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Bitcoin price faces another disappointing Uptober after the Binance security breach intensified cryptocurrency selling. BTC fell below $77,000, while nine new wallets received $148 million from Galaxy Digital.
The transfers coincided with $1.53 billion in market liquidations. However, CryptoQuant had identified weakening Bitcoin demand before the security incident.
Bitcoin Whales Receive $148M as Bitcoin Price Falls
Blockchain tracker Lookonchain reported that nine newly created addresses received 1,900 BTC from Galaxy Digital within four hours. The transfers were valued at $148 million as Bitcoin struggled to regain the $80,000 level after the overnight selloff.
The activity follows another series of large wallet movements recorded earlier this month. As we reported, 40 newly created wallets have received 9,458 BTC, worth $771.5 million, from Wintermute-linked addresses since October 1. Those transfers also occurred while Bitcoin faced repeated selling near $80,000.
The two reports cover more than 11,000 BTC transferred into newly created addresses this month. The latest movement came as futures traders faced forced liquidations, deepening the slide across the broader market.
Binance Hack Triggers $1.5 Billion in Liquidations
The latest decline followed Binance’s disclosure of a security breach involving an estimated $6.3 billion in digital assets. Binance initially identified a compromised engineer’s laptop as a possible entry point but later reported additional breaches during its investigation.
The exchange said partners had frozen about $3 billion in affected assets. It pledged to cover losses using SAFU and company resources. Binance also suspended withdrawals for security checks, while its investigation and efforts to recover stolen funds continued.
As we reported, the crypto market crash pushed Bitcoin below $77,000, while Ethereum, XRP and BNB also fell. CoinGlass recorded about $1.53 billion in liquidations over 24 hours, including $1.29 billion in long positions. Bitcoin accounted for roughly $499 million of the forced closures, while Ether contributed another $358 million.
The selling pushed BTC crypto 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, which had already challenged expectations for a positive October.
Bitcoin’s Uptober Outlook Depends on These Levels
Bitcoin’s price had already struggled before the breach, with its October rally stalling after an early move above $87,000. CryptoQuant reported that 30-day apparent demand fell to negative 76,000 BTC by October 25. The indicator had remained negative since October 14, indicating weaker buying ahead of Friday’s sell-off.
Analyst Ted identified $77,700 as near support, with $75,000 as the next level if the market continued lower. He placed resistance between $79,700 and $80,000, while noting additional liquidations during the latest selloff.
Another crypto analyst, Rekt Capital, also pointed to repeated bearish retests of weekly levels ahead of the breach. The analyst said the Binance hack provided a catalyst for a decline already developing on Bitcoin’s chart. Weekly Bollinger Band readings placed another support area near $73,029, below the immediate $76,500 zone.
Bitcoin price closed October 2025 down 3.8%, according to CryptoQuant. Another monthly close below September’s $83,567 level would mark a second straight 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.
