The crypto market registered a notable upswing as total capitalization approached $3.8 trillion at the end of October 2025, reflecting renewed buying interest despite pronounced intramonth volatility that included a severe downturn on October 10 linked to US–China trade tensions. Market participants observed a sharp $65 billion rally in a matter of hours as Bitcoin led with an approximately $30 billion intraday jump, a move that defied many near-term expectations and prompted rapid repositioning across spot and derivatives desks. The rebound followed a period of intense selling pressure, when tariff-related headlines on October 10 had contributed to a roughly $340 billion wipeout in market value and widespread liquidations, underscoring the market’s sensitivity to macro news. Although volatility remains elevated, structural momentum persisted, supported by continued institutional engagement and improving liquidity indicators. The market’s recovery was also aided by rising on-chain activity and higher exchange flows tied to derivatives, highlighting renewed institutional interest. On-chain analytics metrics provided critical insights into transaction volumes and wallet movements during this volatility spike.
Bitcoin also briefly topped $107,000 before slipping under $105,000, a sign of the market’s short-term gyrations reflective of selling pressure.
Bitcoin’s price action showed a wide intramonth range, having peaked above $125,000 earlier before trading in the $109,000–$111,000 band in late October, and subsequently rebounding above $103,000 in early November, which catalyzed gains among major altcoins. Short-covering and institutional FOMO were visible drivers of the rapid uptick, while profit-taking by large holders had amplified earlier downside moves, creating a pattern of sharp drawdowns followed by brisk recoveries. Technical observers noted resistance near $110,000, associated with the 200-day moving average, and broader resistance zones between $110,000 and $115,600 were identified as critical for sustained upside. The total crypto market also faced moving-average resistance near the 50-day level, around $3.62 trillion, which traders watched closely.
Macro and liquidity conditions contributed to the market narrative, as a narrowing SOFR–EFFR spread and reduced Federal Reserve repo facility usage signaled easing financial stress and looser conditions favorable to risk assets. The dollar index’s stalled rally near 100.25 softened headwinds for dollar-denominated crypto flows, and investors increasingly framed Bitcoin as a digital store of value amid inflation and currency debasement concerns. Caution remained warranted, however, as liquidity can reverse quickly and geopolitical or policy shocks, similar to the October 10 episode, could precipitate renewed volatility and rapid losses. The public nature of blockchain data means that these market movements can be tracked with on-chain analytics.
