Bitcoin After 'Uptober' Ends, Hovering Around $109,000... Institutional Outflows Continue [Crypto Briefing]

[Financial News] Bitcoin (BTC) hovered around the $109,000 mark on the 3rd, breaking the so-called 'Uptober' trend, where the crypto market had traditionally rallied every October.
According to CoinMarketCap, BTC was trading at around $109,000 as of 10 a.m., down 0.35% over the past 24 hours. Over the past week, BTC has fallen by 4.62%.
On the Korean won market, BTC is trading at approximately 163 million won. According to Cryprice, the Korea premium stands at 3.85%.
Since 2018, BTC has shown strong gains every October. Earlier this month, it continued to hit new all-time highs, fueling the 'Uptober' narrative. However, after reaching a record $126,000 on the 6th (local time), it dropped to as low as $104,000 on the 10th.
The decline was driven by unresolved U.S.-China tensions and continued hawkish remarks from the Federal Reserve System (Fed), which dampened investor sentiment. Institutional investors are also exiting the market. Institutions recorded a net sell-off of $1.1507 billion in the 11 Bitcoin Spot Exchange-Traded Funds (Bitcoin Spot ETF) listed in the U.S. between October 29 and 31.
Adam McCarthy, senior researcher at digital market data provider Kaiko, told Reuters, 'Crypto assets started October at all-time highs alongside gold and stocks, but as uncertainty hit, many investors exited.' He added, 'The sharp drop in October showed the narrowness of the asset class. Even BTC and Ethereum can plunge 10% in just 15–20 minutes.'
At the same time, Ethereum was trading at $3,854, down 0.25% from the previous day. XRP (Ripple) was down 0.20%, trading at $2.49.

yimsh0214@fnnews.com Im Sang-hyuk Reporter