Bitcoin's October 2026 performance has sharply diverged from historical norms, posting a -4.2% return so far compared to the +18.1% average for the month since 2020. The flagship cryptocurrency closed September at $83,567 before sliding to $80,051 on October 25, putting 2026 on track to become the second consecutive year with a negative-return October.
CryptoQuant data reveals persistent weakness in spot demand, which has been negative every day since October 14. Cumulative 30-day apparent demand reached -76,000 BTC as of October 25. US investor appetite remains notably subdued, with the daily Coinbase premium dropping to -0.146 on October 24—the lowest level since June 30—and averaging -0.093 for October, triple September's figure. Trader profit margins have compressed from 33% to just 8%, exhausting most of the buffer built during September's decline.
The Bull Score Index fell from 90 to 60, signaling strong deceleration, though six of ten underlying indicators remain robust. CryptoQuant identifies a support range between $73,000 and $77,600, with the 365-day moving average, trader realized price, and 200-day moving average all sitting within 10% below current levels. The October 28 FOMC decision and November 3 midterm elections are flagged as the next key catalysts.
Bitcoin's October Rally Fails as US Demand Shrinks and Profit Buffer Depletes
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