
Tether's USDT Returns to Bitcoin This Month on Utexo's RGB Rail
Utexo, which raised $7.5 million in a round led by Tether, will issue USDT on Bitcoin's base layer in October. Tether cannot freeze a UTXO, so a blacklist does the work.
Altcoins, ETH & general crypto

Utexo, which raised $7.5 million in a round led by Tether, will issue USDT on Bitcoin's base layer in October. Tether cannot freeze a UTXO, so a blacklist does the work.

The $85,000 asks came off the book on Friday and bitcoin traded as high as $87,000. US September payrolls came in at 29,000 against forecasts near 90,000.

US spot bitcoin ETFs drew $2.65 billion of net inflows in September, against $3.52 billion in August. Ether funds took $832.43 million.

CoinMarketCap greeted the new month by telling followers that September spending returns 100x in October. Bitcoin traded near $84,800 on Thursday after a green September. The seasonal record behind the slogan is strong, uneven and one year out of date.

Citi raised its 12-month bitcoin target to $113,000 from $82,000 and its ether target to $3,028, pricing in $5 billion of ETF inflows over the year.

CryptoQuant's trend gauge reads 90 out of 100. Its own demand series shows about 170,000 BTC of buying gone in 30 days, and futures growth has nearly stopped.

Robinhood is bringing eight perpetual futures contracts to eligible US customers, with up to 10x leverage on bitcoin and ether and 3x on the rest.

Coin-denominated open interest is down about 20% to its lowest since March, while bitcoin sits in the band where more coins were last bought than any other.

Strategy spent about $142.7 million on 1,665 bitcoin last week at an average of $85,681 a coin, and bought back $151.7 million of its STRC preferred stock.

Three outlets read Monday's tape at three different hours and got $84,466, $83,244 and $82,742. One of them contradicts itself inside a single report.

River Financial says 81% of Bitcoin's circulating supply has not moved in at least six months, leaving roughly 3.7 million coins to do the trading. Long-term holders have added more than 3 million BTC since 2020. Dormancy alone does not prove fresh demand.

Uptober starts on Thursday, and an Instagram post counting down to it says a bull market is coming soon. Bitcoin is holding near $84,000 after a quarter up roughly 43.5%. The seasonal record is strong, and last October broke it.