On the last trading day of October, U.S. stocks set a gloomy tone, and crypto took a beating too. The Nasdaq Composite fell 2.9% on Friday to close at 25,437 points. It dropped 5.3% for the month, its worst month since March 2025, and was down 7.8% from its record high. The Nasdaq 100 fell 3.5% that day.

The trigger was earnings. Intel’s fourth-quarter revenue guidance came in far below market expectations, sending its shares down 29% in a day. Reddit also fell about 29%, SanDisk dropped 13%, and Nvidia lost 4.2%. The market began to wonder: when will all the money poured into AI infrastructure start paying off? As soon as that doubt surfaced, investors began pulling out of risk assets. Even gold wasn’t spared, falling more than 3% to around $3,890, its lowest level in a year.

$BTC is caught in the middle, pleasing neither side. It closed at $77,160 on October 30, down 0.8%, and was still hovering around $77,000 this morning. According to figures from CoinGlass cited by Cointelegraph, Bitcoin fell about 7.7% in October and is on track for its worst October since 2014. The Fear and Greed Index dropped from 51 to 30 in a single day. Across the market, about $1.57 billion in positions were liquidated over the past 24 hours, including $522 million in Bitcoin and $361 million in Ethereum.

Crypto-related stocks fell even harder: Strategy dropped nearly 8%, Coinbase fell more than 10%, and Robinhood was down 7.2%. This suggests the latest downturn isn't due to a new problem within crypto itself, but rather a cooling in risk appetite on Wall Street spilling over. The news of $6.3 billion being stolen from Binance only made sentiment worse. Some analysts see around $73,000 as the next level to watch—but that's an opinion, not a guarantee.

So this month, Bitcoin didn't act as a safe haven; it simply moved in tandem with risk assets, as did gold. As November gets underway, do you think we'll see a rebound first, or a test of the area around $73,000?