Bitcoin’s September performance has long been a focal point for investors, oscillating between historical bearishness and recent bullish surges. This month, often dubbed a “critical risk threshold,” now faces a confluence of macroeconomic pressures, leveraged market dynamics, and diverging investor sentiment. As the U.S. tariff war escalates and derivatives markets grow increasingly overheated, the question of whether September 2025 will mark a turning point—or a tipping point—demands closer scrutiny.
Ask Aime: Will Bitcoin’s September performance be defined by historical bearishness or recent bullish trends?
Seasonal Trends: From Bearish Legacy to Bullish Anomaly
Historically, September has been a weak period for Bitcoin. In 2024, the cryptocurrency fell below $55,000 during the month, reflecting a pattern of profit-taking and macroeconomic uncertainty [1]. However, 2025 shattered this narrative. By August 27, 2025, Bitcoin had surged to an all-time high of $111,842.71, driven by the approval of U.S. Bitcoin ETFs and a weakening U.S. dollar [2]. This 11% September rally—the best in a decade—defied historical trends, signaling a shift in market sentiment from risk-off to risk-on [3].
The divergence underscores Bitcoin’s evolving role. While traditional safe-haven assets like gold have delivered a mere 6% compound annual growth rate (CAGR) from 2015 to 2025, Bitcoin’s CAGR of ~115% has repositioned it as a growth asset rather than a hedge [4]. Yet, this transformation does not negate September’s inherent volatility. The month remains a battleground for macroeconomic forces, where institutional flows and geopolitical shocks can amplify price swings.
Macroeconomic Triggers: Tariffs, Dollar Weakness, and Diverging Flows
The unresolved U.S. tariff policies under President Donald Trump have injected unprecedented uncertainty into global markets. By 2025, tariffs had pushed the average U.S. tariff rate from 2.5% in 2024 to 16.5%, disrupting supply chains and triggering retaliatory measures from trade partners [5]. While Bitcoin initially dipped amid tariff-driven economic anxiety, its inverse correlation with the U.S. dollar has since become a tailwind. The Dollar Index (DXY) hit a multi-year low in late 2024, bolstering Bitcoin’s appeal as a hedge against fiat devaluation [3].
Meanwhile, investor flows between Bitcoin and gold have diverged sharply. Gold, traditionally a store of value, has struggled to compete with Bitcoin’s speculative allure. Data from 2015 to 2025 shows Bitcoin’s market cap expanding from ~$1 billion to over $1 trillion, while gold’s growth has remained stagnant [6]. This shift reflects a broader reallocation of capital toward assets perceived to outperform in inflationary environments, even as leveraged derivatives markets amplify systemic risks.
Leveraged Market Fragility: Derivatives and the Amplification of Volatility
The Bitcoin derivatives market has reached unprecedented levels of activity. By Q3 2025, open interest (OI) in BTC derivatives exceeded $73.59 billion, with institutional participation driving concentrated positions on exchanges like CME and Binance [7]. While leverage ratios have not shown sustained spikes, the sheer volume of speculative bets creates fragility. A single macroeconomic shock—such as a tariff-related market selloff—could trigger cascading liquidations, exacerbating price swings.
This fragility is compounded by the lack of regulatory clarity. Unlike traditional markets, crypto derivatives operate in a gray zone, where leverage limits and margin requirements vary widely across platforms. As of June 2025, leveraged longs accounted for 60% of total OI, with short positions struggling to gain traction amid bullish sentiment [8]. Such imbalances heighten the risk of a “gamma squeeze” if prices move sharply against leveraged positions.
Strategic Implications: Cautious Positioning in a High-Stakes Environment
For investors, the convergence of these factors suggests a need for cautious positioning. While Bitcoin’s September 2025 rally hints at strong institutional confidence, the interplay of tariffs, dollar weakness, and leveraged markets creates a volatile cocktail. Key considerations include:
1. Hedging Against Derivatives Risk: Diversifying exposure across spot and derivatives markets to mitigate liquidation risks.
2. Monitoring Macro Triggers: Closely tracking U.S. tariff announcements and Federal Reserve policy shifts, which could disrupt both Bitcoin and gold.
3. Leveraging Divergent Flows: Allocating capital to Bitcoin for growth while maintaining a smaller gold position to hedge against systemic shocks.
Conclusion
September 2025 has emerged as a critical juncture for Bitcoin, where historical volatility collides with macroeconomic tailwinds and leveraged fragility. While the cryptocurrency’s surge defies traditional seasonal patterns, the unresolved U.S. tariff war and derivatives-driven speculation create a high-risk environment. Investors must balance optimism with prudence, recognizing that Bitcoin’s role as a macro hedge—and its susceptibility to systemic shocks—is far from settled.
Source:
[1] Bitcoin surges 11% in best September in a decade [https://www.etoro.com/news-and-analysis/crypto/bitcoin-surges-11-in-best-september-in-a-decade-is-85k-next/]
[2] Bitcoin price history Aug 27, 2025 [https://www.statista.com/statistics/326707/bitcoin-price-index/]
[3] Bitcoin’s price history: From its 2009 launch to its 2025 [https://www.aol.com/finance/bitcoin-price-history-2009-2024-191156264.html]
[4] XAUUSD vs. Bitcoin – A Decade of Data (2015-2025) [https://www.tradingcup.com/learn/xauusd-vs-bitcoin-decade-of-data-should-you-copy-trade]
[5] The Trade Deficit Delusion: Why Tariffs Will Not Make … [https://www.intereconomics.eu/contents/year/2025/number/4/article/the-trade-deficit-delusion-why-tariffs-will-not-make-america-great-again.html]
[6] Bitcoin Value Graph 2015-2024 [https://www.statmuse.com/money/ask?q=bitcoin+value+graph+2015-2024]
[7] The New Gold standard? Bitcoin’s macro hedge role amid… [https://www.linkedin.com/pulse/new-gold-standard-bitcoins-macro-hedge-role-amid-us-debt-anndy-lian-uv9cc]
[8] CoinGlass Crypto Derivatives Outlook-2025 Semi annual [https://www.coinglass.com/learn/semi-annual-outlook-en]
Source: https://www.ainvest.com/news/september-critical-risk-threshold-bitcoin-2509/


Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.



