Bitcoin holds near September highs as crypto stock proxies slide

Bitcoin spent September outperforming stocks and gold. Then October arrived, and the companies built to mirror it went sideways in the worst way.

Five major Bitcoin proxy stocks all slid sharply as the new month opened: Strategy (MSTR), Coinbase (COIN), Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK). Bitcoin dipped too, but far less dramatically. The split matters because these stocks are supposed to move with the coin. Lately they have mostly moved with the bond market.

The September numbers looked healthy. Bitcoin gained approximately 6-7% on the month and closed near $83,500-$84,000. At its intraday peak it touched roughly $87,350.

That run beat both equities and gold over the same stretch. Corporate treasury buying did much of the lifting, with Strategy the most prominent buyer.

Strategy now holds approximately 847,000-848,000 BTC, bought at an average price of around $75,400. Bitcoin still trades above that cost basis, so the company's stack remains in the green on paper.

Spot Bitcoin ETFs added to the tailwind. September inflows into those funds totaled about $2.9 billion. Then the flows reversed into outflows, just as corporate treasury demand started to fade.