Crypto 'Uptober' rally depends on spot ETF inflows and US stock market moves

The crypto market's potential October rally, dubbed "Uptober," hinges on spot ETF inflows and the performance of the U.S. stock market, according to an analysis by Cointelegraph. The publication noted that BTC recently showed a high 92% correlation with the Nasdaq index and experienced a sharp drop when U.S. stocks declined. With the U.S. market showing signs of recovery early this week, the possibility of a BTC rebound has also been raised. Separately, Jurrien Timmer, Director of Global Macro at asset manager Fidelity, suggested that the recent downturn is similar to the temporary correction seen in the U.S. stock market in the late 1990s before its "super bull" run. Timmer added that if the U.S. market recovery continues ahead of the corporate earnings season, it could create an environment for a BTC rally to resume.