Crypto Markets Stay on Track for “Uptober” Despite Historic Liquidation Event

[cryptobro]

The crypto markets remain on course for a bullish October, even after suffering what analysts have called the largest liquidation in crypto history last week.

“After the largest liquidation in crypto history, I expected October to be deep in the red,” said crypto podcaster Scott Melker on Wednesday. “But the markets are still holding on, which honestly feels like a small miracle. I don’t think we’re entering a bear market.”

Following the weekend rout, the total crypto market cap rebounded to reclaim $4 trillion, though momentum has since cooled as Bitcoin (BTC) slipped back below $111,000 on Tuesday.

Melker stressed that unlike previous crises in 2017 or 2021 — driven by ICO mania, China’s mining ban, or FTX’s collapse — last week’s turmoil was “purely structural,” forcing participants to “reprice risk and rethink what’s actually possible (and broken) in this market.”

[jacson4]

Even after massive liquidations, markets holding strong shows resilience among buyers.

[alex10]

The Uptober narrative remains alive — shakeouts often precede larger bullish moves.