Bitcoin Faces Worst October in 12 Years as Tech Sell-Off Hits

Bitcoin remained under pressure at the start of the U.S. trading session, holding below the $80,000 mark as renewed worries about artificial intelligence triggered a broader sell-off across risk assets.

At the time of writing, BTC/USD was hovering around $77,000, while U.S. tech stocks slid. The Nasdaq Composite fell to roughly 25,500—its weakest level since early August—an environment that fed through into crypto and other liquid markets.

Key takeaways

• BTC traded near $77,000 after dropping to its lowest levels since Sept. 18, reflecting a risk-off turn.
• The Nasdaq Composite slipped about 2.5% to around 25,500, pressuring crypto alongside traditional tech-heavy benchmarks.
• Gold weakened as well, trading down to about $3,891 per ounce, underscoring broad caution rather than crypto-specific selling.
• CoinGlass data indicated bitcoin was on course for its worst October since 2014, with a projected monthly loss of about 7.7%.
• Crypto market sentiment continued to be shaped by the fallout from the Binance hack and the resulting repricing across the sector.

Risk-off spills from tech into bitcoin

TradingView data showed BTC/USD down about 1.1% on the day after it fell to levels not seen since Sept. 18. The move aligned with weakness in U.S. equities at the open, where investors reacted to softer expectations from major technology firms.

According to coverage cited from CNBC, Intel dropped sharply after warning of weaker Q4 sales than markets had anticipated. The drop contributed to a wider sell-off among chipmakers and other companies closely tied to the AI build-out narrative.

JPMorgan, as quoted by CNBC, argued that renewed fears around AI monetization make it more likely the “equity rotation” would continue through the session, with broader indices reflecting downside pressure from technology.

That correlation matters for crypto because bitcoin has increasingly traded like a high-beta asset during periods when macro and sentiment drivers dominate. When investors reduce exposure to growth and risk assets—particularly those tied to the AI theme—liquidity and positioning can tighten across markets, and BTC often feels the impact quickly.

Markets broaden losses beyond crypto

The risk contagion extended beyond equities into commodities. Gold traded as low as approximately $3,891 per ounce, its weakest level since October 2025, per the same TradingView-based references used in the report.

When both stocks and gold are moving lower at the same time, it can signal that the day’s driver is not simply a rotation into “safety,” but rather a more general pullback in perceived risk and positioning. For traders, that environment typically reduces the odds of crypto finding immediate support purely on internal fundamentals, because correlation to broader market conditions stays elevated.

Binance hack fallout keeps pressure on sentiment

Bitcoin’s performance also continued to reflect ongoing market digestion of earlier crypto-sector shocks. The latest weakness was framed in the context of the aftermath of a multi-billion dollar hack of Binance, the industry’s largest exchange.

The exchange said it would cover losses with its own capital after the theft of $6.3 billion in coins and tokens. A Binance spokesperson told Cointelegraph that Binance had $5 billion in matching tokens available in order to replace what was taken.

While that response was intended to reassure customers and stabilize confidence, the broader market reaction suggests that even well-defined replacement plans may not fully prevent repricing. Hacks and exchange incidents can alter perceived counterparty risk, shift expectations for security spending, and trigger new scrutiny of custody and operational resilience—factors that take time to settle.

QCP Capital, in analysis referenced by the report, described the combined impact of macro conditions, tech-sector fears, and the Binance hack as creating a period of “heightened market repricing.” The firm also highlighted that technology-sector earnings guidance for future capital expenditure remains crucial for understanding the direction of AI infrastructure investment and profitability.

Bitcoin faces its weakest October since 2014

With BTC/USD around $77,000, CoinGlass data indicated bitcoin was set to close the month down about 7.7%. If that trajectory holds, October would be bitcoin’s worst performing month since 2014.

For investors, the importance of that statistic is less about the historical comparison itself and more about what it implies for positioning and expectations. Large monthly drawdowns can reduce risk appetite across the market, encourage profit-taking among holders, and lead traders to demand stronger catalysts before adding exposure again.

At the same time, the environment driving bitcoin lower—AI-linked equity weakness, tighter risk conditions, and lingering crypto-sector concern—also points to what to watch next. If equity sentiment stabilizes and guidance around AI spending becomes clearer, bitcoin could see relief as cross-asset pressure eases.

Going forward, traders are likely to focus on whether tech-sector guidance and AI monetization fears continue to weigh on equities, and whether crypto-specific uncertainty tied to exchange risk settles further—factors that will determine whether bitcoin can break the month’s downward momentum or extend October’s losses.