More than 230,000 BTC (~$21 billion) moved on-chain on October 23, marking the largest spending wave of large unspent transaction outputs (UTXOs) in 2026. This was not followed by an increase in exchange inflows, suggesting address rotation rather than selling. Bitcoin settled near $81,700 after falling to $80,790 on Thursday (following the Nasdaq’s worst day since June, down 2.6%), while analysts said the $80,000–$85,000 range would hold through the November 3 midterm elections. U.S. consumer confidence held at 48.0 — its second-lowest reading on record — while one-year inflation expectations rose to 4.7% ahead of the Federal Reserve’s October 27–28 meeting. Deposits by Korean investors fell 36.5% from their June peak of ₩139.7T to ₩88.7T, as retail investors continued buying during the KOSPI’s decline. The Dow fell 653 points on Friday amid pressure from oil prices; for the week, the S&P 500 was down 0.5% and the Nasdaq 0.7%.