Bitcoin Ends October Down 7.2% for Second Straight October

Bitcoin (BTC) ended October down 7.2%, marking its second consecutive October loss, while remaining near its annual moving average as seasonal rally expectations again failed. The decline followed gains of 25% in August and 6.4% in September. Bitcoin’s 4.2% decline through Oct. 25 put it on pace for a second consecutive October loss. Axel Adler Jr., a CryptoQuant analyst, described the market response to the Oct. 29 Binance hot-wallet theft as more restrained than the response to FTX's collapse. He said the theft's effects on market participants' confidence and liquidity should factor into assessments of its impact.