October, often referred to as Uptober, has been a strong month for Bitcoin, with previous rallies ranging from 40-49%, but current market signals suggest that confidence is waning.
According to Coinmarketcap data, at 7:10 a.m. on October 1, 2025 (Vietnam time), Bitcoin was trading at $114,236, down 0.17% in the past 24 hours. The trading volume of the cryptocurrency with the largest market capitalization was $58.6 billion.
October has been a strong month for Bitcoin, also known as “Uptober” due to its history of steady price increases. Over the course of the decade, the leading digital asset has ended October higher than usual, with notable years such as 2017 and 2021 when Bitcoin rose 49% and 40% respectively.
October 2025, however, could be different. With the crypto market showing signs of weakness in recent weeks, the Federal Reserve’s rate cuts weighing on the US dollar, and institutional interest seemingly waning, Bitcoin is entering October with a lot of volatility.
According to Glassnode, Bitcoin’s Buy-Sell ratio has remained below 1 throughout September, a clear sign of bearish sentiment. The ratio is currently at 0.95.
For Bitcoin (BTC), the continued downtrend in derivatives markets confirms that short sellers are increasingly dominant.
The downward pressure on Bitcoin prices also comes from the fact that “whales” have reduced their interest in Bitcoin. Specifically, this group of investors has sold 50,000 Bitcoins from their investment portfolios over the past week.
History shows that the involvement of “whales” is closely related to Bitcoin price rallies, as these deep-pocketed players provide the liquidity and momentum needed to sustain price rallies.
The absence of “whales” from (or withdrawal from) Bitcoin holdings is adding risk to the market. Without significant buying demand from these investors, retail inflows may not be strong enough to generate a significant recovery in October.
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