[Analysis: Bitcoin's October rally fails to materialize as US demand shrinks and profit buffers run dry] A CryptoQuant report indicates that Bitcoin's October 2026 return is currently -4.2%, significantly lower than the October average of +18.1% since 2020. Bitcoin closed at $83,567 in September and fell to $80,051 on October 25th, potentially marking its second consecutive negative October in 2026. The report shows that Bitcoin spot demand has been negative daily since October 14th, with a cumulative apparent demand of -76,000 BTC as of October 25th. US investor buying interest is weak, with the daily Coinbase premium falling to -0.146 on October 24th, the lowest since June 30th, and the October average being -0.093, three times that of September. Trader profit margins have fallen from 33% to 8%, with the buffer provided during the September decline largely exhausted.