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Mentions of “Uptober” online have declined since the month’s start, while terms like “Selltober” and “Octobear” are gaining traction on social media, indicating a waning optimism for a bullish market this month..
This trend is backed by data from Santiment, an on-chain analytics platform, which noted that market participants have largely abandoned hopes that this October will replicate its historical reputation as a “money-making machine for crypto.”
Analysts Urge Caution: Uptober May Not Be Over Yet
Despite the current mood, analyst Michael van de Poppe stated that it is “fairly common” for BTC to correct early in October. He anticipates that Bitcoin’s downward trajectory could “reverse next week,” suggesting that any dips in the coming weeks should be viewed as buying opportunities.
Currently, BTC has decreased by over 6% in the last week, trading at $61,330.03 as of 3:29 a.m. EST. Veteran trader “Ash Crypto” informed his 1.1 million followers on X that the price of the leading cryptocurrency could drop further, which might excite bear investors before a significant rally.
𝐎𝐂𝐓𝐎𝐁𝐄𝐑 𝟐𝟎𝟓𝟑
BITCOIN FELL 7.5% IN THE
FIRST WEEK.
THEN ROSE 33% BY MONTH’S
END.
𝐎𝐂𝐓𝐎𝐁𝐄𝐑 𝟐𝟎𝟐𝟒BITCOIN HAS DROPPED 6.5% IN
THE FIRST 3 DAYSIMO, BTC COULD FALL A BIT
MORE, CAUSING PEOPLE TO DOUBT
UPTOBERONCE BEARS START… pic.twitter.com/QI3AA1Ma7w
— Ash Crypto (@Ashcryptoreal) October 3, 2024
US Spot Bitcoin ETFs Facing Third Consecutive Day Of Outflows
Reflecting the prevailing bearish outlook, spot Bitcoin ETFs (exchange-traded funds) experienced their third consecutive day of net outflows, as per data from Farside Investors. On October 3, the funds collectively faced outflows totaling $54.2 million.
Ark and 21Shares’ ARKB saw the most significant withdrawals with $58 million in net outflows. Fidelity’s FBTC followed closely with $37.2 million leaving its reserves.
Conversely, not all funds suffered losses yesterday. BlackRock’s IBIT continued its trend of cumulative inflows, receiving an additional $36 million, increasing its total since its launch in January to $21.558 billion.
BITB and BTCO also recorded positive inflows, gaining $2.6 million and $2.4 million respectively. The rest of the funds experienced no new flows.
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