Slow Start to Uptober But Big Finish in Sight!

October started slow for BTC, but experts are optimistic about a bullish surge later in the month.

Author

Danielle du Toit
October 04, 2024

Here's what we've got for you today:

  • Traders Urged to Stay Calm as BTC’s Uptober May Only Start After 19th

  • ‘Every Meme Coin is a Rug Pull in the Works’ - Mark Cuban

  • US Spot Bitcoin ETFs See Third Straight Day of Outflows with $54 Million Exiting

  • Sygnum Bank Sees Solana as a Serious Ethereum Rival

October started slowly for Bitcoin, but experts are still optimistic about a potential bullish surge later in the month.

  • Trader Oliver Velez suggested that Bitcoin traders should focus on the second half of October for bullish trends, rather than just the first half.

  • Velez advised traders to take a more broader view of the market by considering the October-May period instead of just isolating a single month.

  • Timothy Peterson also stated that "Uptober" typically starts after Oct. 19, and advised traders to stay patient during the current market weakness.

Well known investor Mark Cuban recently appeared on the Rug Radio podcast to share some of his views on the crypto industry.

  • Mark Cuban compared meme trading to gambling, and described it as a game of "musical chairs" where participants take major risks.

  • He argued that while meme coins may have strong communities, they still lack long-term sustainability and are mainly driven by the Greater Fool Theory.

  • In the past 30 days alone, more than 381,000 new meme coins were created on the Solana network, yet many will lose 99% of their value shortly after hitting the market.

US Spot bitcoin exchange-traded funds in the US reported net outflows of $54.13 million on Thursday.

  • Ark Invest and 21Shares’ ARKB led outflows with $57.97 million, followed by $37.21 million in outflows from Fidelity’s FBTC.

  • BlackRock’s IBIT led inflows with $35.96 million, with Bitwise’s BITB and Invesco’s BTCO seeing smaller inflows of $2.65 million and $2.44 million, respectively.

  • The seven other funds, including Grayscale’s GBTC, reported zero net flows for the day.

Sygnum Bank believes that Solana's scalability and growing institutional adoption could position it as a serious long-term competitor against Ethereum.

  • Sygnum suggests that real-world asset tokenization and stablecoin adoption on Solana could also position the network as a competitor to Ethereum.

  • Additionally, some major financial institutions, including conservative entities, are showing growing interest in Solana's blockchain technology.

  • A PayPal executive even recently shared concerns about Ethereum's scalability for large-scale payments, and suggests that it may not be the best solution for payment processing.

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