Bitcoin fell approximately 7.3% in October, ending the month at around $77,558, making it the weakest October since 2014. November began near this level, with the market reportedly lacking clear direction.
Bitcoin ended October down approximately 7.3%, with an intramonth low of $76,141 and an early-month high of $87,249. As a result, October was its weakest month since 2014, and the year-to-date decline reached approximately 11.5%. By month-end, market capitalisation data had declined from approximately $83,554 to approximately $77,558.
On 28 October, the Federal Reserve indicated that it would leave its policy rate unchanged, but two officials expressed support for a rate hike, broadening indications of a tightening stance. The following day, a major shock hit the cryptoasset industry, including the outflow of approximately $6.3 billion from Binance’s hot wallet, and Bitcoin fell sharply as a result.
On 30 October, a decline in the equity market added to the pressure, intensifying downside pressure on UpToday. Gold fell, while crude oil rose, destabilising the broader market. US spot Bitcoin ETFs recorded substantial outflows during the month, contributing to a deterioration in investor sentiment. In addition, the Fear and Greed Index, which indicates investor sentiment, fell sharply from a high level, and sentiment worsened.
November’s performance may combine gains and losses. While seasonal factors are expected to support gains in November, it has been pointed out that past patterns do not provide a certain forecast. Bitfinex said that repricing may progress as the macroeconomic environment coincides with the Binance breach, and indicated that spending trends among AI-related companies would also be a key factor.
As for the outlook, some observers view around $75,000 as support, while others have noted that a return to the $80,000 range is important for a long-term recovery. Depending on the schedule of key indicators and policy decisions in November, the market may again enter a period of volatility.