Bitcoin began the week with a sharp decline, extending the weak performance that persisted throughout October after closing the month with its first loss since 2018. The drop came amid ongoing caution in global markets due to slowing economic growth and rising trade tensions between the United States and China, which negatively affected investor appetite for high risk assets.
The world’s largest cryptocurrency fell about 2.4%, trading near $107,900 on Monday morning, continuing a steep losing streak that began with the early October flash crash when prices dropped to around $104,000. With this decline, Bitcoin ended a seven-year winning streak known among traders as “Uptober,” losing roughly 5% of its value last month, as digital assets broadly failed to deliver their usual seasonal strength.
The recent trade agreement between Washington and Beijing was not enough to revive risk appetite in the crypto market, while hawkish comments from Federal Reserve officials added further pressure on prices amid expectations of a more restrictive monetary environment.
At the same time, Coinglass data showed the Coinbase Premium Index turning negative in late October a sign of weak demand from U.S. retail and institutional investors. This technical indicator often reflects declining buying momentum, as negative premiums typically appear during prolonged downtrends.
Additionally, crypto ETF flows in the U.S. turned negative, confirming continued weakness in investment liquidity across the sector.
In the altcoin markets, most major names also extended losses: Ethereum dropped about 4.2% to trade around $3,740, BNB fell 4.7% to $1,040, while XRP, Solana, and Cardano lost between 4% and 7%. Among meme coins, Dogecoin slid nearly 7%, while $TRUMP token edged up 0.4% after surrendering much of its earlier gains.
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