Why Is Crypto Up Today? – October 23, 2025

What Happened

Renewed volatility has reentered the digital assets space as the market awaits direction signals, especially as the recent $19 billion wipe-out in leveraged positions turned investors more cautious.

Notably, many traders and investors are now waiting to see the US consumer price index report, which is set to come out on Friday, after initially being set for 15 October. They’re hoping to see any signals that would suggest near-term market direction. The last three CPI releases coincided with local tops, each following a surge in bullish sentiment.

Moreover, investors were waiting for South Korea’s October interest rate decision. On Thursday, the Monetary Policy Board of the Bank of Korea (BOK) kept its benchmark interest rate unchanged.

Market Context

The crypto market is up today, with the cryptocurrency market capitalization increasing by 1.3%, now standing at $3.8 trillion. 80 of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $190 billion.

At the time of writing, all top 10 coins per market capitalization have seen their prices increase over the past 24 hours.

Bitcoin (BTC) increased by 1.7% since this time yesterday, currently trading at $109,789.

The highest rise in the category is 3.2% by Binance Coin (BNB), now trading at $1,103.

‘Fading Momentum and Growing Market Fatigue’

According to Glassnode’s latest report, BTC trades below the short-term holders’ cost basis and the 0.85 quantile, which suggests fading momentum and growing market fatigue.

Repeated failures to reclaim the key levels raise the risk of a longer consolidation phase. Therefore, the market may need “a longer consolidation phase to rebuild confidence and absorb the spent supply.”

BTC has gradually moved away from its recent all-time high, stabilizing below the short-term holders’ cost basis of around $113,100. “Historically, this structure often precedes the onset of a mid-term bearish phase, as weaker hands begin to capitulate,” the analysts said.

Furthermore, the report noted that implied volatility remains elevated, and realized volatility has caught up, “ending the calm, low-volatility regime.”

“Both on-chain and options data suggest a cautious, transitional phase. Market recovery is likely to hinge on renewed spot demand and easing volatility.”

Also, the options market shows a “cautious tone” as well. “Despite record-high open interest, positioning leans defensive; put skew remains elevated, volatility sellers are under pressure, and short-term rallies are met with hedging rather than optimism,” says Glassnode.

The report concludes that “together, these signals indicate a market in transition: one where exuberance has waned, structural risk-taking is subdued, and recovery will likely depend on restoring spot demand and mitigating volatility-driven flows.”

Why It Matters

Crypto Winners & Losers

Ethereum (ETH) is up by 0.3%, meaning that it’s largely unchanged over the past day, now changing hands at $3,875.

Details

It’s followed by BTC, and then Solana (SOL)’s 1.3% to $186.

The smallest adjustment is seen by Tron (TRX). It is currently unchanged, now standing at $0.3225.

Looking at the top 100 coins, 80 are up. Among these, 3 recorded double-digit rises.

ChainOpera AI (COAI) appreciated the most by far: 70.4% to $13.96.

It’s followed by Hyperliquid (HYPE), which increased by 11.8% to $38.81, and Kinetiq Staked HYPE (KHYPE), which rose by 11.6% to $38.97.

On the other hand, Zcash (ZEC) decreased the most: 9.8% to $243.46.

It’s followed by Provenance Blockchain (HASH)’s 6% drop to $0.03614.