Data driven researcher -| https://teapawt.net/t.co/DEEcZ2xMNX tech + meme connoisseur -| engineering crypto solutions
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Joined March 2022
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Uptober is starting to look a little different than the timeline promised.
Bitcoin is back around the $82K area, ETF demand just took a pretty serious hit, and now we have the U.S. government moving roughly $1B worth of Bitcoin tied to the old Bitfinex hack.
U.S. spot Bitcoin ETFs saw around $487M in outflows on October 7.
BlackRock alone accounted for about $208M of that.
So much for October just going straight up because the calendar says “Uptober.”
Then there’s the government wallet activity.
Around 12,267 BTC was moved from the Bitfinex hack-related stash.
People immediately started asking the obvious question:
Are they selling?
Maybe.
But there’s no confirmation of that yet.
The BTC was moved to unlabeled wallets rather than straight to an exchange.
And this is where I think it’s worth slowing down a little.
We had a strong ETF inflow run going into October. Now we’re seeing money come out, price is weakening, and a huge government wallet is moving around at the same time.
That doesn’t automatically mean the cycle is over.
It also doesn’t mean we should ignore it.
Maybe this is just another shakeout before the market finds its footing.
Maybe the macro environment gets worse and October turns into another lesson in humility.
I don’t know which one it is yet.
But I’m definitely paying attention.
Uptober can still happen. I just wouldn’t trade like it’s guaranteed.
YC retweeted
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