Bitcoin (BTC) rallied past the $117,000 milestone on Wednesday as the highly anticipated “Uptober” rally kicked off. The term “Uptober,” a mix of the words “Up” and “October,” captures the pattern of strong market gains during the month. The flagship cryptocurrency is up almost 3% during the ongoing session, and is trading at around $117,325. UK Attempting To Retain $6.7 Billion In Seized Bitcoin The UK government plans to retain over 61,000 seized Bitcoin, valued at around $6.7 billion. The assets were seized from a Chinese national convicted in an investment fraud case. Zhimin Qian and her Malaysian associate pleaded guilty to money laundering charges in London. The stolen Bitcoin was discovered in 2018 on devices seized at a luxury mansion in Hampstead during an investigation into suspicious property dealings. However, authorities were unaware they had stumbled upon what would become the largest Bitcoin seizure in the country’s history. According to the authorities, Qian, also known as Yadi Zhang, funneled stolen funds from China into Bitcoin before fleeing the country and settling in the UK under an assumed identity. According to court documents, Qian ran a fraudulent investment firm in China, promising returns as high as 300%. The fraudulent scheme reportedly defrauded almost 130,000 individuals. Tether Acquires 8,888 BTC Worth $1 Billion Tether, the entity behind the USDT stablecoin, purchased 8,888 BTC worth over $1 billion on September 30, the last day of Q3 2025, according to data from Arkham Intelligence. The transaction was first mentioned by Onchain Lens and went from Bitfinex hot wallets to Tether’s reserve address. The acquisition fits into a bigger pattern that can be seen in the address’s on-chain history. Tether has repeatedly moved blocks of Bitcoin worth $700 million and $1.4 million into its reserves, often during phases of market upheaval. Tether announced its Bitcoin strategy in May 2023, stating that it would use 15% of the company's profits to purchase Bitcoin to build a reserve. Currently, the company’s Bitcoin reserve address holds 86,335 BTC , worth $9.75 billion, making it the sixth-largest Bitcoin wallet. Tether’s Q3 purchase increases the amount of BTC on the company’s balance sheet by 11%. The average purchase price for Tether’s Bitcoin stash is around $48,542, indicating that the company is sitting on an unrealized profit of $5.5 billion. French Central Bank Deficit “Great For Bitcoin" The growing financial deficit of France’s central bank could spur a new money-printing wave and potentially unlock billions in new capital for Bitcoin . Banque de France (BdF), France’s central bank, reported a net loss of 7.7 billion euros ($8 billion) in the 2024 fiscal year, primarily due to negative net interest income thanks to high interest payments. The loss brought the government deficit to over 168 billion euros ($176 billion). However, BitMEX co-founder Arthur Hayes believes France’s financial deficit could catalyze “trillions of euros” in money printing by the European Central Bank (ECB), potentially driving fresh liquidity into Bitcoin. Hayes stated, “The French capital is leaving France. And if you take a look at the gross change of any other member, it’s the worst. The real threat is French capital leaving for Germans and Japanese investing in their home markets, because the US is changing the world order. That is what predicates the ECB to print now or print later in the trillions of euros. And that’s the aggregate size. Another great thing for crypto.” 60% of French bonds and debt are owned by foreign entities, with Germany and France being the largest. However, with the US investment reducing, German and Japanese capital are no longer flowing in. “My thesis is basically the ECB prints now, or they print later, and in both cases, they lose control, because in both cases, the people would rather either default, redenominate, do capital controls, print the money, have their way of life.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) has surged past $117,000 during the ongoing session as it starts “Uptober” on a bullish note. The flagship cryptocurrency is up over 3%, trading around $117,470. The price faced substantial selling pressure last week, but bullish sentiment has returned since the weekend. BTC ended the weekend at $112,197 and rose almost 2% on Monday to cross $114,000, settling at $114,365. It registered a marginal decrease on Tuesday before recovering during the ongoing session, up over 3% at $117,800. BTC closed September in positive territory, with the price up over 4%, on the final trading day of the month. Historically, a positive September has been a powerful setup for the market. According to historical data, BTC closed September 2015, 2016, 2023, and 2024 positively, with Q4 producing average returns of over 53% during these years. Analyst Timothy Pearson noted that roughly 60% of Bitcoin’s annual performance tends to happen after October, with momentum often extending into June. The analyst stated there was a 50% chance BTC could reach $200,000 by mid-2026. “This year, it is almost certain to be positive based on history and developing market conditions. However, most of the time, the big gains don't start until about the third week.” BTC’s start to October aligns with predictions that the bull market will resume in October. BTC and the broader cryptocurrency market suffered a substantial drop in September, with the flagship cryptocurrency falling to a low of $109,623 on September 25. Additionally, gold and traditional markets have posted record highs, and analysts expect BTC to catch up sooner rather than later. One analyst stated, “Bitcoin tends to follow gold, 3-4 months down the line. $BTC began to mimic gold’s ‘rise → pause → last minute spike’ pattern. If the correlation holds, $BTC is now ready for a last-minute spike through October/November, breaking out of its rising wedge.” BTC ended the previous weekend in the red, dropping 0.41% to $115,282 on Sunday. Selling pressure intensified on Monday as the price fell by over 2% to $112,736. Sellers retained control on Tuesday with BTC falling 0.64% to a low of $111,502 before settling at $112,017. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 1% to reclaim $113,000 and settling at $113,348. Source: TradingView Bearish sentiment returned on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035. The price recovered on Friday, rising 0.61% but was back in the red on Saturday, registering a marginal decline and settling at $109,681. Bullish sentiment intensified on Sunday as BTC rallied, rising over 2% to cross $112,000 and settle at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment has intensified during the ongoing session, with the price up over 3%, trading around $117,790. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
