Crypto Markets Stagnate as October Lags Behind Seasonal Trends
Cryptocurrencies are showing limited movement this month, with October on track to deliver the weakest returns since 2015, despite historically bullish seasonal trends.
During Thursday’s Asian session, Bitcoin (BTC) hovered near $109,000, continuing a broad range-bound pattern following the Oct. 10 crash, which wiped out $19 billion in leveraged bets and weakened market sentiment.
Ether (ETH) remained around $3,850, while Solana (SOL), XRP ($2.49), and Cardano (ADA, $0.6454) saw little change. Analysts describe the market as being in “sell-the-growth mode,” where every small rally is faded amid thinning liquidity. The crypto fear index sits at 25, signaling near-extreme fear.
The recent announcement of Google’s “quantum advantage” with its Willow chip briefly stirred old fears about Bitcoin’s cryptographic security. While practical quantum computing remains distant, the news reminded traders of potential long-term risks.
With the Federal Reserve’s rate decision on Oct. 29 approaching, investors are holding back, leaving the market in a tight equilibrium.
“Price is trapped in a narrow range. The next decisive move depends on whether bulls or bears dominate,” said Alex Kuptsikevich, chief market analyst at FxPro, highlighting the market’s cautious stance.
