According to the September market report released by Grayscale, Bitcoin performed well amid global market fluctuations in September 2023. Bitcoin gained 4.1% in September, while most traditional assets suffered significant losses. Especially in the context of rising U.S. bond yields, Bitcoin's characteristics as a "store of value" and "crisis haven" are demonstrated. Reports further suggest that the next price catalyst for Bitcoin could come from the approval of a Bitcoin spot ETF. In particular, the SEC has until October 13 to seek a rehearing of Grayscale’s defeat in the court’s recent ruling. If the SEC abandons the appeal, it will reconsider Grayscale’s application to convert GBTC to a spot ETF, as well as other related Bitcoin spot ETF application. Despite these encouraging signs, the broader financial market environment remains challenging. The Fed's tightening policy and government bond yields may still be looking for a new balance, and the "soft landing" of the U.S. economy is uncertain. While Bitcoin’s transaction volume fell in September, various on-chain metrics improved: funding addresses, active addresses, and the number of transactions all increased.