Bitcoin dropped to around $81,749, erasing nearly half of its September gains as the anticipated Uptober rally failed to materialize. Spot Bitcoin ETFs saw their worst day since June with $484.9 million in outflows on October 7, while $429 million in positions were liquidated in 24 hours, with 87.5% being long positions. The decline comes amid a challenging macro backdrop including Wall Street retreating from record highs, Brent crude near $100 per barrel, and Treasury yields at their highest since 2002. Technical analysis shows the daily trend remains intact with the golden cross still in play, but momentum is softening with the RSI falling to 45.8.
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