Bitcoin Records a 7.2% Decline in October for the Second Consecutive Year

In October, Bitcoin recorded a decline for the second consecutive year, with a drop of 7.2%, compared to a 3.8% decline in the same period last year. Despite Bitcoin rising by 25% and 6.4% in August and September respectively, it failed to maintain the rebound, and the seasonal increase expectations fell short. On October 29, a theft incident involving Binance's hot wallet resulted in a loss of approximately $6.3 billion, with Binance covering the losses through its SAFU fund and company funds. Analyst Axel Adler Jr pointed out that assessing the impact of the incident requires attention to the amount stolen and its impact on market confidence and liquidity. Currently, the market reaction is relatively restrained, with Bitcoin maintaining near its annual moving average, significantly lower than the 23% drop within a week following the FTX collapse in November 2022.

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