Bitcoin fell on Monday, extending losses after posting its first October decline since 2018, as persistent concerns over a slowing global economy and deteriorating US–China trade relations weighed on investor appetite for riskier assets.
The world’s largest cryptocurrency recorded sharp losses in October, significantly underperforming other risk assets following a sudden early-month sell-off. Bitcoin was down 2.5% at $107,810 as of 9:32 a.m. ET (14:32 GMT).
Bitcoin Ends Its Seven-Year “Uptober” Streak
Bitcoin lost around 5% in October, marking its first negative October since 2018—a month traditionally known for strong crypto performance, often dubbed “Uptober.”
Investor sentiment across digital-asset markets soured after the early-October crash, which sent Bitcoin tumbling to about $104,000. Unlike equities and other risk assets, cryptocurrencies have struggled to recover from those losses.
The recent US–China trade deal failed to lift digital-asset prices, while the Federal Reserve’s hawkish tone added further pressure to the crypto space.
Coinbase Premium Turns Negative
Data from Coinglass showed that the price premium of Bitcoin on Coinbase Global Inc. (NASDAQ: COIN) turned negative in late October.
Bitcoin typically trades at a premium on Coinbase, reflecting stronger US investor demand. The shift into negative territory suggests weakening sentiment among both retail and institutional investors in the United States.
This coincided with net outflows from US-listed crypto exchange-traded funds (ETFs)—a sign of declining demand and mounting selling pressure, often seen during prolonged market weakness.
Strategy Adds $45 Million in Bitcoin Holdings
Software firm Strategy (formerly MicroStrategy) announced that it purchased an additional 397 Bitcoins between October 27 and November 2 for about $45.6 million, at an average price of roughly $114,771 per coin, according to a filing with the US Securities and Exchange Commission (SEC) on Monday.
Following the acquisition, the company now holds approximately 641,205 Bitcoins, valued at around $69 billion.
Executive Chairman Michael Saylor said the firm’s total acquisition cost amounts to roughly $47.5 billion, representing an average purchase price of $74,057 per Bitcoin.
Altcoins Extend October Losses
Broader crypto markets mirrored Bitcoin’s decline, with major altcoins posting steep losses in October.
Ether (ETH), the second-largest cryptocurrency, dropped 3.1% to $3,719.89, while Binance Coin (BNB) slid nearly 6% to $1,018.59.
XRP, Solana, and Cardano all fell between 4% and 5%.
Among meme coins, Dogecoin (DOGE) lost more than 5%, while $TRUMP gained 1.6% after erasing most of its recent rally.
