From Uptober to Hacktober: Are Bitcoin’s seasonal patterns becoming obsolete?
Bitcoin lost 7.3% in October 2026 after another decline the previous year, despite the month’s historically strong returns, as analysts reassess seasonal signals.
Bitcoin’s back-to-back October losses have put its “Uptober” reputation under the microscope as analysts weigh seasonal trends against institutional demand and economic conditions.
Bitcoin fell 7.3% in October 2026, following a roughly 4% decline a year earlier, according to CoinGlass data.
The losses defied October’s historically bullish reputation, which earned it the nickname “Uptober.” This year, industry figures turned to darker labels, including “Black October” and “Hacktober,” amid a wave of crypto security incidents, including Binance’s record-breaking $6.3 billion hack.
October has historically delivered Bitcoin’s highest median return at 15.4%, with gains in 10 of 13 years through 2025, according to Andrew Yang, a researcher at crypto analytics firm Kaiko.
September’s historically bearish reputation has weakened as well. Bitcoin has posted gains every September since 2023, which could reflect traders buying ahead of an expected October rally, Yang told Cointelegraph.
Bitcoin’s narrowing price swings may also be making seasonal trends less pronounced, Yang said. Its typical monthly move has declined from 14% between 2013 and 2016 to 9.6% since 2024, leaving less room for sharp seasonal rallies, he added.
Analysts also pointed to institutional investment and broader economic conditions as increasingly important influences on Bitcoin’s price.
Justin d’Anethan, head of research at Arctic Digital, pointed to exchange-traded fund (ETF) flows and corporate Bitcoin buyers, saying their investment decisions are shaped more by liquidity, interest rates and investment mandates than seasonal trading narratives.
Related: Bitcoin ETF flows give mixed read on institutional demand: CoinShares
US spot Bitcoin ETFs recorded $515 million in net outflows in October, while spot Ether ETFs saw a record $1.61 billion in monthly withdrawals.
Yang cautioned that spot Bitcoin ETFs, approved in January 2024, are too recent to assess. Still, Bitcoin “increasingly trades like a macro asset, driven more by economic data and institutional flows than by the calendar,” he said.
Despite two consecutive October losses, analysts cautioned against writing off Uptober entirely.
Julio Moreno, head of research at CryptoQuant, said October has generally performed better during Bitcoin bull markets and worse during bear markets, making the broader market cycle an important factor when comparing returns.
“Price performance depends more on spot demand dynamics than cyclical patterns, and demand doesn’t care about the calendar,” Moreno told Cointelegraph.