Bitcoin fell for the second consecutive year in October, with the market reaction being more restrained than during the FTX crash.

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin fell 7.2% in October this year, compared to a 3.8% drop in the same period last year. The Binance hot wallet theft on October 29th resulted in approximately $6.3 billion in losses, which Binance will absorb through its SAFU fund and its own capital. Despite the large-scale theft, Bitcoin has remained near its annual moving average, and the market reaction has been more restrained than the 23% drop within a week following the FTX crash in November 2022.