Bitcoin’s worst ‘Uptober’ in a decade

October 30, 2025

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Bitcoin dips below $108K as ‘Uptober’ ends on a sour note

Key points:

  • Bitcoin dropped to around $107,800, marking its sharpest October decline since 2014 as the Fed’s hawkish tone dampened sentiment.

  • Over $1.1 billion in liquidations hit traders within 24 hours, while ETH, SOL, and DOGE fell between 5–7%.

News - Bitcoin’s rally lost steam as prices fell below $108,000 on Thursday, putting the world’s largest cryptocurrency on track for its worst October performance in over a decade. The drop came amid a market-wide downturn triggered by the Federal Reserve’s cautious stance on future rate cuts.

The sudden pullback saw more than $1.1 billion in long positions liquidated, according to CoinGlass data, as BTC revisited the bottom of its local range near $107,000. Altcoins followed the broader decline, with Ethereum, Solana, and Dogecoin all slipping over 5%.

Crypto-linked stocks mirrored the slump, with Coinbase, Strategy, and Robinhood each trading lower. Even positive headlines from Washington and Beijing failed to lift risk appetite after Treasury Secretary Scott Bessent announced a pause on blacklisting Chinese firms and an agreement to boost U.S. soybean exports.

Whale moves and market sentiment - Adding to the turbulence, Elon Musk’s SpaceX moved another batch of its $894 million Bitcoin holdings between wallets this week, prompting speculation over whether the transfers are security-driven or signal potential sales.

On-chain data shows the firm still holds roughly 8,285 BTC, ranking among the largest private corporate treasuries.

Liquidity shifts and trader outlook - While Bitcoin’s price remains under pressure, October still recorded over $300 billion in spot trading volume, its second-highest month of 2025, suggesting traders are pivoting toward less leveraged activity.

Analysts remain split: some warn of a possible 20–30% correction if stock markets falter, while others see growing liquidity from the Fed’s “end of QT” as a potential cushion for BTC’s longer-term outlook.

Solana ETFs go live, but price and users lag as Western Union deal divides traders

Key points:

  • Solana ETFs launched this week, yet SOL stayed below $200 amid weak follow-through and mixed investor sentiment.

  • A rumored $50 million Western Union partnership and falling user activity have split the community over Solana’s next phase.

News - Two new Solana spot ETFs began trading this week, Grayscale’s staking-enabled GSOL and Bitwise’s BSOL, but SOL’s price failed to break the $200 mark. BSOL opened with $222 million in assets and $72 million in two-day volume, though analysts now see the launch echoing Ethereum’s slow start after its ETF debut.

Current order books show support near $185–$188 and resistance around $204–$207, suggesting cautious buying.

Adoption hype meets user reality - Solana’s on-chain health has weakened, with daily active users down about 60% from last year. The network’s rumored $50 million Western Union partnership, split between cash and liquidity incentives, has sparked debate over whether it’s a bold payments push or an expensive marketing gamble.

Critics see it as a centralized throwback, while others argue the tie-up could boost Solana’s legitimacy ahead of growing institutional interest following Fidelity’s Solana ETF filing.

Investor behavior and technical outlook - On-chain data show mid- and long-term holders trimming exposure even as the token gained roughly 9% last week. Glassnode’s HODL Waves reveal declines among conviction wallets, and the Chaikin Money Flow indicator has turned negative, signaling weaker inflows.

Unless SOL holds above $192, analysts warn of a slide toward $182–$161. Still, structural support near $194 keeps a medium-term bullish bias if new ETF inflows or partnerships reignite demand.

Ethereum struggles to hold $4K as ETF flows cool and futures demand wanes

Key points:

  • Ethereum hovered near $4,000, with analysts warning that losing the $3,800–$4,000 range could trigger a deeper pullback toward $3,500.

  • Weak ETF inflows, low futures demand, and declining on-chain activity are tempering short-term bullish momentum despite historical November strength.

News - Ethereum’s recent rebound appears fragile as the token continues to test the $4,000 resistance zone. Despite the Federal Reserve’s rate cut and the end of quantitative tightening, Ether failed to sustain bullish momentum, consolidating around this key level after multiple rejections on the daily chart.

Data from TradingView and CryptoQuant show that futures premiums remain muted, signaling limited leveraged demand. U.S. Ethereum spot ETF inflows have also slowed sharply, reflecting waning institutional appetite amid renewed macro uncertainty.

Analysts warn that a sustained break below $3,800 could expose ETH to further losses toward the $3,500–$3,700 support zone.

Network activity up, fees down - Even with daily transactions surpassing 1.6 million, the highest since early October, Ethereum gas fees remain near historic lows, averaging just 0.16 gwei or roughly one cent per transfer. This stability highlights network maturity after the Dencun and Pectra upgrades, which collectively cut Layer-2 transaction costs by up to 95%.

Whales vs. holders in November - Historically, November has been one of Ethereum’s stronger months, averaging nearly 7% gains. Whales added 1.64 million ETH in October, worth over $6.4 billion, while long-term holders trimmed exposure.

Analysts believe whale accumulation, paired with a hidden bullish divergence on the 2-day chart, could help defend key support near $3,510 and set up a potential recovery toward $4,200–$4,600 if momentum improves.

Standard Chartered predicts $2T tokenized asset boom as stablecoins redefine DeFi

Key points:

  • Standard Chartered expects tokenized real-world assets (RWAs) to reach a $2 trillion market cap by 2028, matching the projected size of the stablecoin sector.

  • The bank says stablecoin growth has triggered a “self-sustaining” cycle of DeFi liquidity that could reshape traditional finance.

News - Investment bank Standard Chartered projects a sharp expansion in tokenized assets, forecasting $2 trillion in cumulative value by 2028 as decentralized finance matures into a mainstream alternative to traditional systems.

According to the bank’s Head of Digital Asset Research, Geoff Kendrick, the current $35 billion RWA market could multiply more than fifty-fold over the next three years, supported by surging stablecoin adoption and on-chain liquidity.

The report attributes DeFi’s resilience to the $300 billion stablecoin market, which the bank says has pushed the sector into a feedback loop of growth where “liquidity begets new products, and new products beget new liquidity.”

Standard Chartered estimates that tokenized money market funds and U.S. equities could each capture about $750 billion of the total, with the rest distributed across funds, private equity, commodities, and real-estate-linked assets.

Ethereum’s institutional edge - Kendrick also highlighted Ethereum’s strengthening role as DeFi’s institutional backbone, citing the network’s dominance in total value locked and its expanding suite of enterprise tools.

The bank expects stablecoins to hold roughly $1.6 trillion in U.S. Treasury bills as reserves by 2028, underpinning liquidity for both DeFi lending and tokenized assets.

Regulatory crossroads - Despite its optimism, Standard Chartered warned that unclear U.S. policy could stall momentum if comprehensive crypto legislation fails to materialize before the 2026 midterms.

Still, the report concludes that the convergence of stablecoins, tokenization, and blockchain-based banking marks the beginning of DeFi’s next trillion-dollar era.

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Interesting facts

  • Earlier this year, the global blockchain gaming market was valued at roughly $21.6 billion, with more than 102 million gamers globally, up ~72% year-on-year, underscoring how gaming is becoming a major gateway into crypto.

  • In Q2 2025, venture capital investment in crypto and blockchain startups fell to $1.97 billion across 378 deals, marking a sharp ~59% quarter-on-quarter drop and highlighting a major shift in early-stage funding dynamics.

  • Around 30% of new NFT projects in 2025 now incorporate artificial intelligence (AI), ranging from generative art pieces to autonomous “intelligent NFTs” that adapt or evolve based on user interaction.

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Top 3 coins of the day

Quant (QNT)

Key points:

  • QNT traded at $79, down 1.71% in the last 24 hours.

  • The AO flipped green below the zero line, signaling early bullish momentum amid subdued volume of 16.79K.

What you should know:

Quant’s price remained under pressure despite showing the first hint of relief on the charts. The 9-day SMA hovered above the candles near $81, keeping short-term sentiment tilted bearish. However, the Awesome Oscillator’s latest green bar suggested buyers were slowly regaining traction after weeks of fading momentum. Volume stayed muted, aligning with a consolidation phase around the $78–$80 support band. Meanwhile, Quant’s ongoing Treasury Pool Distribution, which rewards long-term holders, continued to act as a stabilizing force by discouraging sell-offs. If QNT manages to close above the 9-day SMA, it could retest $85 resistance, though broader sentiment still leans neutral.

Key points:

  • TRUMP settled at $8.01 after a 3.06% daily dip, cooling from its recent multi-day surge.

  • The Supertrend indicator remained in Buy mode, while the EWO extended green momentum around 6.63.

What you should know:

TRUMP’s pullback followed a week of strong gains, with the coin still holding above key support near $6. The Supertrend maintained its Buy bias, indicating that bullish sentiment remains intact despite short-term profit-taking. The EWO continued showing upward green bars, confirming sustained buying momentum, while volume stayed elevated at nearly 25 million. On the catalyst front, the market continued to watch the unconfirmed Republic acquisition talks, which could expand TRUMP’s ecosystem into real-world fundraising and tokenized investment use cases. Traders are now monitoring whether price can reclaim the $8.60–$8.70 resistance zone to resume its rally, with the $6.00 Supertrend line acting as critical trend support.

Solana (SOL)

Key points:

  • SOL traded at $187, marking a 3.38% decline over the last 24 hours amid heightened profit-taking and broader market weakness.

  • The Parabolic SAR stayed above the candles, while the Stochastic RSI hovered near the overbought zone (~75), signaling fading bullish momentum.

What you should know:

Solana’s latest dip reflected cooling momentum following a brief post-ETF rally. Price movement showed hesitation near the $190–$200 range before sellers regained control, pushing SOL lower on slightly elevated volume (3.21M). The Parabolic SAR remained positioned above the candles, indicating persistent downside bias, while the Stochastic RSI stayed in the overbought region, suggesting buyers had not fully exited but were losing strength. Beyond chart signals, profit-taking after Bitwise’s $116M Solana ETF debut fueled much of the correction, compounded by whale transfers exceeding $17 million in SOL to exchanges. Broader risk aversion from Senator Warren’s latest anti-crypto 401(k) letter added to investor caution. Support to watch sits at $180, where buyers previously stepped in during late September.

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