Crypto Market Risks Deeper Contraction as Bitcoin Battles to Retake $117.1K

As of October 17th, 2025, the crypto market has experienced a significant downturn, with the overall market capitalization decreasing by 1.4% to $3.88 trillion. The majority of the top 100 cryptocurrencies, 93 to be exact, have seen their prices decline over the past 24 hours.

Leading the losses are Bitcoin (BTC), which has dropped 2.2% to $110,774, and Ethereum (ETH), which has fallen 4.4% to $3,993. Other notable declines include Solana (SOL) at 6.8% and XRP at 5.5%. The only cryptocurrency in the top 10 to see a gain is Tron (TRX), which appreciated by 0.4%.

According to the analysis by Glassnode, the latest contraction is particularly concerning as it marks the third time since late August that Bitcoin's spot price has dipped below the $117.1K cost-basis zone, where a significant portion of the supply is held by top buyers at a loss. The analysts warn that "without a renewed catalyst to lift prices back above $117.1K, the market risks deeper contraction toward the lower boundary of the $108.4K-$117.1K range."

Historically, when Bitcoin fails to hold this critical price zone, it has often preceded prolonged mid- to long-term corrections, making a sustained drop below $108K a critical warning signal of structural weakness in the market. The report concludes that "despite rapid stabilization, the market remains in a reset phase, where renewed ETF inflows and sustained on-chain accumulation will be key to restoring confidence and confirming a durable recovery."