![[코인 리포트] ‘Uptober’ realized at the last minute… Bitcoin once again broke through 100 million won By Decenter](https://i-invdn-com.investing.com/news/LYNXNPEC4I1KY_L.jpg "[코인 리포트] ‘Uptober’ realized at the last minute… Bitcoin once again broke through 100 million won By Decenter")
The ‘Uptober‘, which refers to the Bitcoin (BTC) bull market in October, was eventually repeated this year. On the 29th, BTC again broke the 100 million won mark based on the domestic exchange Bithumb. It has been half a year since last April that BTC exceeded 100 million won.
Uptober is a compound word of Up and October, and was inspired by the fact that BTC is strong every October. However, in October of this year, the BTC price plummeted from the first week, spreading pessimism about an upward move. Crypto asset on-chain analyst ai_9684xtpa analyzed in his
BTC, which stayed at the 100 million won level for two days until the 31st, fell slightly again in November. As of 5:17 p.m. on the 1st, BTC is trading at 96,631,000 won on Bithumb, down 2% from the previous day. Based on CoinMarketCap, the international market price is $69,420, down 4%.
It is analyzed that the price of BTC has fallen again as profit-taking sales due to the surge in BTC are pouring in. According to Glassnode data, the number of BTC transferred from short-term wallets that held BTC for less than 155 days to centralized exchanges reached 54,352 on the 31st (local time). This is approximately $3.8 billion (approximately 5.2413 trillion won).
There is also an analysis that as Republican candidate former President Donald Trump’s winning percentage in the US presidential election, which is coming up in 4 days, has decreased, the price of BTC has also fallen. Bloomberg explained, “In the betting market, the predicted probability of victory for former President Trump, a pro-virtual asset candidate, is falling, and BTC is also showing a downward trend.”
Polymarket, a blockchain-based betting platform, tends to be friendly to pro-virtual asset candidates as most of its participants are virtual asset investors. Candidate Trump, who actively expressed his pro-virtual asset tendencies by continuously making remarks such as making the United States a ‘virtual asset capital’, has shown a higher winning prediction rate than candidate Harris. Candidate Trump’s predicted victory rate on the 1st was 61.9%, which still surpasses candidate Harris’s 38.1%, but the gap has been narrowing recently. Ki-young Ki, CEO of CryptoQuant, said, “PolyMarket’s prediction rate for candidate Trump’s victory appears to be exaggerated,” adding, “In elections, victory is determined by the number of votes, not the size of bets. “The expected proportion of ‘Trump victory’ based on the number of participants is 57.4%, and the expected proportion of ‘failure’ is 50.4%, so it is highly likely that the actual election will be close,” he analyzed.
However, the pitching spirit, which was heightened by the realization of a last-minute overcomer, is still hot. The U.S. Bitcoin spot exchange-traded fund (ETF) has been recording net inflows for 7 consecutive trading days. On the 31st (local time), a total of $31.3 million (approximately 43.1 billion won) flowed into the Bitcoin spot ETF. Among Bitcoin spot ETF products, BlackRock ETF, which has the largest assets under management (AUM), recorded the largest inflow since its launch. On the 30th, funds flowing into Blackrock’s Bitcoin spot ETF product IBIT amounted to $875 million (approximately KRW 1.2061 trillion). Cryptocurrency analysis company Metricsport said, “BTC is expected to rise by the end of the year, thanks to the US presidential election and strong demand for Bitcoin spot ETFs.” He added, “With the soon-to-be-released disclosure of US securities holdings, more institutional investors will be attracted to Bitcoin spot ETFs.” “It is expected that this will have a positive impact on the year-end BTC rally.”
