October captured both the strength and volatility of Bitcoin’s ecosystem. The month opened with a new all-time high, followed by sharp corrections and a late stabilisation. Institutional flows into ETFs, geopolitical moves, and regulatory updates drove significant moves across price, hashrate, and miner revenues. Despite mid-month turbulence, the network showed signs of resilience, with miner participation remaining strong and infrastructure demand staying firm.
Bitcoin began October at $114,988 and reached a monthly high of $126,210 on the 6th. After that, the price declined to $110,243 by the 11th and closed mid-month at $103,599 on the 17th, marking the month’s low.
An intense early climb was followed by a sharp mid-month correction, with Bitcoin moving between $109,377 and $114,087 from the 19th to the 28th. The month ended at $110,485 on the 30th, showing a relatively stable close.
October opened with a strong performance, as Bitcoin surged to an all-time high of $126,000 by 6 October. This rise aligned with significant institutional inflows into spot digital asset ETFs. According to Reuters (7 October), global Bitcoin-linked ETFs attracted around $5.95 billion in one week, with $5 billion coming from the US alone. The increased exposure from structured funds marked a new level of institutional commitment.
By 10 October, the price had declined sharply. Reuters (October 10) reported that global risk sentiment shifted amid escalating trade tensions and a broader market retracement. This led to over $1 billion in liquidations across major digital asset exchanges. Bitcoin dropped below $105,000 by 11 October, reflecting this volatility.
In the days that followed, the price attempted to stabilise. On 13 October, Reuters again covered Kenya’s approval of new digital asset regulations, a step toward achieving legal clarity in developing markets. Despite this, sentiment remained cautious. By 16 October, the Financial Stability Board (FSB), as reported by Reuters, issued a warning about gaps in global oversight of digital assets, urging further coordination among major economies.
Bitcoin closed the month at $110,485. The month’s trajectory reflected strong institutional inflows early on, a correction linked to macroeconomic risks, and stabilisation supported by regulatory developments and infrastructure growth.
The month opened with a hashrate just above 1.2 ZH/s on October 1, before declining to around 900 EH/s by October 3. A moderate rebound occurred on 5 October, briefly crossing 1.1 ZH/s, followed by another dip below 1 ZH/s on the 7th.
From 9 to 13 October, the network maintained a relatively stable pattern between 1.05 ZH/s and 1.15 ZH/s, before surging to a local peak of 1.2295 ZH/s on 17 October. This marked one of the month’s highest points.
After this spike, the hashrate dropped back below 1 ZH/s by 19 October but quickly recovered to 1.1 ZH/s by 21 October, fluctuating around 1.1 ZH/s in the following days. A second significant peak was observed around 24 October, exceeding 1.3 ZH/s.
From the 25th onwards, hashrate showed a downward trend, dipping below 1 ZH/s by 29 October. The month ended with a slight recovery above 1 ZH/s on the 30th, closing at a level slightly lower than where it began.
This pattern reflected strong miner activity early and mid-month, followed by periods of volatility and network adjustment in the final days.
Miner revenue opened the month strong at just under $60M on 1 October, followed by a sharp dip to around $45M on the 2nd. A quick recovery pushed daily revenue above $55M by the 3rd, before reaching the first monthly high of over $63M on 5 October.
This was followed by volatility through the second week. Revenues dropped back near $47M by the 7th, then rebounded to over $58M on 9 October. A short-lived drop brought it close to $45M on the 10th, before climbing above $60M by the 13th.
Between 14 and 20 October, miner earnings remained relatively stable at $53M-$58M, with no extreme fluctuations. On October 22, revenue spiked to a monthly peak of around $ 67 million.
From 23 to 28 October, revenue saw smaller swings between $50M and $58M, followed by another short lift near $60M. The final days of the month saw a downward move, with the market closing just below $50M on 30 October.
Overall, miner income remained resilient despite mid-month price corrections, supported by sustained transaction activity and strong network participation.
In October, the average prices in the Bitcoin mining industry (according to ASIC Miner Value) were:
Bitmain Antminer S19j Pro+ (122TH/s)= $873
Bitmain Antminer S19 XP Hyd (257TH/s)= $2,267.85
MicroBT Whatsminer M50S (128Th/s) = $1,402.66
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The contents of this analysis are for informational purposes only and do not constitute investment advice. The study is based on the author's opinions and assumptions and may not reflect the actual state of the market or the future outcomes of any investment. The author is not a financial advisor and assumes no responsibility for the information's accuracy, completeness, or suitability.
Bitcoin investments are subject to high risks and volatility. The prices can fluctuate significantly due to factors such as supply and demand, regulatory actions, technological innovations, security breaches, hacking attacks, market sentiment, and global events.
Investors should be aware of these risks and conduct their diligence before making investment decisions.
