First Absence of ‘Uptober’ Surge Since 2018 as ETF Outflows Hit $1.15 Billion
Despite the U.S.-China summit, Bitcoin prices barely surpassed $110,000. The annual October Bitcoin price surge phenomenon, known as ‘Uptober,’ disappeared for the first time since 2018.
According to global cryptocurrency market tracking site CoinMarketCap on the 3rd, Bitcoin was priced at $110,245 per coin as of 8:30 a.m. on that day. This marked a 0.25% increase from 24 hours prior but a 3.84% decline compared to a week ago.
At a similar time, Ethereum fell to $3,892, down 6.74% from a week ago. Major altcoins such as XRP, BNB, and Solana also dropped 5-7% each compared to a week prior. Notably, Dogecoin plummeted 10.07% to $0.1854.
The limited rise in major virtual asset prices despite the U.S.-China summit was attributed to institutional investors selling Bitcoin spot exchange-traded funds (ETFs). According to Reuters and other outlets, $1.15 billion flowed out of 11 U.S.-listed Bitcoin ETFs from the 29th to the 31st of last month. During the same period, $363.8 million exited Ethereum ETFs.
