From September Slump to November Nosedive: A Timeline of 2025 Crypto Turbulence

The cryptocurrency market’s 2025 has been a tale of two halves: explosive highs fueled by institutional inflows and regulatory tailwinds in the first half, followed by a cascade of corrections that have tested even the most steadfast HODLers. September’s “Red September” curse struck hard, October’s “Uptober” dreams shattered in a historic liquidation frenzy, and now, November opens with fresh wounds from a two-day rout.

As of today, Bitcoin (BTC) hovers around $106,500 after dipping below $105,000, while the total market cap clings to $3.56 trillion down over 3% in 24 hours and $400 billion from recent peaks. Liquidations have surpassed $1.1 billion since November 3, echoing the deleveraging scars of prior months. This isn’t isolated volatility; it’s a pattern of overleverage meeting macro shocks, wiping out $1 trillion+ in value across Q3-Q4.

The Curse Returns – $162 Billion Evaporated in “Red September”

Historically, September has been kryptonite for crypto, with Bitcoin averaging -8.74% losses from 2019-2022 due to seasonal selling and regulatory fog. 2025 was no exception, delivering a brutal recalibration that erased $162 billion from the market cap in days, pushing BTC below $111,000 and Ethereum (ETH) toward $4,000. Over $1.7 billion in leveraged positions were liquidated, hitting altcoins like XRP and Solana (SOL) hardest amid a stronger U.S. dollar and fading post-summer momentum.

Billed as “Uptober” for its storied 42% average BTC gains, October started hot—BTC hit an all-time high of $126,000 on October 3 amid ETF hype and Trump’s pro-crypto rhetoric. But by October 10-11, it all unraveled in the biggest single-day wipeout ever: $19 billion in liquidations (9x the February 2025 crash), $370-500 billion erased from market cap, and BTC cratering 14-17% to $104,782. ETH plunged 11-21% to $3,878, SOL and altcoins lost 30-90% in minutes, and open interest reset to July levels.

• Geopolitical Shock: Trump’s October 10 Truth Social post threatening 100% tariffs on Chinese imports (later walked back) ignited panic selling during low weekend liquidity. China’s rare earth export curbs amplified U.S.-China tensions, hitting risk assets.
• Institutional Exodus: Spot BTC/ETH ETFs saw $504.6 million outflows; whales dumped 405,000 BTC ($45B+). Hacks compounded chaos—multiple exploits drained DeFi liquidity.

November 2025: The Aftershocks – $400 Billion+ Wiped in Days

November kicked off with echoes of October’s trauma, but amplified by fresh catalysts. On November 3, BTC breached $108,000 support, plunging 2.9-4.2% to $105,000-$107,000; ETH shed 4.5-7% to $3,600; SOL, BNB, and DOGE cratered 6-10%. Market cap tumbled 3.5% to $3.69T, with $414-595 million in longs liquidated in 24 hours (peaking at $473M/hour). November 4 saw continued bleeding—total liquidations hit $1.2B+, BTC tested $105,336—before a partial rebound to $106,500 amid stablecoin inflows ($7.3B to Binance).

Key Triggers:

• Fed Hawkishness: Governor Goolsbee’s comments slashed December rate-cut odds to 67.5%, firming the dollar and spiking funding costs. SOFR rates jumped 18bps to 4.22%, the largest daily rise in a year.
• DeFi Debacle: Balancer’s $128.6M exploit across Ethereum, Polygon, and others eroded TVL and trust, prompting Berachain halts and blacklisted addresses.
• Whale and ETF Pressure: Long-term holders offloaded 16,265 BTC ($1.8B) to exchanges; ETFs drained $191.6M (October 31) and $360M weekly. Hindenburg Omen signals and government shutdown risks added fuel.