Uptober Bull Run Hopes Dim As “Selltober” Gains Momentum On Social Media
Release: 2024/10/04 18:39 Reading: 566
Uptober's Popularity Wanes, But Analysts Remain Optimistic
Since the start of the month, mentions of "Uptober" on social media have declined in favor of "Selltober" and "Octobear," indicating diminishing optimism for a significant bull run.
According to on-chain analytics platform Santiment, traders have abandoned the notion that October will repeat its historical record of being a "money-maker for crypto."
Analysts Urge Caution on Uptober
Despite the decline in sentiment, analyst Michael van de Poppe believes it's common for Bitcoin (BTC) to correct in the first week of October. He predicts a reversal from next week, presenting potential buying opportunities.
BTC has lost over 6% in the past week, currently trading at $61,330.03. Veteran trader Ash Crypto suggests a further price drop before a sharp pump.
US Spot Bitcoin ETFs Witness Outflows
Amidst bearish sentiment, US Spot Bitcoin ETFs recorded their third consecutive day of net outflows on October 3, totaling $54.2 million. Ark and 21Shares' ARKB experienced the largest withdrawals, while Fidelity's FBTC saw $37.2 million exit.
However, BlackRock's IBIT led cumulative inflows, gaining $36 million and bringing its total inflows since launch to $21.558 billion. BITB and BTCO also recorded inflows, while other funds remained stagnant.
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