Why Did These 5 Cryptocurrencies Crash Hard in October 2025?

• The Crypto Market's October Bloodbath
• 5. Avalanche (AVAX): -45%
• 4. Ethena (ENA): -46%
• 3. Aptos (APT): -50%
• 2. Aster: -53%
• 1. Story Protocol (IP): -60%
• Q&A: Understanding October's Crypto Crash

October 2025 turned out to be a brutal month for crypto investors, with several major altcoins experiencing dramatic price drops. This analysis examines the five hardest-hit cryptocurrencies (AVAX, ENA, APT, ASTER, and IP) that saw declines ranging from 45% to 60%, exploring the market conditions and project-specific factors behind these crashes.

The Crypto Market's October Bloodbath

What was supposed to be "Uptober" turned into a nightmare for crypto investors. The Crypto Fear & Greed Index hit extreme fear levels as Bitcoin dropped 18% and ethereum plunged 28% over 30 days. This created a perfect storm for altcoins, which typically show even greater volatility during market downturns.

5. Avalanche (AVAX): -45%

The layer-1 blockchain saw its native token AVAX get hammered in October. From an on-chain perspective, the crash correlated with a 70% drop in DEX trading volumes on Avalanche - from $1.2 billion to $360.8 million between September 24 and November 4. The October 10 liquidation event that rocked crypto markets was particularly brutal for AVAX, causing a 64% intraday crash before some recovery.

4. Ethena (ENA): -46%

Ethena's dual-token system took a beating in October. The governance token ENA dropped 46%, while its synthetic dollar USDe saw market cap plunge 36% from $14.1 billion to $9 billion in just three weeks. The protocol's dependence on delta-hedging strategies proved vulnerable during the October market turmoil, shaking confidence in its model.

3. Aptos (APT): -50%

The Facebook-born blockchain saw its token get cut in half during October. On-chain data shows Aptos lost 49% of its TVL over six months, while DEX volumes plummeted 71% after October 10. The token's inflationary supply (1.1% monthly unlocks) added constant sell pressure. As one BTCC analyst noted, "Aptos shows what happens when weak fundamentals meet a market crash."

2. Aster: -53%

The perp DEX darling endorsed by Binance's CZ crashed amid volume manipulation allegations. DeFiLlama's founder publicly questioned why Aster's volumes mirrored Binance's with suspicious precision. Combined with user complaints about clunky UX, the project lost over half its value in October. As one trader joked, "Turns out fake volumes lead to very real losses."

1. Story Protocol (IP): -60%

The IP-focused layer-1 became October's biggest loser despite its $133.7 million VC backing. With a fully diluted valuation still at $3.7 billion after the crash, many question whether Story can deliver on its ambitious vision. "The gap between promise and execution remains massive," noted one industry observer.

Q&A: Understanding October's Crypto Crash

What caused the October 2025 crypto crash?

The market downturn resulted from a combination of macroeconomic fears, the October 10 liquidation cascade, and altcoins' typical volatility during risk-off periods.

Which cryptocurrency was hit hardest?

Story Protocol's IP token saw the steepest decline at 60%, followed by Aster (-53%), Aptos (-50%), Ethena (-46%), and Avalanche (-45%).

Are these projects fundamentally broken?

Not necessarily - market crashes often overshoot, but projects with questionable metrics (like Aster's volumes) or unproven models (like Story) face tougher recoveries.