“Uptober” Didn’t Go As Planned, Bitcoin Closes the Month Under $110,000

Stay up to date with our monthly market commentary:

• Luxembourg becomes the first Eurozone nation to actively invest 1% of its intergenerational wealth fund in Bitcoin. 
• The cryptocurrency market experienced the largest liquidation in history, with ~$19 billion in liquidations on so-called "Crypto Black Friday."
• Bitcoin (BTC) closed the month 4% lower, while Ether (ETH) is down 7.2% versus last month.*

Market Overview - October 

The price of Bitcoin (BTC) decreased by 4% in October, closing the month at approximately $109,900. 

October started well for Bitcoin. At one point, the cryptocurrency traded above $125,000. However, after a new tariff announcement by the Trump administration, which suggested a 100% tax on critical Chinese software imports, the price of BTC dropped by more than $20,000 on 10 October.

In the second half of the month, BTC recovered to $115,000, fueled by net inflows into spot Bitcoin ETFs in the fourth week of October. Bitcoin was back on track for another month in the green.

Then came October 29, when Fed Chair Jerome Powell took to the stage and announced another 25-basis-point rate cut. The Federal Open Market Committee (FOMC) decided to lower the federal funds target range to 3.75%-4%.

However, he also added that a further rate cut in December is “not a foregone conclusion,” to which markets reacted negatively. 

In its official comment, the FOMC elaborated: "The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months." </p>

Following Jerome Powell's statement, Bitcoin failed to maintain its momentum from the previous week, ending the month down 4%. This marked the first time in six years that Bitcoin did not finish October in the green.

Crypto Asset Market Performance Review 

October was a volatile month for crypto. It started off well, but after President Trump announced tariffs on October 10, the sector experienced the largest liquidation event to date. Around $19 billion in leveraged positions were liquidated, and prices dropped by more than 20% in the hours that followed. The day was later named "Crypto Black Friday". 

Bitcoin (BTC) finished the month down 4%, while Ether (ETH) was down 7.2%. Other popular crypto assets saw even larger corrections. Cardano (ADA), Ripple (XRP), and Solana (SOL) ended the month in the red, with declines of 25.8%, 12.8%, and 11.2%, respectively. 

The only cryptocurrency to end the month in the green was Binance (BNB) at 7.8%. The BNB token reached a new all-time high of $1,369.99 on October 13. Binance secured a partnership in Kazakhstan, collaborating with the country's Alem crypto fund. 

Institutional Interest in Bitcoin

In October, spot Bitcoin ETFs recorded $2.7 billion and $3.2 billion in inflows over two consecutive weeks, and Luxembourg became the first Eurozone nation state to actively invest 1% of its wealth fund in Bitcoin.

Spot Bitcoin ETFs Saw More Inflows

While the Bitcoin price was in the red at the end of the month, interest in spot Bitcoin ETFs remained strong. 

Three out of the last five weeks were net inflow weeks, with over $6 billion of inflows versus only $1.84 billion of outflows.

Luxembourg Becomes the First Nation-State in Europe to Invest 1% of Its Wealth Fund in Bitcoin

The small European country of Luxembourg made history by becoming the first nation-state in the Eurozone to invest actively in Bitcoin.

Luxembourg's intergenerational wealth fund has allocated 1% (roughly €7 million, as of the time the news broke) of its portfolio to BTC through spot Bitcoin ETFs. Gilles Roth, the finance minister, revealed the news on October 10 during his presentation of the 2026 Budget.

The small country is not the only European nation to hold Bitcoin. Other European nations, such as Finland and the U.K., also hold BTC, but none of these nation-states have actively invested in Bitcoin. All of their Bitcoin holdings originated from seizures of illicit activities.

Bitcoin on Balance Sheets

Strategy, the largest publicly traded holder of Bitcoin, continued its efforts to buy Bitcoin as a strategic reserve asset. In October, the company purchased 777 BTC, bringing its total balance sheet holdings to 640,808 BTC.

Metaplanet, a publicly traded Japanese company, announced in July that it will issue $208 million in 0% interest rate ordinary bonds to acquire more Bitcoin. In October, the Japanese company purchased 5,268 BTC, bringing its balance sheet total to 30,823 BTC by month's end. 

Coinbase, the largest publicly traded cryptocurrency exchange in the U.S., has bought 2,772 BTC for the first time since July and currently holds 14,548 BTC on its balance sheet.

American Bitcoin Corp, a publicly traded mining infrastructure company in the U.S., acquired 1,422 BTC in October and currently holds 3,865 BTC on its balance sheet.

‍*Closing price data is from October 31st 2025, at 11:30 CEST