Uptober Bull Run Hopes Dim As “Selltober” Gains Momentum On Social Media

Online
mentions
of
“Uptober”
have
been
on
a
downward
trend
since
the
beginning
of
the
month,
with
“Selltober”
and
“Octobear”
becoming
more
prevalent
on
social
media
platforms
as
hopes
for
a
powerful
bull
run
this
month
diminish.

That’s
according
to
on-chain
analytics
platform
Santiment,
which


said

that
traders
have
ditched
the
idea
that
this
October
will
repeat
the
month’s
historical
track
record
of
being
an
“automatic
money
printer
for
crypto.”

Don’t
Give
Up
On
Uptober
Just
Yet,
Say
Some
Analysts

But
analyst
Michael
van
de
Poppe


said

that
“it’s
relatively
standard”
for
BTC
to
correct
in
the
first
week
of
October.
He
predicted
that
Bitcoin’s
negative
trend
will
“reverse
from
next
week,”
and
added
that
any
dips
in
the
next
few
weeks
should
be
seen
as
buy
opportunities.

BTC


dropped

more
than
6%
over
the
past
7
days
to
trade
at
$61,330.03
as
of
3:29
a.m.
EST.
Despite
this
decline,
veteran
trader
“Ash
Crypto”
told
his
1.1
million
X
followers
that
the
leading
crypto’s
price
will
drop
enough
to
excite
bears
before
a
“hard”
pump.

????????????????????????????
????????????????
 
BITCOIN
DROPPED
7.5%
IN
THE
FIRST
WEEK.
 
THEN
PUMPED
33%
BY
MONTH’S
END.
 
????????????????????????????
????????????????
 
BITCOIN
HAS
DROPPED
6.5%
IN
THE
FIRST
3
DAYS
 
IMO,
BTC
COULD
DROP
A
LITTLE
MORE
SO
THAT
PEOPLE
WILL
STOP
BELIEVING
IN
UPTOBER
 
ONCE
BEARS
START…

pic.twitter.com/QI3AA1Ma7w

—
Ash
Crypto
(@Ashcryptoreal)

October
3,
2024

US
Spot
Bitcoin
ETFs
Record
Third
Straight
Day
Of
Outflows

Amid
prevailing
bearish
sentiment,
spot
Bitcoin


ETFs

(exchange-traded
funds)
recorded
their
third
straight
day
of
net
outflows
yesterday,
according
to
data
from


Farside
Investors.
Collectively,
the
funds
suffered
$54.2
million
outflows
on
Oct.
3.

Ark
and
21Shares’
ARKB
registered
the
highest
withdrawals,
with
$58
million
net
outflows.
Fidelity’s
FBTC
came
in
at
second
place
after
$37.2
million
left
its
reserves.

However,
not
all
funds
suffered
net
outflows
yesterday.
BlackRock’s
IBIT
extended
its
lead
in
cumulative
inflows
after
an
additional
$36
million
entered
the
fund.
This
pushed
its
total
inflows
since
its
January
launch
to
$21.558
billion.

BITB
and
BTCO
also
recorded
net
inflows
of
$2.6
million
and
$2.4
million,
respectively.
The
remaining
funds
all
recorded
no
new
flows.

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