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Anthony Scaramucci, founder of SkyBridge Capital, recently took to social media to proclaim the advent of "Uptober." However, Bitcoin is severely underperforming during the first day of the month.
Bitcoin's best month
"Uptober" is a linguistic blend of the words "up" and "October."
The Bitcoin community typically greets this month with excitement due to the fact that Bitcoin tends to record stellar returns during this month virtually every year.
In fact, there were only two years (2014 and 2018) when the largest cryptocurrency was in the red during this month.
A major price crash
However, the ball is definitely not in the bull's court during the first day of this "Uptober."
Earlier this Tuesday, the leading cryptocurrency by market cap plunged below the $62,000 level due to geopolitical jitters. More than $311 million worth of crypto has been liquidated over the past 24 hours, with long positions accounting for the vast majority of this recent wipeout.
The flagship cryptocurrency is currently changing hands at $61,628 after declining by nearly 3%.
Contrarian voices
Glassnode co-founders Jan Happel and Yann Allemann recently noted that there is actually very "little truth" to "Uptober."
They pointed to the fact that Bitcoin ended up being in the green this September despite the fact that it has been historically the worst month for the flagship cryptocurrency.
Despite its reputation for being one of the best months for October, contrarian voices might end up on the winning side of the trade this time around.
According to Wintermute, a leading algorithmic trading firm, options signal downside bias in the near term.