Bitcoin Falls Below $77,000 as Tech Selloff and Binance Incident Weigh on Crypto
Bitcoin dropped toward $77,000 at the end of October and fell further below that level in early November, as a selloff in U.S. technology stocks and a security incident at Binance weighed on crypto markets. The decline puts October on track to be the second consecutive losing month of the period, breaking a long-standing seasonal pattern.
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Bitcoin Slides Toward $77,000 on Final Day of October
Bitcoin touched $77,646 on Oct. 30, according to Reuters, after Binance disclosed a security incident. Ether slipped to $2,238.76 and BNB traded at $694, down more than 8% over 24 hours. Cryptocurrency trading continues through weekends, so the final October return remained unsettled when U.S. equity markets closed.
The move came alongside heavy selling in U.S. technology shares, where concerns about artificial intelligence spending weighed on stocks. By Friday's close the Nasdaq had fallen 2.9% and sat 7.8% below its Oct. 6 record closing high.
Seasonal Pattern Breaks Down
October has a strong historical reputation among crypto traders. CoinGlass data shows Bitcoin rose in 10 of the 13 Octobers between 2013 and 2025, with a median return of 14.6%. October 2025 broke that run with a 3.95% decline, and a negative close this year would make it the second straight losing October.
Analysts had questioned the seasonal case earlier in the month. Nansen senior research analyst Jake Kennis said on Oct. 7 that "liquidity, positioning, macro conditions, and underlying demand are more important drivers than any specific date." At that point Bitcoin had slipped below $84,000 after reaching $87,197 the previous Friday.
Cross-Asset Selling and Mixed Signals
The declines were not uniform across markets. Reuters reported that spot gold fell 3.63% to $3,874.58 an ounce and silver dropped 6.36% to $49.06, while Brent crude settled at $117.63 a barrel, up 2.4%. Social media commentator Bark claimed that "every asset on earth is crashing at the exact same time" and attributed the move to manipulation, though no supporting evidence was provided, and the price data itself shows crude rising while metals and tech fell.
Bitcoinist reported that Bitcoin fell below $77,000 on Tuesday, Nov. 3, losing about 2% during Asian trading and reversing a brief Monday recovery. The report tied the move to renewed tech-sector weakness and uncertainty ahead of the U.S. midterm elections.
On-Chain Demand and Bull Case Disagreement
CryptoQuant data points to weakening demand. Its Coinbase Premium Index stayed negative through October and reached minus 0.146 on Oct. 24, and its apparent-demand model showed a shortfall of roughly 76,000 BTC over 30 days as of Oct. 25. Research head Julio Moreno said the firm's Bull Score Index had fallen from 90 to 60, though six of its ten indicators remained bullish.
Some researchers still argue the cycle low is behind the market. 10x Research said in a September note that it turned bullish when Bitcoin traded at $63,000 on Aug. 18. Galaxy research head Alex Thorn wrote in an Oct. 26 assessment that the bear market ended in June, citing Bitcoin holding its 200-week moving average and reclaiming the 50-week average for five consecutive weeks through Oct. 18.
U.S. fund flows gave a mixed picture. SoSoValue figures show $176 million entered spot Bitcoin ETFs on Oct. 27, including $151.5 million into BlackRock's IBIT and $24.5 million into Fidelity's FBTC. Spot Ether ETFs saw $60.2 million in withdrawals the same session.
Why It Matters
For Traders
Bitcoin is trading near the $77,000 area with spot demand indicators weakening, so the next few sessions will test whether the level holds or gives way.
For Investors
A second straight losing October and softening on-chain demand challenge the seasonal bull case, while ETF inflows and some bull-cycle indicators keep the longer-term picture contested.
For Builders
Binance's security incident underscores that exchange-side risk remains a live factor for protocols that rely on centralized venues for liquidity and custody assumptions.
This article is for information only and is not financial advice. Read the full disclaimer.
