Bitcoin is poised to record its first negative October since 2018, with a price decline of 5.51% linked to ongoing macroeconomic uncertainty and ETF outflows. This downturn marks a significant shift for the cryptocurrency, which has typically shown resilience during this month in previous years. Analysts suggest that the current market conditions, influenced by various economic factors, have contributed to this unexpected trend. The outflows from exchange-traded funds (ETFs) have further exacerbated the situation, leading to reduced investor confidence. As Bitcoin navigates this challenging landscape, market participants are closely monitoring developments that could impact its recovery.
