- Major cryptocurrencies, including Bitcoin, declined with no signs of near-term recovery.
- Bitcoin dropped 2.6% to $104,452, while Ethereum and XRP also saw losses.
- Spot Bitcoin ETFs recorded $186.5 million in outflows, continuing a four-day trend.
- Bitcoin experienced its first monthly decline in October since 2018, despite a U.S.-China trade truce and a Federal Reserve rate cut.
- Michael Saylor remains optimistic, forecasting Bitcoin could reach $150,000 by year-end.
The prices for leading cryptocurrencies declined at the start of the week. Bitcoin fell by 2.6% to $104,452 as of the latest report, with Ethereum dropping 5.3% to $3,507 and XRP down over 5% to $2.27. Other digital tokens such as BNB, Solana, and Dogecoin also recorded losses.
Spot Bitcoin exchange-traded funds (ETFs) saw outflows totaling $186.5 million on Monday, making it the fourth consecutive day of investors withdrawing funds from this asset class. This trend contributed to an uptick in Bitcoin liquidations, which reached $1.36 billion and forced many investors holding long positions to exit the market.
According to Tony Sycamore, an analyst at IG Markets, “Risk appetite in crypto has cooled sharply since the Oct. 10 crash, which came just four days after Bitcoin hit fresh record highs, cruelly crushing bullish euphoria. Bitcoin has been left in [a] vacuum and needs fresh catalysts to regain momentum.” He added that as long as Bitcoin stays below the $116,000–$117,000 resistance level, it remains exposed to a deeper pullback.
October marked Bitcoin’s first monthly decline since 2018, despite a one-year trade truce between the U.S. and China and a 25-basis-point Federal Reserve rate cut. Even with these measures, investor confidence appears low, with Fed Chair Jerome Powell noting that further rate cuts in December are not certain.
In contrast to current market sentiment, Michael Saylor, founder of Strategy, stated in an interview that he still expects Bitcoin to rise to $150,000 by the end of the year. He also suggested the digital asset could continue to grow at an annual rate of 29% over the next 21 years, describing it as an effective way to build a global property network.
For more updates on asset manager perspectives from China, see: Morgan Stanley Chief Ted Pick Proclaims China As Top Draw For Asset Managers.
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