Bitcoin's price fell from $110,000 to $106,000 in October, driven by early investor profit-taking, according to QCP Capital. Despite the selling pressure of 405,000 BTC, the cryptocurrency maintained a price above $100,000. The firm suggests this could signal either a new rally or the onset of a crypto winter. On-chain data indicates long-held Bitcoin is moving to Kraken, contributing to the October sell-off. QCP Capital observed no clear macroeconomic catalyst for the decline, as traditional markets rose with supportive monetary policies. While volatility has increased slightly, futures open interest and funding rates remain stable, suggesting no major panic. ETF outflows have not disrupted the current price range, and institutional inflows continue to bolster market fundamentals.