Bitcoin drops to $83.4k as 'Uptober' fails to deliver gains

Bitcoin is currently at $83.4k, down 3.2% for the week, after topping near $87k early last week; altcoins experienced significant drawdowns, with SOL down 11% and DOGE down 12% over the last 7 days. ETF outflows are deep red for October, with BTC spot ETFs bleeding about $680M last week and ETH ETFs seeing $720M in net outflows for October. The downturn is largely attributed to macro factors, including Brent oil trading near $110 and the 30-year Treasury yield hitting 5.70%, leading Capital.com's Daniela Hathorn to state investors are still treating Bitcoin as a risk asset, not a geopolitical hedge.