Bitcoin is heading towards its second consecutive red October, with monthly returns down 1.35% as of October 19th, well below the historical October average of 18.40%. Retail-linked deposits to Binance surged 54% from $7 billion to $10.78 billion over 30 days, while whale inflows rose only 9.5% to $4.6 billion, widening the gap from $2.8 billion to $6.18 billion. On-chain data shows that whales holding 1,000 to 10,000 BTC reversed their distribution trend into accumulation between late September and mid-October. While whale resilience could act as a buffer against further selling pressure, continued retail selling may limit near-term price appreciation.
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