Crypto Recovers After Liquidation Shock, Eyes October Tailwinds

Crypto markets are regaining balance after one of the year’s largest leveraged washouts. More than $1.7 billion in positions were liquidated in the early hours of Monday, Sept. 22, dragging altcoins lower and sending the Altcoin Season Index tumbling from near 100 to 65. In the aftermath, bitcoin is steady above $112,000 while ether trades close to $4,200, signaling stabilization.

According to QCP’s market insights, the selloff came just days after traders piled into high-beta names like ASTER, HYPE, and PUMP, underscoring the fragility of speculative altcoin rallies. With BTC dominance rising to 57% and ETH slipping to 12%, the market appears to be rotating back into bitcoin.

Despite the volatility, institutional demand remains intact. Strategy and Metaplanet continue to add to holdings, while spot ETFs recorded inflows last week, reinforcing dip-buying interest. Bitcoin is still up 4% in September, typically one of its weaker months, and traders are already positioning for October, historically its strongest, with active call buying in the $120,000–$125,000 range.

Key catalysts loom this week: Fed Chair Powell’s remarks on Wednesday and Core PCE data on Friday. If inflation pressures stay muted, markets may expect further Fed cuts, boosting liquidity into Q4 and potentially setting the stage for a long-awaited bitcoin breakout.

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