Key Takeaways
What caused the sharp downturn in crypto markets during October’s ‘Uptober’ rally?
The October 10 crash wiped out $19 billion in leveraged positions, derailing bullish momentum.
What is the outlook for Bitcoin in November?
BTC is expected to remain within the range early this month, with a potential rally to $120,000 by mid-November.
October – commonly referred to as ‘Uptober’ – historically marks a period of big gains for Bitcoin [BTC] and various altcoins.
The month started on a bullish note, with the total crypto market cap briefly hitting an all-time high of $4.27 trillion. However, that momentum quickly dissipated.
This is what caused the recession.
10/10 sparked fear in the markets
The sell-off started what is now called the 10/10 crash, which led to one of the largest liquidation events in crypto history.
About $19 billion in leveraged positions were wiped out on October 10, forcing more than 1.6 million traders out of the market.
The spot market suffered even more. Data from TradingView shows that more than $888 billion has disappeared from the total market capitalization.
In an email to AMBCrypto, MEXC Chief Analyst Shawn Young said:
“The October 10 crash, which liquidated more than $19 billion in leveraged positions, also dealt another 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.”
Only $362 billion has returned so far, suggesting investors remain cautious – with total outflows of $526 billion.
Source: DeFiLama
Investors now prefer to stay on the sidelines rather than go all in, which is reflected in the record high stablecoin offering from $308.77 billion on October 22.
This underlines the widespread uncertainty and wait-and-see attitude among market participants.
Economic pressure pushes investors towards safety
Global economic uncertainty has also weighed heavily on the crypto market.
The initial catalyst came from rising tensions between the US and China over export controls, which led Washington to impose a 100% tariff on all Chinese imports.
The announcement on October 10, 2025 contributed significantly to the market-wide decline.
Young explained that even the 25 basis point rate cut at the end of the month failed to boost risk appetite.
“The 25 basis point cut announced at the end of October was also overshadowed by Powell’s comments that further rate cuts were ‘far from guaranteed’ despite announcing the end of the quantitative tightening era.”
Such developments tend to drive investors towards traditional safe-haven assets, while risky assets such as crypto suffer.
This shift was evident in gold’s performance, with its price rising 14.72% to a record high of $4,381 in October, marking the strongest monthly rally in a decade.
Putting ‘Uptober’ into perspective
Between 2021 and 2025, October was generally bullish for the crypto market.
In 2021, the total market capitalization rose 56% to reach $3.01 trillion, its annual high. In 2023, a similar upward trend saw a 167.9% gain, pushing capitalization to $2.72 trillion.
October 2024 followed the same pattern, with the market value increasing 84.73% to $3.83 trillion.
The exception was 2022, when capitalization fell 24.9% – the weakest October in five years.
While 2025 has seen a 24.19% decline so far, the market still posted a new all-time high earlier this month, showing that underlying bullish momentum continues.
Source: TradingView
Institutional activity has also remained strong. The net inflows indicate that large investors continue to accumulate Bitcoin SoSovalue.
So far this month, US investors have spent $3.61 billion on BTC, the fifth largest purchasing volume in ten months. This signals continued optimism and the possible preparation for a recovery in November.
Looking ahead, Young expects early November to remain within reach.
“BTC is expected to trade mainly in the $110,000 – $115,000 range, with possible downside peaks towards $100,000 – $103,000 if geopolitical tensions escalate, US data surprises to the downside or further macroeconomic headwinds emerge.”
Starting in mid-November, Bitcoin is expected to reach $120,000 as traders begin to price in the impact of the end of the Federal Reserve’s quantitative tightening era.