Bitcoin Nears Rare Back-to-Back October Losses as Tech Stocks Slide

The broader market selloff has spared few assets, with gold falling to $3,874.58 per ounce while Brent crude climbed to $117.63. For Bitcoin, the pressure has been mounting throughout the month. CryptoQuant data revealed the Coinbase Premium Index remained in negative territory, hitting minus 0.146 on October 24, signaling a persistent weakness in U.S. demand. This shortfall was further underscored by a 76,000 BTC gap in apparent demand models tracked over the final week of the month.

Despite the immediate turbulence, some analysts maintain a long-term bullish outlook. Galaxy research head Alex Thorn argued that the broader bear market concluded in June, citing Bitcoin’s ability to reclaim its 50-week moving average. Institutional interest also offers a buffer; on October 27, spot Bitcoin ETFs saw $176 million in inflows, with BlackRock’s IBIT accounting for the bulk of that volume. These figures suggest that while the calendar has failed to deliver its customary October rally, the underlying institutional appetite remains a pivotal, if untested, support level.