Bitcoin Struggles in October: What's Causing the Weakness?

Bitcoin is struggling in October after its run toward $87,000, with weak price action tied to futures positioning and ETF outflows, even as fresh inflows appeared in other indicators. Glassnode’s Oct. 12 Weekly Market Pulse said Bitcoin briefly slipped below $81,000 on Thursday before a weekend rebound pared losses. Momentum cooled, with the 14-day RSI falling from 57.80 to 44.92, signaling buyers lost control heading into the weekend. Two drivers stood out: perpetual futures traders turned sharply bearish by opening new short positions, and spot ETFs flipped from $117.95 million in weekly inflows to $701.57 million in outflows, a 695% reversal. Glassnode noted capital-flow metrics rose, including realized-cap growth to 1.23% and hot capital share to 20.26%. Options traders also grew more cautious as open interest climbed 3.3% to $37.38 billion.