Here is why Bitcoin registered its first red October in 7 years

October marked Bitcoin's first monthly loss in seven years, breaking the historical trend of average 22.5% gains, despite briefly hitting a record high. This downturn is attributed primarily to on-chain data showing long-term BTC holders, particularly those holding coins for 6 to 12 months, steadily taking profits since mid-July, increasing daily realized selling significantly by early October. This distribution, often from wallets bought between $70,000 and $96,000, suggests profit-taking rather than panic. Compounding this was a slowdown in the buy side, with US investor appetite cooling, leading to lower ETF inflows and narrowing spot premiums. While the macro environment added pressure, analysts suggest the pullback is a "liquidity strain, not a trend break," noting the market is healthier than in 2018, which saw a similar pattern precede a sharp decline. The outlook depends on whether long-term holder selling subsides and US ETF flows reaccelerate.

(Source：CryptoSlate)