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

Updated: 04 October 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

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.

𝐎𝐂𝐓𝐎𝐁𝐄𝐑 𝟐𝟎𝟐𝟑

BITCOIN DROPPED 7.5% IN THE
FIRST WEEK.

THEN PUMPED 33% BY MONTH'S
END.

𝐎𝐂𝐓𝐎𝐁𝐄𝐑 𝟐𝟎𝟐𝟒

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.