Bitcoin and crypto stocks sink after last week’s rally, but still head for a positive September

Bitcoin and crypto stocks sink after last week’s rally, but still head for a positive September


Bitcoin.

Nurphoto | Getty Images

Bitcoin and crypto stocks retreated on the final trading day of September, following a rally last week, but are still poised to post a positive month.

The flagship cryptocurrency was last lower by 3.5% at $63,612.63, after briefly reclaiming the $65,000 level last week, according to Coin Metrics. Crypto stocks such as Coinbase fell 3% in premarket trading and MicroStrategy slid 5%.

Investors are bracing for strikes at ports up and down the East Coast and along the Gulf Coast after midnight Monday, which could shake the economy ahead of the holiday season.

Stock Chart IconStock chart icon

hide content

Bitcoin is set to post its best September ever

Analysts have also warned about overbought conditions as bitcoin last week climbed nearly 5% in the five days ending Sept. 27 – as net inflows into global crypto exchange traded products accelerated to their highest level since mid-July. In the same period, Coinbase and MicroStrategy gained 12% and 21%, respectively. On Friday both stocks jumped 6%.

The combined net buying volume of U.S. bitcoin ETFs last week (16,774 BTC) exceeded a typical one-month supply of newly mined bitcoin (13,500), according to Bitwise-owned ETC Group. This was largely due to the policy reversal by the People’s Bank of China, the firm said.

For the month, bitcoin is on pace to finish its strongest September ever with an 8% gain and its second positive September – historically the cryptocurrency’s weakest month – in a row.

Coinbase is poised for a 4% monthly gain but is down nearly 14% for the quarter. Some analysts see that downtrend continuing in the coming weeks. Meanwhile, MicroStrategy is up 33% for the month and almost 28% for the quarter.

The market is heading into a seasonally strong quarter for crypto and risk assets broadly.

Bitcoin’s narrative is often debated — whether it’s a store of value or a risk asset — but its correlation is currently closer to that of the S&P 500 than to gold, and investors expect it to benefit from rate cuts, clarity following the U.S. presidential election and seasonal and favorable market conditions translating into greater flows into crypto ETFs.

Don’t miss these cryptocurrency insights from CNBC PRO:



Source

Tesla investors are growing wary of Elon Musk’s futuristic promises
Technology

Tesla investors are growing wary of Elon Musk’s futuristic promises

Tesla CEO Elon Musk speaks alongside U.S. President Donald Trump to reporters in the Oval Office of the White House on May 30, 2025 in Washington, DC. Kevin Dietsch | Getty Images At Tesla, vehicle sales are slumping, profits are thinning and revenue from regulatory credit sales are poised to dry up due to Republican-led […]

Read More
Tesla plans ‘friends and family’ car service in California, regulator says
Technology

Tesla plans ‘friends and family’ car service in California, regulator says

A vehicle Tesla is using for robotaxi testing purposes on Oltorf Street in Austin, Texas, US, on Sunday, June 22, 2025. Tim Goessman | Bloomberg | Getty Images In an earnings call this week, Tesla CEO Elon Musk teased an expansion of his company’s fledgling robotaxi service to the San Francisco Bay Area and other […]

Read More
Meta names OpenAI’s Shengjia Zhao as chief scientist of AI Superintelligence Lab
Technology

Meta names OpenAI’s Shengjia Zhao as chief scientist of AI Superintelligence Lab

Meta CEO Mark Zuckerberg makes a keynote speech during the Meta Connect annual event, at the company’s headquarters in Menlo Park, California, on Sept. 25, 2024. Manuel Orbegozo | Reuters Meta CEO Mark Zuckerberg on Friday said Shengjia Zhao, the co-creator of OpenAI’s ChatGPT, will serve as the chief scientist of Meta Superintelligence Labs. Zuckerberg […]

Read More