Uptober fails again as Bitcoin falls 7% and Ethereum drops 16%
October once again failed to live up to crypto investors’ expectations. Instead of the usual Uptober narrative, the market was hit by heavy liquidations, institutional outflows and sharp declines across the largest digital assets.
Uptober fails for a second consecutive year
Bitcoin ended October down 7.32%, marking a second consecutive negative October. Ethereum performed even worse, falling 16.06%. Based on historical market data, this was ETH’s second-worst October since the network launched in 2015.
The traditional Uptober pattern has now failed two years in a row. Ethereum’s significantly weaker performance compared with Bitcoin also points to continued caution toward higher-risk crypto assets.
Ethereum ETFs record their worst monthly outflows
Institutional demand weakened substantially as well. According to SoSoValue, U.S. spot Bitcoin ETFs ended October with roughly $515 million in net outflows.
Ethereum flows were far more negative. Spot ETH ETFs lost $1.61 billion, setting a new monthly outflow record since the funds launched in July 2024.
The retreat in institutional capital added another source of pressure on ETH just as sentiment across the broader crypto market was deteriorating.
Long liquidations accelerate the crypto selloff
Forced deleveraging was one of the main factors amplifying October’s decline. Based on an approximate calculation from CoinGlass’s 30-day chart, total liquidations reached around $11–12 billion, with roughly $8.5 billion coming from long positions.
That means longs accounted for about three-quarters of all liquidations.
The forced closure of bullish positions added to selling pressure and accelerated the downside move. This dynamic became especially visible toward the end of October, when the market was hit by another sharp burst of volatility.
November outlook depends on institutional demand and leverage
Crypto enters November with weaker demand and the aftereffects of a major leverage unwind. Security concerns around centralized exchanges have added another layer of uncertainty following the Binance hack. As Traders Union notes, the incident coincided with a broader risk-asset selloff and added further pressure to crypto derivatives.
At the same time, the liquidation wave has already removed part of the excess leverage from the market.
If institutional outflows begin to slow and confidence in crypto infrastructure starts to recover, Bitcoin and Ethereum could find room to stabilize. For now, however, it is still too early to call a sustained return of buyers.
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