Bitcoin Weakens as Zcash Defies the Market

Bitcoin faces its first red October in seven years, while Zcash surges on celebrity hype and short liquidations. BlackRock’s massive Bitcoin selloff adds pressure to the market.

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BlackRock Dumps 2,700 Bitcoin Amid ETF Outflows

Bitcoin Ends Its “Uptober” Streak

Zcash’s 500% October Rally Faces Sharp Pullback

BlackRock Dumps 2,700 Bitcoin Amid ETF Outflows

BlackRock offloaded 2,724 BTC worth $292 million in 24 hours, the largest single-day ETF outflow.

  • ETF pressure: Total Bitcoin ETF holdings fell by 4,559 BTC this week.

  • Fraud backdrop: The sale followed a $500 million fraud scandal tied to BlackRock’s HPS division.

  • Market impact: Despite the selloff, Bitcoin stayed above $110,000, though trading volume dropped 10%.

“ETF redemptions show large investors are taking profits while retail traders hold the bag.”

Bitcoin Ends Its “Uptober” Streak

Bitcoin is set to close October down 3.35%, ending a six-year streak of green months.

  • Market pullback: Fed rate cuts and easing US-China tensions failed to lift BTC.

  • Historical context: The last red October was in 2018, followed by a 36% drop in November.

  • Mixed outlook: Analysts are split between an early bull pause or a setup for a November rebound.

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“October humbled traders. Momentum faded, confidence shaken.”

Zcash’s 500% October Rally Faces Sharp Pullback

Zcash is the only major crypto rising this week, climbing 500% in October while most coins fell.

  • Celebrity push: Naval Ravikant called Zcash “insurance against Bitcoin,” and Arthur Hayes predicted a $10,000 price. Both fueled retail buying.

  • Short squeeze: $65 million in short positions were liquidated, driving prices higher.

  • Correction risk: A rising wedge pattern signals a 30% drop toward $260–$270 in November.“Smart money is buying fear. Whales expect a rebound,” said Lookonchain analysts.

“The rally looks driven by hype and short liquidations, not fundamentals.”

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results