The worst October for Bitcoin in years

Bitcoin [BTC] did not have as bullish an October in 2025 as was anticipated at the end of September. At that time, it was expected that the fluctuating price action of Bitcoin in the $108k-$117k range would be set aside and that a true "Uptober" would begin.

Global economic uncertainty and a major liquidation event in cryptocurrencies, the drop on 10/10, " structurally derailed " any momentum that the Uptober narrative had accumulated.

It was the worst October in a decade. Bitcoin was hovering around the $110k area at the time of publication.

In a post on CryptoQuant, analyst Darkfost highlighted that purchasing power is linked to the availability of liquidity, or stablecoins.

The total supply of stablecoins was rapidly increasing and surpassed $250 billion. Only on Binance, the supply of ERC-20 stablecoins was $48.8 billion.

Despite the unstable and fearful market conditions and price fluctuations, the rapid increase in the supply of stablecoins suggested that investors were preparing to enter the market.

The stablecoin supply ratio (SSR) — the market capitalization of Bitcoin divided by the market capitalization of stablecoins — supports that opinion. $BTC