Crypto

Why This Bull Market Feels Like a Bear! Downtober Explained

David Hoffman
David Hoffman•Oct 24, 2025

Why It Matters

The disconnect—strong Bitcoin price but weak broader market and sentiment—signals a more institutionalized, lower‑volatility cycle that could reshape returns, funding, and jobs across crypto. Regulatory and infrastructure moves (Fedwire access, major hires, acquisitions) show crypto integrating with mainstream finance, raising stakes for adoption and competitive positioning.

Summary

Hosts say this October feels bearish despite Bitcoin and Ether being modestly higher on the week—Bitcoin around $111k and Ether near $4k—because broader sentiment is weak and most mid‑market altcoins remain well below post‑FTX levels. They highlight a hollowing of the market’s middle, muted cycle returns so far this year compared with past blow‑off tops, and three potential paths forward (two bullish). Notable ecosystem developments include an Ethereum researcher moving to Tempo, Coinbase acquiring token‑investing startup Echo, AI models trading on Hyperliquid, and discussion that the Fed may grant crypto firms direct Fedwire access. The episode also plugs the upcoming Bankless Summit and debates whether crypto can catch up with gold’s recent rally.

Original Description

📣BANKLESS SUMMIT 2025 | SPONSORED BY M0
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Downtober drags on… but not all is bearish. On this week’s Weekly Rollup, Ryan and David break down why sentiment feels cold despite strong BTC, and the three ways this cycle could play out. Plus, gold is ripping! Can crypto catch up?
We also cover Dankrad’s jump to Tempo, Coinbase’s Echo deal, Polymarket’s NHL play, the Fed’s potential FedWire opening, and the AI trading showdown.
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BANKLESS SPONSOR TOOLS:
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💠BIT DIGITAL ($BTBT) | ETH TREASURY
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
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TIMESTAMPS & RESOURCES
0:00 Intro
4:00 Markets
25:04 Trump Pardons CZ
30:19 Dankrad is moving to Tempo
39:04 The Fight for Bitcoin’s Soul - Neutral blockspace or Bitcoin only
48:25 Coinbase bought Cobie’s Echo
53:41 Polymarket announces they’re the Official Prediction Market for the NHL
56:57 OpenSea wants to become “trade everything” app
58:45 FED is going to give crypto companies direct access to its Fedwire
1:04:04 AI models entered a trading competition
1:06:30 RSA excited about AI - give your AI a wallet to spend with x402
1:08:33 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:

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