The gloom often doesn\u2019t last. September\u2019s losses have historically given way to October, or \u201cUptober,\u201d a month that has delivered gains in six consecutive years and only two losses in Bitcoin\u2019s history, according to\u00a0CoinGlass.<\/p>\n In Bitcoin\u2019s early years, its price was scattered and not widely tracked. The asset first breached $1,000 in 2013, drawing mainstream media attention and prompting better archival records. That same year saw the launch of industry-native aggregator CoinMarketCap, followed by CoinGecko in 2014.<\/p>\n Related:\u00a0<\/strong><\/em>June remains Bitcoin\u2019s danger zone, while S&P 500 eyes summer rally<\/strong><\/em><\/p>\n Between 2013 and 2016, Bitcoin\u2019s September performance was evenly split, with two positive months and two negative ones. The pattern broke in 2017 during the initial coin offering (ICO) boom, when Bitcoin crossed $1,000 for the second time and passed $2,000 for the first. The speculative frenzy led\u00a0China\u2019s central bank to ban ICOs on Sept. 4, sparking the first of six consecutive red Septembers. South Korea followed with its own\u00a0ICO ban on Sept. 29, while regulators elsewhere issued warnings.<\/p>\n Crypto investments are risky and highly volatile. Tax may apply. Understand the risks\u00a0here<\/p>\n<\/section>\n<\/div>\n<\/div>\n The aftermath ushered in what became known as the first crypto winter, as countless ICO tokens crashed. By September 2018, Bitcoin had dropped from its December 2017 all-time high near $20,000 to below $7,000. A Sept. 5 media report claimed Goldman Sachs was\u00a0abandoning its crypto desk plans. The bank later\u00a0dismissed the story\u00a0as \u201cfake news.\u201d<\/p>\n September 2019 added another blow with the long-awaited\u00a0launch of Bakkt\u2019s Bitcoin futures. Despite high expectations for institutional inflows, trading volumes were weak, and the debut was branded a flop. Three days later, Bitcoin plunged from near $10,000 to below $8,000. A Binance Research report published on Sept. 30, 2019, cited Bakkt\u2019s \u201cdisappointing start\u201d as a\u00a0contributing factor to Bitcoin\u2019s price decline.<\/p>\n The next three Septembers reflected the pandemic era and its fallout. While COVID-19 initially boosted Bitcoin\u2019s\u00a0narrative as an inflation hedge, September 2020 saw capital rotate into Ether\u00a0during the \u201cDeFi Summer.\u201d<\/p>\n In September 2021, China struck again with a\u00a0ban on crypto mining and trading. The next year, the\u00a0Terra\/LUNA collapse in May\u00a0left deep scars, and September\u2019s 0.75 percentage point rate hike \u2014 its fifth in a year of seven hikes \u2014\u00a0added salt to Bitcoin\u2019s injury.<\/p>\n After six straight years of September losses, Bitcoin snapped the streak in 2023. A pivotal catalyst came on Aug. 29 when a federal appeals court ruled that the US Securities and Exchange Commission\u2019s rejection of Grayscale\u2019s bid to convert its Bitcoin trust into a spot exchange-traded fund (ETF)\u00a0was \u201carbitrary and capricious.\u201d<\/p>\n The decision forced regulators to revisit the application and revived confidence that a US spot Bitcoin ETF was inevitable. The ruling carried momentum into September, helping Bitcoin climb about 4% on the month. The US Federal Reserve also aided sentiment by holding rates\u00a0steady\u00a0after 11 hikes in 12 meetings starting from March 2022.<\/p>\n Related:\u00a0<\/strong><\/em>Bitcoin treasury flops: These firms fumbled their BTC bets<\/strong><\/em><\/p>\n Spot Bitcoin ETFs were approved and listed in the US in early 2024. By midyear, the financial instruments were routinely posting billions of dollars in daily trading volume. Macro conditions added fuel as the Fed delivered a rate cut on Sept. 18, 2024, which was the\u00a0first since March 2020.<\/p>\n Then came the\u00a0launch of World Liberty Financial\u00a0on Sept. 16, 2024, which was quickly woven into US election narratives. Framed as a Donald Trump-aligned crypto venture, it debuted while he was in the midst of what would become a successful presidential campaign, signaling a political embrace of cryptocurrencies at the highest level.<\/p>\n Bitcoin is heading into September 2025 carrying the weight of history. The month has long been a stumbling block, marked by regulatory shocks and tightening cycles that scarred investor sentiment.<\/p>\n This year, the backdrop looks stronger than in past downcycles. Spot Bitcoin ETFs continue to post billions in turnover and have become a gateway for institutional capital. Throughout 2025, struggling companies have turned to Bitcoin treasury strategies in a bid to flip their misfortunes.<\/p>\n The crypto industry also brings fresh speculation from August out of China, with rumors swirling that authorities\u00a0could allow stablecoins pegged to the offshore yuan. So far, officials have made no confirmation.<\/p>\nRed September\u2019s regulatory drag on Bitcoin<\/h2>\n
Bitcoin\u2019s \u201cred September\u201d streak breaks\u00a0<\/h2>\n
Another rate cut could help Bitcoin break the \u201cred September\u201d curse<\/h2>\n