Bitcoin Heads for Another October Loss as Demand Weakens

Buying has slowed, and short-term holders’ paper profits have fallen since September. Bitcoin (BTC) is on track for its second consecutive losing October, down 3.3% as of October 28. According to a recent CryptoQuant report, BTC traded near $81,350, down from its September closing price of $83,570. Historically, that’s a sharp change from October’s usual strength, as Bitcoin ended every October from 2020 to 2024 in positive territory. Average gains during that period were about 18%. October 2025 broke that run with a 3.8% loss, and this year looks set to extend the losing streak. Bitcoin Demand Weakens as Market Momentum Cools Spot demand has also weakened as Bitcoin’s price has fallen. CryptoQuant’s 30-day apparent demand metric stood at -76,000 BTC on October 25. The metric has remained negative every day since October 14, suggesting buyers are absorbing less Bitcoin than the amount entering circulation. Buying activity in the U.S. has been weak as well. The Coinbase Premium, which tracks the price difference between Bitcoin on Coinbase and Binance, remained negative throughout October. It fell to -0.146 on October 24, its lowest level since late June. The gap has widened compare...