Bitcoin Price Drops, Ending 6-Year “Uptober” Trend
Bitcoin’s recent price movements have dashed hopes for an “Uptober,” a term traders use to describe October’s historical average rise of about 20%. As of 10:30 a.m. on Friday, the cryptocurrency was trading at $109,954. This marks an 8% decline from its October 1 value of $118,500, according to data from CoinGecko. The last time Bitcoin experienced negative price action in October was in 2018.
Declining Interest from Investors
New insights from CryptoQuant, a blockchain analytics firm, indicate a significant slowdown in demand from U.S. investors, both in spot and derivatives markets. Their analysis shows that inflows into ETFs, premiums on spot exchanges, and futures metrics all suggest reduced interest among U.S. institutions and retail investors.
- $488.4 million left U.S. spot Bitcoin ETFs on Thursday.
- Weekly outflows reached a total of $607 million, as reported by SoSoValue.
Treasury Firms’ Actions Impacting Prices
Maksim Tkachuk, an analyst at Santiment, noted that companies holding Bitcoin treasuries are moderating their purchasing activities. This shift is contributing to downward pressure on Bitcoin’s price. The last five treasury acquisitions by Strategy saw holdings range from 168 to 850 Bitcoin. This is a stark contrast to early 2025, where the average weekly acquisition was about 6,468 Bitcoin.
Tkachuk expressed a cautious outlook, suggesting a possible bounce-back in November but noted that treasury companies are unlikely to change their strategies significantly.
Future Projections for Bitcoin Price
According to Nicholas Roberts-Huntley, CEO and cofounder of Blueprint Finance, Bitcoin could potentially test the $130,000 level by 2026. However, he stresses that achieving this target depends on clear guidance from the Federal Reserve, ongoing inflows, and stability in the macroeconomic landscape.
Market Sentiment and Need for Catalysts
Jacob Martin, general partner at 2 Punks Capital, described Bitcoin as evolving into a “boomer coin” or “institutional coin.” He argues that the current market behavior includes primarily liquid participants capable of making significant trades, while many potential buyers are not in a position to invest.
CryptoQuant’s findings highlight a broader market sentiment. Participants are currently waiting for new catalysts to stimulate engagement with riskier assets like Bitcoin.
