Big fat improvement over initial post, nice pixelin'. Love the expression, though it seems like the eye should be a little more emotive. It seems tired compared to the sinister grin, maybe V the brow a little. What expression are you targeting? I get the impression he's sarcastically grinning at prey he just surprised. The shiny dome top head bugs me a little; doesn't seem logical/right, but the back tentacle even moreso, seems it should be different than the other tentaacles, I dunno . . . it just seems ill-placed. Maybe ditch it for multiple smaller "feeler" tentacles. Last thought, it would really complement this to give it a little foreground environment, just a bit of surface cutaway with a shadow so he can feel grounded, nothing complicated, just an implication of him being at an actual location.