Bitcoin briefly traded below $100,000 this week, a level not seen since June. Ethereum has wiped out all year-to-date gains. This analysis is exclusively for Goldman Sachs clients. The typically positive October seasonality failed to materialise this year, with BTC, ETH, and SOL ending the month down -3.9%, -7.0%, and -10.2%, respectively. The selloff extended into early November, with BTC dropping from $110,000 on Monday to below $99,000 by Wednesday morning in Asia. Similarly, Ethereum declined sharply, falling from $3,900 to $3,100 (-20%), effectively erasing all gains accumulated this year (Figure 1). These moves ... (full story)