Morning Minute: Uptober Turns Sour as Crypto Majors Slide
Summary
Bitcoin fell below $81,000 and Ethereum neared $2,400 as crypto markets sold off, with several major altcoins posting steep losses. U.S. spot Bitcoin funds recorded $484.9 million in outflows Wednesday and another $244 million the next day, while Ethereum funds saw eight consecutive sessions of outflows totaling $640 million. The downturn coincided with negative ETH funding rates, a potential halt to Bitmine’s ETH purchases once it reaches 5% of supply, and rising oil prices amid attacks on Iranian tankers. Prices later rebounded, with Bitcoin above $82,000 and ETH nearing $2,500. The piece frames the decline as a correction rather than a breakdown in the broader bull-market outlook.
