Bitcoin Heads for First Back-to-Back Losing Octobers in Over a Decade

what happened

According to Stocktwits, Bitcoin is on course for its first consecutive October decline in more than ten years. Bankless co-founder David Hoffman called Friday the third week of Downtober. So far this month BTC has lost more than 2%, and this week it dipped to around $80,000, its lowest level since September 18. The year-to-date decline is about 7%.

Altcoins took the heavier hit. Ethereum fell roughly 7.5% over the week, while Solana, Zcash, Hyperliquid and NEAR dropped another 10% after double-digit losses the week before. The hosts of the Bankless show noted that in 2023 Bitcoin spent about seven months moving sideways, and argued that such choppy trading fits an early bull market.

why it matters

According to CoinGlass, Bitcoin's monthly returns have swung widely this year: about minus 10% in January, minus 15% in February, minus 20% in June and plus 25% in August. That volatility shows how sensitive the crypto market is to shifts in sentiment and liquidity, and altcoins have tended to feel it more sharply than Bitcoin itself.

market impact

Crypto market: weakness in BTC drags altcoins such as ETH and SOL lower

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