Bitcoin's Uptober rally — a nickname drawn from the cryptocurrency's historically strong October performance — has run into renewed pressure, with BTC dropping below $77,000 after Binance disclosed a security breach involving an estimated $6.3 billion in digital assets. Against that backdrop, nine newly created wallets received 1,900 BTC worth $148 million from Galaxy Digital, while market-wide liquidations exceeded $1.53 billion over 24 hours. Notably, on-chain analytics firm CryptoQuant had already flagged weakening Bitcoin demand before the security incident.

Whale Wallets Receive $148 Million in Bitcoin During the Sell-Off

Blockchain tracker Lookonchain reported that nine newly created addresses received a combined 1,900 BTC from Galaxy Digital, a financial services firm focused on digital assets, within a four-hour window. Valued at $148 million, the transfers took place as Bitcoin struggled to regain the $80,000 level following the overnight selloff (X).

The activity follows a separate series of large wallet movements recorded earlier in the month. As previously reported, 40 newly created wallets have received 9,458 BTC, worth $771.5 million, from addresses linked to crypto market maker Wintermute since October 1. Those transfers also unfolded while Bitcoin faced repeated selling pressure near $80,000. Taken together, the two reports cover more than 11,000 BTC moved into newly created addresses this month. The latest movement came as futures traders faced forced liquidations, deepening the slide across the broader market.

Binance Breach Fuels $1.53 Billion in Liquidations

The latest decline followed Binance's disclosure of a security breach involving an estimated $6.3 billion in digital assets. The exchange initially identified a compromised engineer's laptop as a possible entry point, but later reported additional breaches as its investigation progressed (Binance on X). According to the company, partners have frozen about $3 billion in affected assets, and Binance pledged to cover losses using its Secure Asset Fund for Users (SAFU) — an emergency reserve created in 2018 to absorb user losses during extreme incidents — and company resources. Withdrawals were suspended for security checks, while the investigation and efforts to recover the stolen funds remained ongoing. The resumption of withdrawals and the progress of the recovery effort remain key items to watch.

As previously reported, the ensuing market crash pushed Bitcoin below $77,000, with Ethereum, XRP and BNB also declining. CoinGlass recorded roughly $1.53 billion in liquidations over 24 hours, including $1.29 billion in long positions — leveraged bets on rising prices that exchanges forcibly close when falling prices erode their margin. Bitcoin accounted for approximately $499 million of the forced closures, while Ether contributed another $358 million. The selling drove BTC to about $76,400 before it recovered toward $78,500 during Friday's Asian trading session. Those moves followed several weeks of weak price action that had already undermined expectations for a positive October.

Key Levels That Will Shape Bitcoin's Uptober Outlook

Bitcoin had already been struggling before the breach, with its October rally stalling after an early move above $87,000. According to CryptoQuant, 30-day apparent demand fell to negative 76,000 BTC by October 25, and the indicator had remained negative since October 14 — a sign of weaker buying interest in the days ahead of Friday's sell-off.

Analyst Ted identified $77,700 as near-term support, with $75,000 as the next level if the market continued lower. He placed resistance between $79,700 and $80,000, noting that additional liquidations occurred during the latest selloff (Ted on X).

Analyst Rekt Capital had separately flagged repeated bearish retests of weekly levels ahead of the breach, saying the Binance hack served as a catalyst for a decline already developing on Bitcoin's chart. Weekly Bollinger Band readings place another support area near $73,029, below the immediate $76,500 zone (Rekt Capital on X).

According to CryptoQuant, Bitcoin closed October 2025 down 3.8%. Another monthly close below September's $83,567 level would mark a second consecutive losing October.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets involve substantial volatility and potential losses. Investors should conduct independent research before making decisions.

Source: The Market Periodical