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Is ‘Uptober’ currently in effect? Bitcoin and Ethereum suddenly surge, wiping out $70M in shorts

Bullish predictions for October were sparked by the nearly 4% increase in Bitcoin and Ethereum prices in just a 15-minute period.

A sudden drop in the price of Bitcoin BTC caused more than $70 million in short positions in the cryptocurrency to be abruptly liquidated.

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, Ether


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and various digital currencies on October 1.

Bitcoin rose 3% in just 15 minutes, from $27,100 to $28,053, according to TradingView data, before leveling off just below the $28,000 mark at the time of publication.

Ether, the native currency of Ethereum, also increased in value. At one point, it spiked up by as much as 4.7% to $1,755 before leveling off at $1,727 at the time of writing.

The majority of the residents in the neighborhood are perplexed by the sudden movement. According to many commentators, the change coincided with the start of “Uptober.”

It was suggested by other community members that “someone knows something” that others don’t.

The term “Uptober” originates from the fact that October tends to be a bullish month for the price of Bitcoin and other cryptocurrencies. Only twice since 2013 have October’s monthly returns been negative, according to data from CoinGlass.

The possibility of the US Securities and Exchange Commission approving a spot Bitcoin exchange-traded fund is one of the occasions that the cryptocurrency market is anticipating with optimism. The majority of analysts, however, believe that January 2024 is the most likely time for such a declaration.

Related: Will MKR, AAVE, RUNE, and INJ see gains in Bitcoin ‘Uptober’?

Data from CoinGlass shows that the sudden price change “rekt” nearly $36 million worth of BTC short positions and $23 million worth of ETH short positions.

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