The founder of SkyBridge Capital, Anthony Scaramucci, coined the term "Uptober," referring to the historically positive performance of Bitcoin during the month of October. However, Bitcoin is currently underperforming on the first day of the month, dropping below $62,000 due to geopolitical concerns. Over $311 million worth of crypto has been liquidated in the past 24 hours, with long positions being heavily affected. Glassnode co-founders have noted that the idea of "Uptober" may not hold true this year, as Bitcoin performed well in September despite it typically being a weak month. Options indicate a downside bias for the near term.



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