October 2025 is the worst ‘Uptober’ in a decade – What happened?

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Key Takeaways

What triggered the sharp downturn in crypto markets during October’s “Uptober” rally? 

Ah, October… the month we all hoped would skyrocket Bitcoin to the moon. Instead, it crashed faster than your Wi-Fi during a Zoom call. The October 10 debacle wiped out $19 billion in leveraged positions-like a bad breakup, leaving crypto investors sobbing into their stablecoins.

What is the outlook for Bitcoin heading into November? 

Bitcoin’s future in November? Well, don’t expect a meteoric rise. It’ll probably stay range-bound at first, like a confused pigeon, but a rally to $120,000 might be on the horizon-if we’re lucky. 🤞

October-also known as the magical “Uptober” in crypto circles-has historically been a month of profits, with Bitcoin [BTC] and altcoins rising faster than a new TikTok trend. This year, however, we’ve had more of a “down-tober” vibe. The month started strong, with total market capitalization briefly reaching $4.27 trillion-something that almost made us believe in miracles. But then… well, we’ll get to that.

Let’s break it down. Spoiler alert: It’s not pretty.

10/10 sparked fear across markets

The crypto world was rocked by what’s now infamously known as the 10/10 crash. Think of it like the worst rollercoaster ride ever-except instead of thrilling drops, it was a straight plunge. Around $19 billion in leveraged positions were wiped off the map, like an angry ex deleting your photos from their social media. More than 1.6 million traders were ejected from the market. Ouch. 😬

And the spot market? Even worse. Data from TradingView revealed that over $888 billion was obliterated from the total market capitalization. The crypto world was suddenly a ghost town.

Shawn Young, MEXC’s Chief Analyst, said:

“The October 10 crash that saw over $19 billion in leveraged positions liquidated also dealt a further blow to the bullish momentum that was building in the market. By the time the market stabilized, the ‘Uptober’ rally had already been structurally derailed.”

So, what do we have now? A mere $362 billion has come back to the market. Investors are still playing it safe, sitting on the sidelines like wallflowers at a high school dance. And, speaking of caution, stablecoins have reached record levels at $308.77 billion as of October 22. A clear sign that everyone’s holding onto their wallets like they’re the last Twinkie in the apocalypse.

Looks like everyone’s waiting for the next big thing… or for the market to calm down. Whatever comes first. 😒

Economic strain pushes investors toward safety

Not only did October’s crash leave traders crying into their pillows, but global economic uncertainty added fuel to the fire. The first culprit? Rising tensions between the U.S. and China over export controls. Because, of course, a little international drama is just what we needed.

And just when we thought it couldn’t get worse, Washington slapped a 100% tariff on all Chinese imports on October 10, causing a domino effect that pushed the market even further down.

But wait! There’s more! Even the Federal Reserve’s late October 25-basis-point rate cut couldn’t inspire the market to take risks. Seems like Powell’s comments that further cuts were “far from guaranteed” really put a damper on any hopes of a smooth recovery. 🙄

“The 25-basis-point cut announced in late October was also overshadowed by Powell’s remarks that further rate cuts were ‘far from guaranteed’ despite announcing the end of the quantitative tightening era.”

As expected, all this drama sent investors running back to their old, safe friend: gold. The price of gold surged 14.72% in October, reaching an all-time high of $4,381. If you’re still betting on crypto, well, you might want to rethink your life choices.

Putting “Uptober” into perspective

October has usually been a winning month for crypto-until now. Between 2021 and 2025, “Uptober” was synonymous with skyrocketing gains. In 2021, the market rose 56%, and in 2023, it surged 167.9%. Heck, October 2024 was even more impressive with an 84.73% gain.

But let’s not forget 2022, when October was the worst in five years, falling a staggering 24.9%. Talk about a mood killer.

This year’s performance? A 24.19% drop. But hey, don’t throw in the towel just yet. We did hit a new all-time high earlier in the month. The glass is half full, right?

Institutional investors aren’t throwing in the towel either. Despite the chaos, big players are still buying. So far, U.S. investors have spent $3.61 billion on Bitcoin in October, the fifth-largest purchase in the past ten months. Sounds like someone’s still feeling optimistic.

Looking ahead, things might still be a bit wobbly at first. Early November will likely see Bitcoin trading between $110,000 and $115,000-unless, of course, more bad news comes up and sends it spiraling down to $100,000. 😬

“BTC is expected to trade mostly in the $110,000 – $115,000 range, with possible downward spikes towards $100,000 – $103,000 if geopolitical tensions escalate, U.S data surprises to the downside, or further macro headwinds emerge.”

But don’t lose hope! By mid-November, Bitcoin might just hit $120,000, as traders start factoring in the end of the Federal Reserve’s quantitative tightening era. So, buckle up, folks-November might be the month of redemption… or utter chaos. You know, the usual.

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2025-10-31 16:40