Bitcoin, Ether Steady as Google’s Quantum Breakthrough Fails to Shift Crypto Sentiment; October on Track for Weakest Gains Since 2015
Bitcoin and major altcoins traded sideways on Thursday, extending a quiet stretch in a month historically known for bullish momentum. October is now shaping up to deliver its weakest gains since 2015.
Bitcoin (BTC) held near $109,000, recovering slightly after the Oct. 10 crash that erased roughly $19 billion in leveraged positions and dampened market sentiment. Ether (ETH) traded around $3,850, while Solana (SOL), XRP, and Cardano (ADA) showed minimal movement.
Traders describe the current market as being in “sell-the-growth mode,” where every small rally is quickly sold amid thinning liquidity. The Crypto Fear & Greed Index sits at 25, indicating heightened caution, while Bitcoin continues to oscillate between its 50-day and 200-day moving averages, unable to build sustained momentum.
Even Google’s recent announcement of achieving a “quantum advantage” with its Willow chip failed to shake the market. While practical quantum threats to Bitcoin remain years away, the news briefly reignited old concerns over crypto’s cryptographic security.
Macro factors also contribute to investor caution. With the Federal Reserve’s Oct. 29 meeting looming, few are willing to take strong directional bets.
“The market’s coiling in this narrow range, which often precedes a larger move,” said Alex Kuptsikevich, chief market analyst at FxPro. “Either the bulls lose patience, or the bears run out of conviction.”
For now, the market remains largely indifferent. Even a high-profile quantum computing milestone was insufficient to spark action, underscoring how fragile confidence can be in a muted October market.
