Bitcoin closes September well ahead of equities and gold Bitcoin ended September as the clear winner among major asset classes, gaining roughly 7% over the month. The S&P 500 managed just 0.3
Bitcoin ended September as the clear winner among major asset classes, gaining roughly 7% over the month. The S&P 500 managed just 0.3%, while gold dropped around 6%, according to Santiment data. Much of the altcoin market climbed alongside $BTC during the period.
The move extends a broader trend of Bitcoin pulling away from traditional assets. 247 Wall St. reported that Bitcoin had already surged 36% since August 18, while the S&P 500 returned just 0.05% and gold dropped 1.4% over the same window, prompting debate about whether the long-standing correlation between Bitcoin, equities, and gold is breaking down. Gold's weakness has been tied in part to a hawkish Federal Reserve: the Fed raised rates on September 16 for the first time since 2023, lifting the dollar and Treasury yields, which weighed on the precious metal.
Corporate demand also remained firm through the final weeks of September. @Strategy disclosed that it purchased 1,665 $BTC in the week ending September 27, paying an average of $85,681 per coin for a total outlay of $142.7 million. The purchase was funded through proceeds from an at-the-market share sale that generated $246.2 million in net proceeds, with the remainder used to repurchase its STRC preferred stock.
As of September 27, Strategy held 847,666 $BTC in total, acquired at an aggregate cost of roughly $63.95 billion and an average purchase price of $75,437 per coin, according to Investing.com. Strategy remains the largest publicly traded corporate holder of Bitcoin.
With September closing on a strong note for $BTC, attention now turns to whether the fourth quarter can sustain the momentum and whether institutional buyers like Strategy will continue deploying capital at current price levels.
Sources:247 Wall St. — Bitcoin Surges 36% Since August 18 While Gold and Stocks Remain StagnantInvesting.com — Strategy Purchases 1,665 Bitcoin
