Odaily Report: CryptoQuant analyst Axel Adler Jr. posted that October, known as "Uptober," has closed lower for the second consecutive year. Bitcoin fell 7.2% in October this year, compared with a 3.8% decline over the same period last year. Bitcoin had previously risen 25% and 6.4% in August and September, respectively, but the market failed to sustain the rebound, and seasonal upside expectations were once again disappointed.
Adler noted that the theft of assets from Binance's hot wallet on October 29 cast a shadow over the month's market. The incident caused losses of approximately $6.3 billion, and Binance said it would absorb the losses through the SAFU fund and the company's own capital. He believes that assessing the impact of the incident requires attention not only to the amount stolen but also to its impact on market participants' confidence and liquidity.
However, Adler believes that the current market reaction remains relatively restrained. Despite the large-scale theft, Bitcoin is still holding near its annual moving average. By comparison, after the FTX collapse in November 2022, Bitcoin fell 23% within a week.
