October was supposed to be Uptober, the month Bitcoin roared back into price discovery. Instead, the market flipped the script. Bitcoin set a fresh all-time high above $126,000, only to tumble nearly 18%, testing a long-term support level that hasn’t been challenged in years. Meanwhile, network fundamentals keep climbing, with hashrate smashing records even as hashprice hits a six-month low. As traders eye key moving averages and sentiment sinks into fear, another signal is flashing beneath the surface, the BTC-to-Gold ratio is turning up. Could this be the start of a major rotation from gold into Bitcoin?
Floptober? Bitcoin Testing Crucial Support Levels
Market Still Lacks Conviction
Network Hashrate Surges 100 EH/s, Surpassing 2023 and 2024 Growth
First Difficulty Drop After Seven Straight Increases
Hashprice Falls to Six-Month Low
👉 Premium members get exclusive insights into how gold is stealing the spotlight in 2025, but the data now shows Bitcoin may be setting up for one of its biggest relative reversals ever.
Blasting Through $4,000, +66% YTD and Now a $30 Trillion Asset
Digital Gold is Lagging
Who is Buying Gold
Is the Big Rotation Around the Corner?
Floptober? Bitcoin Testing Crucial Support Levels
Just two weeks ago, on October 6th, Bitcoin printed a new all-time high near $126,300. But instead of entering price discovery, the market reversed sharply, sliding below $104,000, a 17.7% decline from the top.
During the drop, Bitcoin nearly touched its weekly 50-day moving average (MA), a line it has held above since March 2023. This level has only been tested three times in the past two and a half years, making it a critical zone for traders and long-term investors. A confirmed close below it would raise serious concerns about market momentum.
While not as significant as the weekly 50 MA, Bitcoin also briefly dipped below its 200-day moving average at the end of last week. The good news: BTC has reclaimed that level, offering a glimmer of hope. However, holding it through this week will be essential for confidence to return to the market. Otherwise, the much-anticipated “Uptober” could end up looking more like “Floptober.”
Market Still Lacks Conviction
For now, the market sentiment remains fragile, with little sign of renewed confidence. The Fear & Greed Index has spent the past two consecutive weeks in “Fear” territory, dropping as low as 22, signalling widespread uncertainty and hesitation among investors.
Network Hashrate Surges 100 EH/s, Surpassing 2023 and 2024 Growth
After peaking at 1,078 EH/s in late September, the network hashrate paused for the first 12 days of October. But the calm didn’t last long. Within just over a week, hashrate roared back, adding 100 EH/s and setting a new all-time high of 1,121 EH/s.
Year-to-date, the network has expanded by 326 EH/s, already outpacing the total nominal growth seen in both 2023 and 2024, a testament to the relentless pace of fleet upgrades and new capacity coming online.
First Difficulty Drop After Seven Straight Increases
The latest difficulty adjustment occurred just before the network hashrate accelerated sharply to new highs. As a result, despite the surge in computing power, the adjustment still came in at –2.73%, marking the first downward revision after seven consecutive increases.
Hashprice Falls to Six-Month Low
After last week’s decline in Bitcoin’s price, hashprice dropped to $46/PH/day, a level not seen in six months, when Bitcoin was just beginning to recover from the trade-tariff-driven market crash. For most of 2025, hashprice remained above $50/PH/day, spending roughly 70 days below that threshold, meaning it has traded above $50 for about 76% of the year.
Gold vs Bitcoin Performance
Gold is stealing the spotlight in 2025, but the data now shows Bitcoin may be setting up for one of its biggest relative reversals ever. The BTC/Gold ratio has hit levels historically seen only at major Bitcoin bottoms, right before explosive rallies. In this week’s Premium issue, I break down the charts, capital flows, and signals pointing to a potential rotation from gold into Bitcoin before year-end.
Blasting Through $4,000, +66% YTD and Now a $30 Trillion Asset
Digital Gold is Lagging
Who is Buying Gold
Is the Big Rotation Around the Corner?
