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    Crypto bulls cop second-biggest liquidation day in October

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    The crypto market experienced a large sell-off in October, second only to October 1, with $261 million worth of cryptos sold, principally by traders betting on a continued bull market. Bitcoin, which had recently neared $70,000, fell to $65,500 on October 23 before rebounding slightly. Ether lost over $77 million in value, while Bitcoin options lost approximately $58.3 million. Interestingly, US-based Bitcoin exchange-traded funds saw a combined inflow of $198.5 million on October 23, despite the general market decrease.

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    Those who were super hopeful that the crypto market would keep climbing got a surprise. October had one of the biggest sell-off days, with cryptocurrencies stabilizing after Bitcoin’s decrease brought down the prices of other major cryptos.

    On October 23, total crypto sell-offs went up to $261 million. More than $203.5 million of that came from optimistic bets that these currencies would keep rising. This is second only to October 1, when sell-offs shot up to $450.8 million after Bitcoin dropped about 5%, according to the data from CoinGlass.

    For those who bet on Ether rising, they experienced the biggest sell off with over $77 million lost in the past 24 hours, followed closely by about $58.3 million in Bitcoin options.

    Optimistic crypto traders had their hopes high when Bitcoin almost hit $70,000 on October 21 – its highest in three months. But it didn’t keep up the pace and dropped to $65,500 on October 23. Luckily, it climbed back up a little to $67,386, increasing by 0.5% over 24 hours.

    Meanwhile, Ether took the biggest hit amongst the top ten cryptocurrencies, decreasing 1.7% in one day to $2,552, down from a 24-hour high of $2,620. It reached a two-month high of $2,750 on October 21 before taking a dip.

    The drop in Ether might be because the high transaction fees on the Ethereum blockchain are affecting use, decreasing the interest people have in staking the cryptocurrency and potentially affecting investor optimism.

    Despite these fluctuations, big investors aren’t backing off from Bitcoin. Eleven US-based Bitcoin exchange-traded funds (ETFs) all saw a collective inflow on October 23. They brought in $198.5 million together, led by a hefty $323.6 million inflow to BlackRock’s iShares Bitcoin Trust ETF (IBIT). However, there were outflows from the ARK 21Shares Bitcoin ETF (ARKB) and the Bitwise Bitcoin ETF (BITB) of $99 million and $25.2 million respectively.

    From October 11 to October 21, the US Bitcoin ETFs had a streak of trading day inflows that added nearly $2.7 billion to the funds. But an $87.9 million outflow on October 22 broke the streak.

    Source: Cointelegraph

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