Bitcoin Faces Unprecedented October Loss Amid US Market Pressure
- Bitcoin closed October with a loss for the first time in seven years, following trade tensions between the US and China.
- The Coinbase Premium Gap entered deep red territory, indicating significant selling pressure from US investors.
- US-based Bitcoin ETFs experienced a net outflow of over $191 million on Friday, marking the third consecutive day of negative outflows.
- The price of Bitcoin is currently just above $110,200, showing a minor increase of only 0.9% in the last day but down by exactly 1% over the past week.
Despite a temporary truce between the United States and China, US investors remain pessimistic about Bitcoin’s market performance. The negative Coinbase Premium Gap suggests continued selling pressure from institutional players in the US.
With significant ETF outflows and a negative premium gap, Bitcoin’s recovery appears challenging amid ongoing market pressures from large US investors. (Source)
