[Analyst: Bitcoin Falls for Second Consecutive October, But Market Reaction More Restrained Than During FTX Crash] According to Odaily Planet Daily, CryptoQuant analyst Axel Adler Jr. wrote that October, often referred to as "Uptober," saw its second consecutive month of decline. Bitcoin fell 7.2% this October, compared to a 3.8% drop in the same period last year. Previously, Bitcoin rose 25% and 6.4% in August and September respectively, but the market failed to sustain the rebound, and seasonal upward expectations were dashed again. Adler pointed out that the Binance hot wallet theft on October 29th cast a shadow over the market that month. The incident resulted in approximately $6.3 billion in losses, with Binance stating it would absorb the losses through its SAFU fund and its own funds. He believes that assessing the impact of the incident requires not only focusing on the amount stolen but also considering its impact on market participant confidence and liquidity. However, Adler believes that the market reaction has remained relatively restrained, with Bitcoin remaining near its annual moving average despite the large-scale theft. In contrast, after the FTX crash in November 2022, Bitcoin fell by 23% in a week.