Bitcoin Drops 2% in October, Defying Historical 'Uptober' Trend

Bitcoin’s price regained the $82,000 level on Monday, after a week of choppy trading hindered its advances.

The largest digital asset by market valuation was recently changing hands near $82,393, up roughly 2% over the past day but still in the red over a seven-day stretch.

October, a month historically known for strong bitcoin performance and often called "Uptober," has started slowly for the cryptocurrency. Its price has declined 2% since the month began.

Last week, U.S. investors redeemed $228.4 million in shares from bitcoin ETFs managed by BlackRock, Fidelity, and Grayscale, according to data from Farside Investors.

Bitcoin’s price tends to be influenced by purchases of U.S. ETF shares, which allow investors to gain exposure to the asset through their brokerage accounts easily.

Despite October’s lackluster start, analysts say bitcoin is in a bull market, having spent most of 2026 trading below $70,000, far from its all-time high of $126,080.

Bitcoin’s rally began in August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. That month saw the coin achieve its best three-year run and its third-best August ever.

More recently, bitcoin has benefited from the debasement trade, where investors buy assets to hedge against currency devaluation. The U.S. dollar fell in August.

September was also a positive month, with bitcoin rising nearly 6% over a 30-day period. The third quarter of this year was the cryptocurrency’s strongest since 2024.

Following a record third quarter, can October continue the upward streak?