Is Uptober here? Bitcoin, Ethereum suddenly pump, wipe $70M in shorts
On October 1, more than $70 million worth of crypto shorts were suddenly liquidated after a sudden jump in the price of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies.
According to data from TradingView, bitcoin surged from $27,100 to $28,053 in 15 minutes before the sudden pump settled below $28,000 at the time of publication.
Happy Aptober to those celebrating.
Remember 2021? pic.twitter.com/qgHy1ThGOf
— The Wolf Of All Streets (@scottmelker) October 2, 2023
Similarly, the price of Ethereum's native currency Ether also rose, rising as much as 4.7 percent before reaching $1,727 at press time.
The sudden move has left most of the public scratching their heads. Many commentators said the move coincided with the arrival of “Uptober”.
Welcome to Uptober.
Welcome to Q4, leading to a great quarter, fueled by ETF approvals and a pre-half rally.
Reasonable from #Bitcoin to $40,000.
— Michael Van de Pop (@CryptoMichNL) October 1, 2023
Other members of the community suggest that “someone knows” what others don't.
Uptober for October Crypto Balance is typically a big month for price action for Bitcoin and other cryptocurrencies. According to data from CoinGlass, October has only had two negative monthly returns since 2013.
One of the events that the crypto market is looking at with optimism is the approval of the spot Bitcoin ETF product by the United States Securities and Exchange Commission. However, most analysts are citing January 2024 as the most likely date for such an announcement.
Related: Will Bitcoin ‘Uptober' Bring Profits for MKR, AAVE, RUNE and INJ?
Meanwhile, holders and longs celebrated the first significant price action in more than a month, while short sellers had the opposite chance.
The rapid increase saw $70 million flowed into short positions within two hours.
According to data from Coinglass, roughly $36 million worth of BTC shorts and $23 million worth of ETH shorts were “rekt” to the sudden price movement.
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