The Katana Program was down -6.75% for the month. Bitcoin trading opened the month at $108,250 amid lingering summer weakness and historical "Red September" patterns that have seen average losses of -3.77% since 2013. The month began with volatility, dipping to a low of around $107,000 early on before rebounding, driven by early institutional dip-buying and a dovish Federal Reserve rate cut that eased broader financial conditions.
Mid-month, BTC surged to highs just short of $118,000 fueled by renewed ETF inflows. However, a sharp correction ensued back down to test $108,000. By month's end on September 30, Bitcoin closed at $114,600, defying seasonal bearish trends with a choppy volatile recovery. Late-month catalysts included U.S. spot ETF net inflows resuming after the shakeout, alongside a weakening dollar amid government shutdown fears that hinted at further Fed easing. Overall, trading from a trend following price breakout perspective continues to be difficult inside the current ranges.


