Black? A Black Saturday It Was!

On Oct 11, crypto markets saw a record $19B in liquidations as total value plunged $660B. Bitcoin fell below $111K, Ethereum to $3.7K, and altcoins dropped ~20% after Trump’s China tariff threat triggered global sell-offs. Over 1.6M traders were liquidated—mostly on Binance, where a USDe flaw deepened losses. Binance pledged $283M in compensation but denied responsibility.

Gainers & Losers

The past two weeks brought strong moves across the market. Humanity (H), Bitlight (LIGHT), and Unibase (UB) led the rally, posting the biggest gains amid renewed investor optimism and rising trading volumes.

On the flip side, Simon’s Cat (CAT) was the period’s main loser, sliding sharply after earlier hype faded and liquidity thinned.

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What Shaped the Market?

In the past two weeks, crypto markets were shaped by surging adoption, falling Bitcoin mining profits, and major XRP insider sales. Here’s what drove recent market moves.

Global Crypto Adoption Surges 125% in 2025

From January to September 2025, global retail digital asset transactions rose 125%, according to TRM Labs. South Asia led growth with an 80% jump to $300 billion, driven largely by India, which ranked first worldwide thanks to strong youth and investor demand.

Pakistan ranked in the top three after launching a Cryptocurrency Council in March to support adoption. Notably, usage is also rising in countries where crypto is banned, including Bangladesh, Egypt, and Morocco. TRM Labs said this shows that bans are largely ineffective and may even push more people toward peer-to-peer and over-the-counter trading.

Bitcoin Mining Profits Fall

Bitcoin mining revenue dropped 7% in September, falling from $56K to $52K per EH/s, hit by a 2% price dip and rising network hashrate. Since the crash, earnings have stayed below $49K, the lowest since April’s Bitcoin slump.

XRP Faces Pressure as Larsen Cashes Out

Ripple co-founder Chris Larsen has raked in $764M in XRP profits since 2018, continuing his pattern of selling near local highs. XRP now trades 34% below its July peak of $3.66, with some attributing the drop to Larsen’s large wallet outflows.

After Black Saturday

After the liquidations on October 11, traders shifted from derivatives to spot trading, boosting Binance daily Bitcoin volumes to $5–10B. Markets are eyeing a Fed rate cut on October 29. Bitget predicts a short-term crypto rise, while TECHNOBIT warns the cut may already be priced in, with traders seeking safe havens amid US–China trade tensions. Medium-term recovery could take 3–6 months.