Market Overview
Over the past eight days, the total market capitalization of the crypto market has remained at $2.86 trillion. Have you noticed that trading activity has shifted toward the lower end since the start of the week? This doesn’t look like a full-fledged bearish reversal just yet. Most likely, investors have simply become more cautious due to uncertainty, which is driving demand for the dollar. Looking at specific coins, IOTA (+7.8%), Near (+4.6%), and Aave (+3.4%) have performed the best over the past 24 hours. Meanwhile, Internet Computer (−4.3%), Filecoin (−3.5%), and Ethereum Classic (−1.9%) saw the biggest declines.
Bitcoin once again failed to hold above $85,000. All the positive sentiment from the news of falling inflation quickly vanished due to a massive sell-off of government bonds worldwide. Currently, the leading cryptocurrency is caught between a strong dollar and the desire of some investors to exit assets that are falling in price as quickly as possible. A bond sell-off is a very dangerous development that could trigger a sharp collapse across all financial markets at once. There have been times when instability in traditional finance has worked in crypto’s favor, but right now, no one knows when caution will turn to panic.
In September, Bitcoin rose by 6.1%, reaching $83,700. This is the second month in a row that the market has defied typical seasonal trends. Incidentally, October is usually considered one of the most profitable months and is known as “Uptober.” Over the past 15 years, Bitcoin has ended October in the black 10 times, with an average gain of 27.4% and an average decline of just 13%.
What’s Happening in the News
According to TD Cowen, the focus of major players has shifted. They are now less interested in the very concept of owning Bitcoin, but are discussing much more how to use it in practice and how to build capital market infrastructure around it.
Bitfinex analysts note that Bitcoin has demonstrated resilience, weathering a challenging September. However, it’s important to understand that the current growth is slowing down. Rising oil prices and U.S. Treasury yields are weighing on market sentiment.
Experts at CryptoQuant are sounding the alarm: the volume of unrealized profits among short-term holders has reached a 21-month high. This means that many may begin to lock in profits en masse, which will inevitably lead to a price correction.
Similar signs are also being observed among altcoins. The volume of coin transfers to exchanges has surged to a level not seen since October 2025, which is usually a sure sign that people are preparing to sell.
At the same time, Michael Saylor of Strategy remains confident in a positive scenario. He believes that Bitcoin is currently in a “gold rush” phase that could last until 2034. In his view, the main driver of growth over the next three years will be that banks will begin actively issuing loans secured by cryptocurrency.