October, often hailed as "Uptober" for its bullish trends, is off to a rocky start with the crypto market losing steam. As of early October, the total market capitalization dipped by roughly 8%, sliding back to $2.11 trillion. The month's kickoff wasn't as robust as expected, leading to a notable decrease in "Uptober" mentions across social media, replaced by "Selltober" and "Octobear" sentiments.
Despite the downturn, historical data suggests a mid-month rebound could still be on the table, with Bitcoin historically performing well during October. Current market behavior, influenced by early sell-offs and high leverage in futures, contrasts with the inflows from stablecoins and Bitcoin Spot ETFs, presenting a mixed signal scenario for investors.
Keep an eye out as the month progresses—past patterns hint at potential gains post-mid-month.
