The crash was largely a matter of timing – both political and psychological.
Source: Cryptoquant
Retail wallets re-stacked into BTC for $122K.
This is the fourth time in months that they have purchased large quantities from top local companies only to be dumped by the whales. Meanwhile, long-term holders (LTHs) didn’t budge; foreign exchange reserves continued to decline, a sign of steady accumulation.
Political shocks cause panic in the short term, but it seems that it is always the same players who react.
Will October surprise us all?
So far we’ve seen panic selling, political shocks and classic short-term mistakes, but zooming out reveals this something interesting.
Source:
Price drops of more than 5% in October have only occurred four times in the past decade, most notably in 2017, 2018, 2019, and 2021. Each time, Bitcoin recovered within a week, often with double-digit gains. Economist Timothy Peterson highlighted a seven-day recovery to 21% after these rare dips in October.
Now, in October 2025, we may witness a similar situation. If the pattern holds, this pullback could be a reset before the next leg up.