Despite Bitcoin's 7.32% decline in October, net realized profit was approximately $7.86 billion

Bitcoin fell 7.32% in October 2026, its weakest October performance since 2014, yet on-chain data showed roughly $7.86 billion in net realized profit for the month, according to Santiment’s October report. Santiment’s metric treats the price at a coin’s last movement as its cost basis and assumes a sale whenever an address moves again, so the figure reflects realized gains on moved tokens rather than cash actually withdrawn by holders. The report said every asset Santiment tracks closed lower in October and that the seasonal “Uptober” pattern failed to materialize. The divergence matters because it shows holders still crystallized gains even as prices declined, a dynamic worth watching for whether profit-taking persists into November.