the month +2.2 percent, with bitcoin +4 percent and Ether +1.6 percent.

Bitcoin traded between USD 24,930 and 27,489 in September, and Ether traded between USD 1,533 and 1,720.

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