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Bitcoin surged past $118k and meme coins soared as Strategy’s Michael Saylor declared “Happy Uptober” on X despite the US government shutdown.
BTC briefly hit $119,453 before pulling back, but is still up more than 3% over the past 24 hours to trade at $118,720.42 as of 3:14 a.m. EST, according to CoinMarketCap. It’s now within 5% of its $124,457.12 all-time high set on Aug. 14.
BTC price (Source: CoinMarketCap)
Over $261 million in short BTC positions were liquidated in the past 24 hours, data from CoinGlass shows.
Institutional investors helped power the rally, with spot Bitcoin ETF inflows topping $1 billion in the past three days.
The crypto sector’s overall market cap soared more than 4%, resulting in nearly half a billion dollars being liquidated from bets against crypto prices.
Commenting on the upbeat sentiment in the market, Bitcoin maxi Saylor wished his 4.5 million followers on X “Happy Uptober,” a reference to the historically bullish October month for the market.
Happy Uptober 🚀
— Michael Saylor (@saylor) October 1, 2025
DOGE Leads 9% Meme Coin Surge
The meme coin sector surged 9% to hit a market capitalization of $73.5 billion as sector titan Dogecoin (DOGE) jumped 10%.
SPX6900 (SPX) was the top gainer among major meme coins with a 32% surge.
Shiba Inu (SHIB) and Pepe (PEPE) pumped 6% and 8%, respectively, while Pudgy Penguins (PENGU) soared 14%, Bonk (BONK) gained 8%, and OFFICIAL TRUMP (TRUMP) climbed 4%.
Crypto Investors Not Fazed By The US Government Shutdown
The gains were fueled by improving sentiment in the crypto market over the past 24 hours.
According to the Crypto Fear & Greed Index, a popular tool to gauge sentiment in the market, sentiment has shifted from “Neutral” to “Greed.”
Crypto Fear & Greed Index (Source: Alternative.me)
The index currently stands at a score of 64, which is a 15-point jump from yesterday’s “Neutral” score of 49.
That improving sentiment comes despite uncertainty caused by the US government shutdown after the US Senate failed to pass funding measures.
The shutdown is expected to delay the release of key economic data this month, while the US Securities and Exchange Commission (SEC) is halting work on spot crypto ETFs applications.
Looks like a prolonged government shutdown would definitely impact the launch of new spot crypto ETFs…
ETF Cryptober might be on hold for a bit.
From SEC’s “Operations Plan Under a Lapse in Appropriations & Government Shutdown”… pic.twitter.com/Z6gY1bJbUt
— Nate Geraci (@NateGeraci) October 1, 2025
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