Bitcoin’s “Uptober” comes to an end as price falls, breaking a 6-year trend

Bitcoin’s October Performance

Bitcoin’s recent performance has thrown a wrench in the hopes for what traders called “Uptober.” This month marked the first time since 2013 that Bitcoin averaged a 20% price increase.

As of 10:30 a.m. on Friday, Bitcoin, the largest cryptocurrency, was priced at $109,954. That’s an 8% drop from October 1, when it was trading around $118,500, as noted by CoinGecko. Interestingly, data from 2018 shows Bitcoin’s price in October did not perform well.

An analyst from the blockchain analysis firm CryptoQuant pointed out that demand for Bitcoin among U.S. investors has significantly diminished in both spot and derivatives markets.

According to a CryptoQuant report, “Measures of ETF inflows, spot exchange premiums, and futures basis all point to a decline in enthusiasm among U.S. institutional and retail investors. This suggests current activities are more reflective of profit-taking and cautious positioning rather than any fresh accumulation.”

On Thursday, there was a staggering outflow of $488.4 million from U.S.-traded spot Bitcoin ETFs, escalating total weekly outflows to $607 million, as per SoSoValue.

Treasury Slowdown

Maksim Tkachuk, an analyst at Santiment, mentioned that while Bitcoin Treasuries are easing takeovers, this isn’t alleviating the downward pressure on the token itself.

In terms of treasury announcements, the acquisition of Bitcoin by major companies has dropped significantly. The tokens gathered ranged from 168 to 850, which is a notable decline compared to the first updates in early 2025 that averaged 6,468 Bitcoin.

Tkachuk remarked, “We might see some recovery in November, but overall, I don’t expect a drastic change in the financial situation.”

Nicholas Roberts-Huntley, CEO and co-founder of Blueprint Finance, shared that he thinks Bitcoin could aim for the $1.13 million mark by 2026. However, he emphasized that clear guidance from the Fed, sustained capital inflows, and the absence of major macroeconomic shocks are essential for this to happen.

Waiting for a New Catalyst

Jacob Martin, general partner at 2Punks Capital, believes that regardless of whether Bitcoin is at $106,000 or $125,000, it has shifted into what he calls a “boomer coin or an institutional coin.” According to him, the only investors now are those with liquidity and a willingness to believe in it again.

He further pointed out that the concept of “Uptober” fails to exist because “the public, the hodlers… there simply isn’t enough liquidity to buy it anymore.”