Bitcoin Uptober Failed as Oil, Bonds and AI Broke Pattern: What Changed?

Bitcoin (BTC) lost about 7% in October, breaking the Uptober pattern of seasonal gains. The slide came as the artificial intelligence (AI) trade cracked. Oil futures climbed as Treasury yields slid, breaking an 80% correlation seen this year. Meanwhile, Bitcoin dropped about 4% late Thursday, hours before Friday’s Nasdaq selloff and instep with the historic hack of Binance. Why Did Oil and Bonds Stop Moving Together? Jeffrey Rosenberg, a senior portfolio manager at BlackRock, traces the break to AI stocks. The Magnificent Seven, the largest AI-linked US companies, retreated through October. “In the market’s mind, the geopolitical risk is secondary to AI risk.” Rosenberg said this on CNBC . In his view, markets now read AI weakness as a warning for US growth.

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