Santiment noted that despite Bitcoin closing October with a drop of approximately 7 percent, there was no sign of Bitcoin capitulation.
October, the historic month of rebound that cryptocurrency investors had been anticipating after major declines, ended in great disappointment.
Bitcoin closed October, known as Uptober (the month of price increases), with a drop of approximately 7 percent. However, Santiment noted that this did not mean Bitcoin had given up.
“No Uptober, No Bitcoin Surrender”
Cryptocurrency analysis platform Santiment has published its Bitcoin report for October. It stated that the expected rise in the crypto market did not materialize and that “Uptober” never arrived.
However, Santiment noted that investors maintained their profitable positions despite the price drop.
“…Following Bitcoin’s strong recovery in August and September, the outlook looked very favorable for October as well. However, instead, BTC spent October struggling to maintain its gains, most altcoins performed significantly worse, AI enthusiasm waned, memecoins lost value, security concerns increased, and the month ended with a multi-billion dollar Binance hack casting a shadow over the market.”
Major Bitcoin Wallets Continue to Accumulate!
According to Santiment data, despite the price drop, whale wallets holding between 10 and 10,000 BTC accumulated approximately 91,500 BTC between September 18 and October 31.
The total Bitcoin holdings in these wallets have risen to 13.69 million BTC, reaching 68.1% of the circulating supply. Santiment noted that this group includes exchanges and custodians, therefore the entire accumulation cannot be interpreted as purchases by individual investors.
Santiment added that although BTC closed the month lower, BTC investors still made a net profit of approximately $7.86 billion.
Binance Attack Became the Biggest Hack in Crypto History!
As October drew to a close, the cryptocurrency market was shaken by the largest cyberattack in its history. The Binance hack, which resulted in the theft of $6.3 billion in assets, surpassed the Bybit attack, which recorded losses of $1.5 billion.
“…Following the news of the Binance hack, Bitcoin dropped below $80,000 and eventually fell as low as $76,500.”
Santiment noted that the Binance hack was the focus of the market for days, and that the number of posts related to the hack rose to 2,995 on October 30th. This figure was approximately double the peak of 1,532 during the Bybit attack.
Ethereum Diverges from Bitcoin!
Santiment reported that, unlike Bitcoin investors, Ethereum investors experienced a net realized loss of approximately $510 million in October. According to Santiment data, 16 out of the 18 days between October 14th and 31st resulted in losses.
Santiment noted that a record-breaking hack in October saw Bitcoin sentiment hit a three-month low, but Bitcoin investors still hadn’t given up.
*This is not investment advice.
