‘Uptober’ Saw Crypto’s Biggest Liquidation Ever, Yet Analysts Call It a ‘Small Miracle’ – Bulls Win?

Bitcoin survived crypto’s largest liquidation event in history with October (Uptober) still holding positive territory, prompting analyst Scott Melker to call it “ a small miracle .” The $21 billion deleveraging event wiped out leveraged positions across the top 100 assets, yet Bitcoin trades around $113,000 after briefly touching $102,000 during Friday’s crash triggered by escalating U. S.-China trade ￰0￱ wrote on Tuesday that despite expecting “ October to be deep in the red ” after the historic liquidation, the market’s resilience changed his outlook. “ I don’t think we’re entering a bear market ,” he stated, noting, “ this isn’t ￰1￱ is it ￰2￱ happened last week was purely structural. “ After the largest liquidation in crypto history, I expected October to be deep in the red.

Somehow, it’s still holding ￰3￱ honestly feels like a small miracle. Let’s get this out of the way: I don’t think we’re entering a bear ￰4￱ I wanted to argue that, I could -… — The Wolf Of All Streets (@scottmelker) October 14, 2025 The liquidation forced a repricing of risk as Bitcoin fell 7% and Ethereum dropped 12%. Gold’s rally past $4,100 supports Melker’s argument that “investors aren’t panicking, they’re reallocating.” On-chain data reveal that 97% of the circulating supply is in profit, with short-term holders accounting for 44% of realized capitalization, the highest level ever ￰5￱ Market Enters Speculative Phase as New Whales Dominate According to a CryptoQuant analyst, Bitcoin’s Net Unrealized Profit/Loss (NUPL) currently stands at +0.52, a zone historically associated with the shift from optimism to euphoria.) October 15, 2025 The current positioning between the Mean and +0.5σ suggests a greater downside risk toward fair value than upside ￰6￱ stabilized above the 135-day moving average, while the Young Supply MVRV reset toward 1.0, a level that often means the market is cooling from speculative extremes while maintaining its ￰7￱ forward, Bitcoin faces a probable downside toward $109,500 wick-fill target and potentially $105,000-$107,000 if selling pressure ￰8￱ critical test remains whether these levels provide recovery support or merely pause deeper correction toward the $96,500 MVRV fair ￰9￱ to reclaim $115,000 Traders’ Realized Price confirms weakened momentum, while breaking above $119,000 would validate the “ small miracle ” narrative and resume bullish structure toward year-end.