The final quarter of the year is typically positive for crypto, but this time, October and November have seen continued selling across the market.Crypto prices are under pressure, with Bitcoin slipping below $100,000 and touching a six-month low of about $97,500. The market has reversed sharply after a strong first half of 2025, which saw institutional buying, tokenisation efforts and new regulations that helped push several cryptocurrencies to record highs. Bitcoin had reached an all-time high of $126,000 on October 6, but has since dropped nearly 22%.
Market participants say the heaviest activity is now in put options around $95,000 to $90,000, signalling that traders are bracing for further weakness.
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The wider crypto market has also declined 15-25%, affecting Bitcoin, altcoins and meme tokens alike. In the past month, investors have sold roughly 815,000 Bitcoins, leading to a drop in overall market value. The global crypto market capitalisation, which peaked at $4.3 trillion, is now near $3.3 trillion.
Risk aversion is rising as tech stocks face selling pressure and uncertainty persists around upcoming US economic data following the prolonged government shutdown.
Large liquidations – estimated at $450 billion since early October – have added to the decline, driven by institutional redemptions, exchange-traded fund (ETF) outflows and corporate treasury sales. “People are selling crypto for cash,” another analyst said.
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On a weekly basis, major tokens like Bitcoin, Ether, Binance Coin, Cardano and Solana are down 5-13%, while monthly losses range from 12-30%.
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