- Bitcoin faces a litmus test as investors lose $500 billion in the recent correction amid the ongoing US government shutdown and strong profit booking by whales and institutions.
- Despite the bearish start, experts believe the broader liquidity environment, marked by rate cuts and potential QE, could support a rebound.
Bitcoin (BTC) price is currently facing one of the most brutal crashes of 2025, correcting another 4% and slipping under $100K support levels earlier today. This move by BTC has led to a broader crypto market correction, with liquidations soaring past $2 billion in the last 24 hours.
Amid the ongoing US shutdown, the October correction is spreading into November, amid heavy profit-booking by whales and institutions.
Bitcoin’s October Dump Spreads Into November
With 5% decline during the last month, BTC broke its ‘Uptober’ tradition for the first time in six years since 2018, as reported by CNF. The 100% Trump tariffs on China last month had broader and widespread implications across the crypto market. Now, the uncertainty led by the US shutdown is spilling into November as well.
Amid heavy profit-booking by Bitcoin OG whales and institutions, the Bitcoin price ultimately crashed under $100K earlier today, for the first time since June 2025. On the monthly chart, BTC is down 22% with altcoins like Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), crashing even higher, as mentioned in our previous story.
Commenting on the current market situation, Bitcoin critic Peter Schiff said that BTC will lose all its 2025 gains, just like ETH did. Highlighting BTC’s drop under $100K earlier today, Schiff noted that Ether’s decline marks nearly a 40% drop from its August all-time high, effectively wiping out all of its 2025 gains.
Schiff cautioned that Bitcoin could soon follow the same trajectory, warning that the leading cryptocurrency risks erasing all of its 2025 gains.
Not All Hope Is Lost for an November Rally
Historically, November is believed to be the most bullish month for Bitcoin, averaging over 40% returns in the past several years. However, a bearish start for Nov. 2025 has pushed investors to the edge amid the brewing macro uncertainty and ongoing US government shutdown.
Despite this crash, experts believe that the Bitcoin rally is intact in November. Crypto analyst CryptosRus drew parallels between the current market pullback and the “it’s over” dip of November 2024, which preceded a 45-day rally that saw Bitcoin rise 60%, Ether jump 75%, and the altcoin market cap surge 138%.
While Bitcoin has slipped below $103,000 to start November in the red, the analyst noted that the broader liquidity backdrop continues to improve. He cited factors such as rate cuts, the end of quantitative tightening (QT), the return of quantitative easing (QE), supportive policy shifts, and strength in risk assets.
Popular handle Coin Bureau noted that following the recent BTC, it has once again retested the support at 50-EMA. Looking at the past instances of this retest in September 2025 and April 2025, Bitcoin has bounced back 99% and 50% respectively.
