The price of Bitcoin fell below $100,000 today for the first time in months

Red October extends into November.

The price of Bitcoin, the world’s best-known and most valuable cryptocurrency, today fell more than 5% to its lowest level — recently trading below $100,000 — since reaching a record high above $126,000 in early October. The weakness extends to declines that began after what is now called the cryptocurrency market’s Black Friday in the middle of last month, which helped Bitcoin’s decline this month mark the first red October since 2018.

It remains to be seen whether these declines will turn into a full-blown contraction, which some consider typical for this stage of the currency market cycle, or convince investors to get back into the mix. On Tuesday, investors appeared cautious. The cryptocurrency Fear and Greed Index, which aims to measure market sentiment, switched to fear yesterday from neutral last week, according to CoinMarketCap.

Bitcoin’s price decline — it was last below $100,000 in May — comes amid growing outflows into spot bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust (GBTC) have collectively seen net outflows of about $1.3 billion since October 29, according to data platform SoSoValue. Nearly $500 million worth of Ethereum ETFs ran out over the same time period.

Altcoins including Ethereum (ETHUSD) and Solana (SOLUSD) were hit harder, falling by 8% or more. The weakness also affected major bitcoin-related stocks, including MicroStrategy (MSTR), Coinbase Global (COIN), and Robinhood (HOOD), closing down at least 6% and continuing lower after the market closed.

Some bulls have turned to Bitcoin recently. Strategy, co-founded by bitcoin evangelist Michael Saylor, said Monday that it acquired 397 bitcoins at an average purchase price of $114,771 between October 27 and November 2.

This article has been updated since it was first published to reflect updated market movement.