Bitcoin price sinks sub $104,000 as ‘Red October’ hangover deepens

Core Insights - Bitcoin has experienced a significant decline, dropping 3% to below $104,000, marking the first 'Red October' since 2018, which has led to a loss of approximately $20 billion in leveraged positions [1] - Wall Street executives are predicting an equity market drawdown of over 10% within the next year, indicating broader market concerns [2] Market Activity - US spot Bitcoin exchange-traded funds reported losses of $187 million in a single day, contributing to nearly $800 million in selling over the previous week [3] - Long-term Bitcoin holders have begun to sell, with $1.5 billion in deposits moving from legacy wallets to major exchanges like Coinbase, Binance, and Kraken [3] - A notable transaction involved a whale transferring $365 million worth of Bitcoin to Kraken, typically indicating profit-taking or hedging [4] - The crypto market saw over $1.3 billion liquidated in the past 24 hours [4] Macro Environment - Attention is shifting towards the Federal Open Market Committee meeting in December, with a 67% probability of another rate cut, although uncertainty remains regarding the decision [5] - Ongoing macroeconomic pressures, including an unresolved US government shutdown, are contributing to market volatility [5] Market Sentiment - Despite the current downturn, analysts suggest that the market may be better positioned for recovery after the correction [6] - Market sentiment remains cautiously optimistic, even after the end of the 'Red October' period [6] Current Market Status - Bitcoin is currently trading at $103,900, reflecting a 3.2% decrease over the past 24 hours, while Ethereum has dropped 6% to $3,490 [7]