October is on track to deliver the weakest gains for investors since 2015, despite being a historically bullish month.Key TakeawaysBitcoin (BTC) held steady around $109,000, showing little volatility after last weekend’s $19 billion in liquidations.Ether (ETH), Solana (SOL), XRP, and Cardano (ADA) also traded flat, mirroring the broader market’s cautious tone.Google’s quantum computing milestone briefly revived old fears about Bitcoin’s long-term cryptographic security.Traders remain on the sidelines ahead of the Federal Reserve’s Oct. 29 policy meeting, waiting for a clear market catalyst.Market OverviewThe crypto market continued to drift sideways on Thursday, with Bitcoin (BTC) trading near $109,347 during Asian hours. The world’s largest cryptocurrency has spent the past two weeks trapped between its 50- and 200-day moving averages, showing fading momentum as each bounce is met with faster selling.Ether (ETH) hovered near $3,884, while Solana (SOL), XRP ($2.41), and Cardano (ADA $0.64) saw minimal change in the past 24 hours. The muted price action extends a month-long pattern of stagnation that’s shaping up to make October 2025 the weakest on record since 2015, despite its reputation as a bullish period for crypto.Traders Brace for the Next CatalystMarket sentiment remains subdued as investors weigh macroeconomic uncertainty, the upcoming Federal Reserve meeting, and lingering risk aversion following last weekend’s liquidation cascade that erased $19 billion in leveraged positions.According to FxPro’s chief market analyst Alex Kuptsikevich, the ongoing consolidation suggests an inflection point is approaching:“The market’s been balancing in this tight range, and that tells you how close we are to a bigger move. Either the bulls lose patience, or the bears run out of conviction.”The Crypto Fear and Greed Index has slipped to 25, hovering just above “extreme fear,” signaling that retail and institutional traders alike are hesitant to commit new capital.Google’s Quantum Leap Revives Old ConcernsAdding a layer of intrigue to the market lull, Google’s recent claim of achieving “quantum advantage” with its new Willow chip reignited debate over the potential long-term impact of quantum computing on Bitcoin’s cryptography.Quantum computers theoretically pose a threat to the elliptic curve cryptography that secures Bitcoin and other blockchains, but experts stress that such capabilities remain years — if not decades — away.Still, the announcement served as a reminder of how fragile market sentiment can be when the crypto narrative stagnates. “Even Google couldn’t move the market,” one trader quipped on X, capturing the mood of fatigue across crypto circles.A Market Running on ExhaustionAnalysts describe the current phase as “sell-the-growth mode” — a pattern where each rally is faded as liquidity thins and conviction weakens. The lack of reaction to both macro headlines and tech milestones underscores just how directionless the market has become.For a space built on speculation and narratives, that indifference may be the most bearish signal of all.
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