Macro Economic Context - U.S. services activity unexpectedly slowed in September, with the ISM services PMI dropping to 50, indicating a potential for near-term Fed rate cuts [1] - The labor market is also showing signs of weakness, with Core PCE inflation at 2.9%, the highest level in 30 years, increasing the likelihood of Fed rate cuts [2] Bitcoin Market Dynamics - The shift in macroeconomic expectations is seen as a bullish catalyst for risk assets, including Bitcoin, with analysts discussing a potential rally to $150K [2][3] - Bitcoin has already rallied to a 50-day high of $123,841, gaining over 11% in October [2] Institutional Interest and Market Structure - Major banks and research desks have turned bullish on Bitcoin, with Standard Chartered predicting a potential rise to $135K soon and possibly $200K by year-end [4] - Spot Bitcoin ETFs have recorded $1.08 billion in volume over four days, indicating robust institutional inflows, while Bitcoin Open Interest reached an all-time high of $45.3 billion [6] Long-term Holding Trends - There is a rising share of long-term holders in the Bitcoin market, with many having held their assets for 18 months to two years, shifting market structure towards more durable demand [5][6]