Santiment’s October report said Bitcoin failed to deliver the usual "Uptober" pattern and fell 7% during the month, yet holders still realized about $7.86 billion in net profit. The report added that every asset tracked by Santiment ended October in the red, pointing to broad weakness across the market rather than an isolated move in BTC.
The firm also highlighted a sharp spike in discussion tied to hacking after the Binance attack incident. Mentions related to "hackers" climbed to 2,995 on Oct. 30, nearly double the peak seen during the Bybit incident. Sentiment data showed weighted sentiment hit a three-month low on Oct. 29 before flipping to the most positive reading of the month on Oct. 31.
On-chain holdings offered a different signal. Wallets holding between 10 and 10,000 BTC accumulated about 91,500 BTC from Sept. 18 to Oct. 31 and now control 68.13% of supply. Ethereum, by contrast, posted about $510 million in net losses, with 16 of the 18 days starting Oct. 14 ending in loss.
Santiment said in its October report that Bitcoin fell 7% during the month, but holders still realized about $7.86 billion in net profit, even though the market did not get the usual "Uptober" rally.
The report said every asset tracked by Santiment closed October lower. It also pointed to a surge in discussion around hackers after the Binance attack incident. On Oct. 30, mentions related to "hackers" rose to 2,995, nearly twice the peak recorded during the Bybit incident.
On sentiment, weighted sentiment dropped to a three-month low on Oct. 29. Two days later, on Oct. 31, it turned into the most positive reading of the month.
Whale activity moved in the opposite direction. Wallets holding between 10 and 10,000 BTC accumulated about 91,500 BTC from Sept. 18 through Oct. 31. Those wallets now hold 68.13% of Bitcoin supply.
Ethereum showed weaker performance over the same period. Santiment said ETH posted about $510 million in net losses, and 16 of the 18 days starting on Oct. 14 were loss-making days.
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