Bitcoin Seeks Uptober Redemption with $87,000 Push

Bitcoin is on the move, pushing towards the $87,000 mark after a hot streak of inflows into US spot BTC ETFs. This surge in demand has some investors hopeful that the token will experience a 'Uptober', a term coined after the market's seven-year streak of consecutive October gains came to an end in 2025. The month of October 2025 saw a sharp decline in Bitcoin's value, wiping out all the gains made for the year and becoming one of the worst systemic events in crypto's history, according to CoinShares.

The crash was attributed to Donald Trump's announcement of a 100% tariff on Chinese imports, which led to a forced liquidations wave that wiped out roughly $19 billion. This event was nine times the size of the February 2025 dip and 19 times the meltdown from March 2020 or the FTX collapse.

Despite the challenges, institutional demand for Bitcoin has still not fully recovered, with $102.7 million flowing into US spot Bitcoin ETFs to open the month of October. The average Bitcoin ETF holder has also been back above water for the first time since January, according to Bloomberg's James Seyffart.

The price action this week has been driven by buyers punching through a band of sell orders near $85,000, with $122 million in short positions liquidated during a 24-hour period. However, Glassnode cautioned that the breakout needs backing, requiring higher trading volume and a return of stronger ETF inflows to confirm genuine support for the uptrend.

The Federal Reserve's upcoming meeting on October 27-28 will be a key factor in determining the next leg of the market, with the odds of an October hike decreasing to below 50% following a softer core PCE print. History still leans bullish on paper, with a median Q4 Bitcoin return of 26.59% since 2013.