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BTC 
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NEAR 
ZEC The "Uptober" market turned cold, and mainstream crypto assets fell sharply.
On Thursday, Bitcoin fell below the US$81,000 mark, Ethereum fell to around US$2,400, and the top ten currencies all became popular in seven days. The start to "Uptober" was not as optimistic as the community jokingly expected.
Low-and medium-cap currencies fell even more sharply. Zcash fell 11% in a single day, NEAR fell 16%, Pump.fun fell 11%, and Venice Token fell 10%. Dogecoin and Chainlink both fell more than double digits this week.
Spot Bitcoin funds withdrew $484.9 million on Wednesday, setting the worst one-day record since spring, and another $244 million outflow occurred yesterday. This turned overall capital flows into negative territory in October, with a cumulative net outflow reaching US$400 million. The Ethereum Fund has experienced capital outflows for eight consecutive trading days, with a total loss of US$640 million during the period. Although prices climbed last week, capital inflows have almost stalled. Rising prices but lacking new capital support means that market liquidity is weak, and weak markets often lead to a rapid fall in prices.
Multiple negative factors broke out at the same time. Tom Lee pointed out that Bitmine will stop buying Ethereum when its holdings reach 5%(approximately 100,000 ETH), which will remove a steady buyer that has appeared every week since June 2025. Ethereum's funding rates turned negative for the first time in midweek and lasted for months, meaning that the number of traders betting on declines has exceeded those betting on rises, and as prices fell, they not only closed their positions, but also increased their short positions. In addition, attacks on Iranian oil tankers sent oil prices soaring and prompted funds to withdraw from risky assets. Of course, there are also Ethereum researchers calling on everyone to be prepared to enter the "fortress model", further exacerbating market panic.
Despite this, mainstream crypto assets have begun to rebound in the past 12 hours. Bitcoin returned to above $82,000, Ethereum returned to close to $2,500, and ZEC also turned green that day. The core logic of this cycle's macro bull market-including continued currency devaluation transactions, institutional entry, accelerated tokenization, proxy encryption applications, etc. -has not changed or weakened. This is more likely to be a correction in the course of a healthy rise than a crash. This is an opportunity to clear leverage and late-term long positions before the next emerging bull market kicks off.
It is worth noting that this correction coincides with the eve of the anniversary of the bear market range of October 10 last year, when a fierce sell-off opened the bear market. I hope we can usher in a "reverse 10/10" market tomorrow...
