Bitcoin price faces second straight ‘Downtober’ as US spot demand weakens

Bitcoin has remained on course for a second consecutive October loss, challenging its “Uptober” reputation as weakening U.S. spot demand offsets renewed purchases through exchange-traded funds ahead of the Federal Reserve's October 28 decision. Bitcoin is heading toward a second consecutive losing October after declining 3.8% in October 2025. BTC lost 4.2% through October 25, compared with an average October gain of 18.1% during 2020–2025. CryptoQuant recorded a persistently negative Coinbase premium, indicating weak relative demand on the U.S. exchange. Spot Bitcoin ETFs attracted $176 million on October 27, led by BlackRock's $151.5 million IBIT inflow.