We came into October expecting Uptober. The market had Rektober in mind. 💀
The setup looked perfect. Bitcoin has historically posted gains in seven of the last nine Octobers, and traders were ready for the seasonal party.
Instead the month delivered hotter inflation, nearly $1 billion in Bitcoin ETF outflows, hundreds of millions in liquidations, a record exchange hack at Binance and a Nasdaq wobble that dragged risk assets lower. Bitcoin is now down roughly 8% to 9% for the month, which would make it back-to-back red Octobers, something that hasn't happened since at least 2017.
Today's heatmap says it all. Almost everything is red, with ETH down 3.4% and BTC down 2.2%, while some altcoins took even bigger hits, including BTW down 18% and CAKE down nearly 9%. The only real standout in green is HYPE, up 14.5%, swimming against the tide.
Seasonality is a pattern, not a promise. The month is nearly over, and the market is about to find out whether November can make up for it.
#Bitcoin #Uptober #Crypto #Altcoins #CryptoMarket $BTC $HYPE $BTW
The setup looked perfect. Bitcoin has historically posted gains in seven of the last nine Octobers, and traders were ready for the seasonal party.
Instead the month delivered hotter inflation, nearly $1 billion in Bitcoin ETF outflows, hundreds of millions in liquidations, a record exchange hack at Binance and a Nasdaq wobble that dragged risk assets lower. Bitcoin is now down roughly 8% to 9% for the month, which would make it back-to-back red Octobers, something that hasn't happened since at least 2017.
Today's heatmap says it all. Almost everything is red, with ETH down 3.4% and BTC down 2.2%, while some altcoins took even bigger hits, including BTW down 18% and CAKE down nearly 9%. The only real standout in green is HYPE, up 14.5%, swimming against the tide.
Seasonality is a pattern, not a promise. The month is nearly over, and the market is about to find out whether November can make up for it.
#Bitcoin #Uptober #Crypto #Altcoins #CryptoMarket $BTC $HYPE $BTW
