Bitcoin price faces second straight ‘Downtober’ as US spot demand weakens
· price · Sentiment: bearish
Bitcoin is on track for a second consecutive “Downtober,” with October price performance turning negative for the second year in a row amid sustained weakness in US spot Bitcoin ETF inflows and declining on-chain demand. Multiple analysts note that net ETF flows have turned negative or near-zero in recent weeks, removing a key source of institutional buying pressure that had supported the 2024 rally. The consensus view is that absent a catalyst for renewed US demand, Bitcoin faces continued downside risk into year-end, with the $60,000 level now acting as critical near-term support.