Crypto enthusiasts are celebrating "Uptober" as Bitcoin (BTC) and Ethereum (ETH) prices surged on Oct. 1, liquidating over $70 million in shorts. BTC jumped 3% in just 15 minutes, while ETH gained 4.7% in a brief spike. October is typically a bullish month for cryptocurrencies, with only two negative monthly returns since 2013. The crypto market is also looking forward to the potential approval of a spot Bitcoin ETF product by the US Securities and Exchange Commission. However, short sellers had a tough time as the rapid uptick liquidated $70 million in short positions in just two hours.