Bitcoin Falls 7.32% in October for Worst ‘Uptober’ in 12 Years

Bitcoin fell more than 7% in October, posting its weakest return for the month in 12 years.

Bitcoin.com said on Nov. 1 that Bitcoin dropped 7.32% over October. That marked its worst October showing since a 12.6% decline in 2014 and the fourth-largest October drop on record.

Bitcoin has long been associated with the so-called “Uptober” pattern, a term for its tendency to rise in October. From 2010 to 2025, it posted gains in 11 of 16 Octobers, with an average return of 26.1%. But after slipping 3.9% in October last year, it extended the weakness into a second straight year. That is the first consecutive October decline since 2011 and 2012.

A $6.3 billion Binance hack on Oct. 29 added pressure to the market. Bitcoin traded between $76,337 and $81,840 over the past week, and liquidations of leveraged crypto positions topped $1.5 billion in the 24 hours immediately after the breach.

Outflows from institutional investors also deepened the decline. US spot Bitcoin exchange-traded funds recorded net outflows of about $643 million on Oct. 30. Binance pledged to fully compensate affected customers, but market jitters persisted after the hack.

The market is watching the $76,000 to $76,500 range as Bitcoin’s key support zone in early November. If that area gives way, further declines toward $75,000 and $73,000 are possible. On the other hand, if Bitcoin regains the $78,000 to $80,000 range, the chances of a short-term rebound could improve, with $81,840 seen as the next resistance level.

November has historically been a strong month for Bitcoin. Its average November return is about 34.9%, with a median return of 10.3%. Still, that average was heavily skewed by a 454% surge in 2013, making it hard to call for a rebound based on seasonal patterns alone.

Bitcoin is also down about 11.2% this year. Its next move will depend on whether the fallout from the Binance hack is contained, flows in and out of spot ETFs, and whether support around $76,000 holds.