The cryptocurrency market experienced a downturn on October 21, 2025, with total capitalization falling 2.3% to $3.76 trillion. Bitcoin dropped to $107,800 and Ethereum to $3,867, erasing weekend gains as traders eyed potential lower highs. Trading volume reached $156.6 billion amid moderate activity and price corrections.
On October 21, 2025, the crypto market succumbed to renewed selling pressure, reversing a weekend bounce. Bitcoin fell sharply to $107,800, while Ethereum slipped to $3,867, approaching October lows around $103,700 for BTC, according to analysts monitoring for a possible 'lower high' pattern that could signal further declines.
Derivatives markets showed mixed signals. Bitcoin futures open interest rose to $26.06 billion, with funding rates shifting to neutral or positive levels, such as OKX's 7.51% rate. Options data indicated bullish sentiment, with traders paying a premium for upside exposure; the 25-delta skew exceeded 11.86%, and implied volatility was upward sloping, expecting increased swings. However, $320 million in liquidations occurred over 24 hours, with 76% hitting longs, led by BTC ($88 million) and ETH ($85 million).
Altcoins largely followed the downward trend. The CoinDesk 80 Index dropped 4.5%, with CAKE and ETHFI each losing 10%, and ETH, BNB, and SOL declining 4%-5%. Exceptions came from South Korean exchange listings: Upbit added SynFutures (F), which surged over 50% to $0.01185 before partial retracement, boosting volume 669% to more than $200 million. Bithumb listed ZORA, up over 10%, and RECALL, which moved in line with the market.
In a positive note, Aave rebounded 2.5% to $232, confirming a double-bottom near $220 with an 87% volume surge, tied to a new partnership with Maple Finance for listing institutional-grade yield tokens as collateral.