Bitcoin debuted Uptober with a price surge above $114,000, injecting a dose of optimism in the crypto market. Bitcoin’s price surge comes as the US government shut down on October 1st.
Bitcoin Price Action on October 1st
At the moment of writing this article, Bitcoin is trading above $114,000, marking the debut of Uptober and signalling upcoming bullish moves.
Bitcoin’s price surged from $112,000 levels on September 30, reaching a top above $114,700 earlier today.
Bitcoin closed September in the green, with a monthly return of more than 5% according to CoinGlass data. This marks the fifth year since 2013 when Bitcoin recorded returns in September.
The digital asset has previously closed September in the green in 2015, 2016, 2023, and 2024.
The general crypto market’s total market cap stands at $3.9 trillion on October 1st, and the industry also expects the debut of altcoin season.
Bitcoin’s price surge is supported by rising global adoption, accumulation, and continued industry developments and institutional interest in BTC, among other factors.
The US-based BTC ETFs recorded almost $430 million in inflows on September 30, with BlackRock’s BTC ETF, IBIT, seeing the highest inflows above $199 million.
The start of Upbober – usually a bullish month for the crypto market – coincides with the US federal government shutting down today.
US Government Shut Down Today
The US Government shut down on October 1st, for the first time since 2018, when it marked the longest shutdown period – 35 days.
The shutdown comes as the US Congress failed to pass a funding measure to “keep the lights on”, CNN noted, highlighting that no one in the Capitol knows what will happen next.
The New York Times reported that hundreds of thousands of workers are set to be sent home without pay, and a wide range of federal programs will be disrupted.
Breaking News: The U.S. government has shut down, after Congress failed to pass a bill to keep federal funding flowing. Hundreds of thousands of workers are set to be sent home without pay, and a wide range of federal programs will be disrupted. https://t.co/q0caziSzXd pic.twitter.com/vEwubNgeNm
— The New York Times (@nytimes) October 1, 2025
The Kobeissi Letter revealed that the average government shutdown is around 8 days, and the S&P500 has ended higher one year after a shutdown in 85% of cases. Historically, Bitcoin has encountered little volatilty during such events, followed by bullish moves.
Bitcoin’s price surge today signals optimism for Q4 of 2025 and marks the debut of Uptober – one of the most bullish months for the digital asset. Since 2013, Bitcoin has closed October in the green 10 times, with the highest returns exceeding 60% in 2013.
