Morning Minute: Uptober Turns Sour as Crypto Majors Slide

What happened

Morning Minute: Uptober Turns Sour as Crypto Majors Slide, according to Decrypt. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Uptober is certainly not off to the often-memed start expected.

Zcash fell 11% in a day, NEAR 16%, Pump.fun 11%, Venice Token 10%. Dogecoin and Chainlink are both down double digits on the week.

Spot Bitcoin funds shed $484.9 million on Wednesday, the worst day since the spring, followed by another $244M in outflows yesterday. That flips October negative at minus $400 million for the month.

Ethereum funds have now bled money for eight straight sessions, losing $640 million over that stretch. Prices were climbing last week while inflows had already slowed to almost nothing.

Rising prices without new money is a thin market, and thin markets give it back fast. Tom Lee said Bitmine will stop buying Ethereum once it owns 5% of supply, roughly 100,000 coins away, removing a buyer that showed up every week since June 2025.