Morning Minute: Bitcoin Clears $120,000 as Uptober Begins with a Bang

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GM!

Today’s Top News:

• Crypto Majors continues to be crushed as Bitcoin breaks $120,000
• BNB hits BNB SZN (Cake + Memes Soal) with new ATHs over $1,100
• CME 24/7 will begin trading crypto futures and options 24/7 in early 2026
• Moonbird teases the barb token for the first time, and the floor passes 4 ert before returning
• Art Blocks present Quine by the Larva Lab when the final art block is curated

🟠 Bitcoin clears $120K as Uptober starts with Bang

The bear had yelled for $90,000 before $120,000. Their “courage” said Crypto was on top.

Well, it seems they were wrong.

📌What happened?

BTC pushed over $120,000 on Thursday, reaching a level that has not been seen since August 13th.

This is a 10% weekly movement.

So what drives the action?

The ETFS inflow certainly helps, with more than $2.25 billion so far this week.

Another important factor?

Saylor’s tax bill (or lack thereof).

Strategy and other US received news on Wednesday that Biden-era taxes on unrealized assets of up to 15% will not be realized as digital assets were excluded.

It probably released a lot of cash for Saylor, and it would be very interesting to see next Monday whether he actually made it work this week (or it was more ETF-driven).

Furthermore, a government shutdown means there is no more economic data coming before the FOMC. This means that the transaction has been made with rate reductions (90% for polymericket).

But it wasn’t just Bitcoin.

Look at the rest of the majors and their weekly profits:

• ETH +15% to $4,480
• BNB + 18% to $1,100 (New ATH)
• SOL +20% to $230

And some other top winners that week:

• ZCASH + 180% to $151
• Pump +42% to $0.00714
• SPX +33% to $1.28

that’s why Bitcoin It’s shattered, but it’s not a Bitcoin-led rally. All the measures are moving.

What they are saying

“The sharp rise in gold prices over the past month makes Bitcoin more appealing to investors compared to gold, especially as the gold-to-gold volatility ratio continues to drop below 2.0. Given this volatility ratio, Bitcoin is currently consuming 1.85 times more risk capital than gold. Bitcoin price: $165K), which coincides with about $6 of a private sector investment of about 6tr in gold via ETF or bars or coins…. ” -JPMorgan

🧠Why is it important?

Breaking $120K certainly feels good.

And its recovery speed seems very strong for the higher, along with seasonality for October + wider Q4 setup (more rate reductions, more money printing).

Don’t just look at my words.

Major banks have made some serious forecasts for Bitcoin’s recent and medium term future.

• City: $133K by the end of the year, $181K in 12 months, due to ETF demand and wider adoption
• JP Morgan: ~$165K vs. Gold and “Dependency Trade”

Bitcoin is seriously packing gold into everything 2025, which is what makes JpMorgan great about it.

Just increase each year and catch gold (45% + 45% per year), and it means another 16% from here on Bitcoin ($140,000), which doesn’t take into account other factors.

Writing is on the wall for October (Uptober).

Now we just need to eliminate the big ape wrench and (bad) surprises…

🌎 Macro Cryptography and Memes

Some ciphers and Web3 headings that caught my eye:

• Crypto Majors turns green again. Bitcoin beats $120,000. BTC +1%$120,350, ETH +2%$4,480, XRP +3.03, SOL +230 at 2% +2%
• Cake (+24%)ETHFI (+15%) and Aster (+8%) led the top movers
• BNB Pancake Swap (Cake) was the top mover on the day, hit new ass over $1,100 while BNB memes performed
• Trump said He is considering Give taxpayer rebates Using customs money to spend $1,000-2,000
• Bitcoin ETF This week we’ve seen net inflows of $2.25 billion so far, but ETH looks at $106 million.
• CME I’m planning to start it Early 2026, 24/7 Crypto Futures and Options Trading
• With Arthur Hayes“The latest blog claims that eurozone money prints can drive the next leg for bitcoin.
• New York councillor Move to Bitcoin Minor Tax and propose excise tax on energy usage to fund the Affordable Program
• fg nexus Partnering with Securitize, we tokenize stocks listed on NASDAQ at Ethereum and provide on-chain stock trading with real-time settlements

Corporate finance/ETF

• Avalanche Treasury Co. Announced a $675 million SPAC merger with Mountain Lake, creating a public vehicle that accumulates $200 million Avax from the foundation with plans to add $1 billion after IPO Avax

With memes

• Memecoin Reader It’s almost red. Doge -1%, Shiba -2%, Pepe -1%, Pengu -3%, Bonk -3%, Trump uniform, SPX +5%, and Fartcoin -5%
• BSC memes exploded Leaded by 4 (+100% to $140M), Giggle (+140% to $80 million), 1 (+550% to $900,000), precious (+250% to $21 million), puppies (+43x to $4 million).

token, airdrop, protocol tracker

This is a summary of the major tokens, protocols and airdrop news of the time.

• doublezero Released the mainnet beta, effectively providing a new internet for blockchain to communicate (2Z tokens at $5.2 billion FDV)
• Sui tvl No. 9 of all blockchains, hit new ATH for $24.3 billion
• Moonbird I teased the barb token Immediately in Solana, driving a Moonbird NFT over 4 ETH, before retreating (currently at 3.24 ETH)
• Justin San Advertised Tron PERPS Exchange Tron’s answer to high lipids and asters is “Sunperp” with private dark pools and grants

What’s going on in nfts?

Here’s a list of other notable headlines for the day for the NFTS:

• eth nft The leader was mostly red. Punk is also packy at 47.3 ETH, Pudgy -4%9.5, Bayc -5%8.3 ETH. Even 1,520 hype is hype
• Memeland Potatoz +23% was a prominent top mover
• Art Block We have announced the curated release of the final art block entitled “Quine” by Larva Labs. A total of 500 supply, 477 available, starting at 0.25 ETH and coming on October 9th
• opensea Added $500,000 to the prize pool Beyond 5 different memokines on Thursday
• Gold gorgeous Pepe It’s on sale for ~$50,000 On Thursday, as Ton NFT continues to succeed