Key Notes

Crypto market lost nearly all 2025 gains after a 20% drop from its $4.4T peak.

First red October since 2018, driven by a $19B liquidation event.

Despite the selloff, leverage and whale activity show market confidence.

After a record-breaking start to 2025, the cryptocurrency market has just endured its first red October since 2018, erasing nearly all gains for the year. At its Oct. 6 peak, the total crypto market cap hit $4.4 trillion, but a swift 20% drop since then has left the market barely 2.5% up year-to-date.

The downturn began with the sudden liquidation of $19 billion in leveraged positions. Bitcoin, which had climbed as much as 35% earlier in the year following President Donald Trump’s pro-crypto policies , has since crashed 8% this week, falling below its 200-d

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