has given cryptocurrency investors quite a scare so far, with Bitcoin ETFs seeing losses for three days in a row to begin the month.
What a waste of “Uptober.” Historically a strong month for Bitcoin’s price, October has instead began this year with a deluge of capital leaving Bitcoin exchange-traded funds (ETFs).
Investors have recouped a total of $361.2 million from these products during the course of three days straight of losses in October, according to data from London investment firm Farside Investors.
Following a strong week of inflows—last week, investors contributed over $1 billion to the funds—the outflows have occurred.
October, sometimes referred to as “Uptober” by traders, is a month that has traditionally seen high cryptocurrency prices after September, which has historically been a cold month for Bitcoin and other top assets. However, following a challenging beginning to the month, Bitcoin finally enjoyed a good September this year.
On Thursday, the price of bitcoin fell below $60,000 for a brief period of time; currently, it is over $62,200, up more than 3% for the day.
The largest and oldest asset this year rose as a result of Bitcoin ETFs, which were authorized for trading in the United States in January.
When investors who had previously been reluctant to handle cryptocurrency assets threw money at Bitcoin through the new regulated investment vehicles trading on stock exchanges, the coin reached a new all-time high of $73,737 in March.
Wall Street heavyweights like VanEck, Fidelity, and BlackRock all offer Bitcoin funds to investors through brokerage accounts.
However, the cash flow has slowed down recently. The cause? Decrypt was informed this week by analysts that geopolitical tensions are not helping. Investors frequently gravitate toward “safe haven” assets like gold or Treasury bonds during periods of political unrest.
Still, we’re just in the first week of “Uptober.” Will investor sentiment change?
