4 Crypto that Skyrocketed in Uptober 2025 as Spot Demand Beat Leverage

Jakarta, Pintu News – As “Uptober” progresses, many crypto assets are performing exceptionally well, with a large number of tokens surging sharply beyond market expectations.

Interestingly, some analysts think that this rise is no longer driven by leveraged positions, but rather by new spot demand – a shift that is considered a positive sign for the overall health of the crypto market.

BNB (BNB)

BNB (BNB), a key token in the Binance ecosystem, set a new record high last week, driven by the return of investor confidence in assets associated with Changpeng “CZ” Zhao.

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On Monday, October 6, the BNB price briefly touched $1,219, up about 3.5% in the last 24 hours, according to data from CoinMarketCap. In addition, the Total Value Locked (TVL) on the BNB network also increased from $7.58 billion on September 27 to $8.69 billion, the highest level in more than three years.

As of Thursday, October 9, BNB was trading at around $1,284, recording an increase of around 22% during the week. Since mid-2025, average daily transactions on BNB Chain have more than quadrupled compared to the first quarter of this year. The surge in on-chain activity has also caused network gas costs to rise sharply.

According to CCN analysts, renewed optimism in CZ’s influence-despite his formal role on Binance having diminished-is a key driver of market sentiment. His still-active presence on social media and in industry discussions has strengthened confidence in BNB and the ecosystem of projects under his influence.

Bitcoin (BTC)

Bitcoin (BTC) recorded significant gains throughout the “Uptober” period, even breaking a new record high of $125,700 on Monday, October 6.

This rise was driven by a number of positive macro factors, such as expectations of lower interest rates and a return of institutional interest in crypto assets. In addition to setting a new all-time high, Bitcoin also closed the trading week with its highest closing price in history at $122,689.

According to CCN analyst Valdrin Tahiri, “Bitcoin price projections for the rest of 2025 are still bullish, which means the upward trend is likely to continue.” At the time of this report, Bitcoin price is hovering around $122,799, up about 3.35% in the last seven days.

Zcash (ZEC)

Zcash (ZEC) has been one of the main stars of “Uptober”, having recorded a surge of around 123% in just seven days and trading at around $151 on Tuesday, October 7, according to CoinMarketCap data.

As of October 9, the ZEC price has reached $192, with an incredible growth of 282.34% in the past month.

According to CCN analysts, including Victor Olanrewaju, this price rally was driven by Zcash’s Bitcoin-like design, but with stronger built-in privacy features. The narrative was further strengthened after Grayscale announced the launch of the Grayscale Zcash Trust, adding to its lineup of single investment products.

“Grayscale Zcash Trust is now open for private offerings to qualified accredited investors,” Grayscale said in a statement.

Market sentiment has also gotten more positive thanks to comments from Naval Ravikant, an Indian-origin entrepreneur and one of Bitcoin’s early supporters, writing on platform X (Twitter):

“Bitcoin is insurance against fiat. Zcash is insurance against Bitcoin.”

Following the positive news, Zcash’s trading volume briefly surpassed $1 billion on Tuesday, before correcting slightly in the following session.

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Aster (ASTER)

Aster (ASTER) has been one of the most notable performing altcoins in October, having recorded a sharp rebound following the announcement of its listing on Binance. This surge came shortly after the project was engulfed in controversy over alleged manipulation of trading volumes on its decentralized exchange (DEX).

According to analyst Victor Olanrewaju, “Aster’s recovery comes at a very opportune time.”

ASTER tokens surged back above $2 as soon as Binance announced that the tokens would be available for spot trading. This announcement successfully reversed the negative sentiment and erased the FUD (Fear, Uncertainty, and Doubt) that had shaken investor confidence.

Just a day earlier, on-chain analytics platform DeFiLlama had removed Aster’s DEX trading volume data due to allegations of manipulated figures, triggering a massive sell-off that sent the price down to $1.82.

However, on Sunday, October 5, ASTER’s price touched $2 again, signaling a return of positive momentum and opening up opportunities to break new highs. As of Thursday, October 9, ASTER is trading at around $1.80, with an incredible gain of 2,042% in the past month, according to CoinMarketCap data.

Spot Demand Begins to Outperform Leverage

One of the most notable features of this year’s “Uptober” rally is the change in the composition of market drivers, with many market participants viewing the current crypto price rise as driven more by demand in the spot market than leverage-based speculation.

According to Andrei Grachev, Managing Partner at DWF Labs, market liquidity dynamics are beginning to shift and could herald a healthier phase for digital assets.

“What makes this Uptober unique is the liquidity conditions,” Grachev said.
“Open interest in the futures market continues to decline and the funding rate is at neutral levels, which means traders are starting to use less leverage. If the Uptober rally does happen this year, it will be driven more by spot demand than borrowed capital.”

The trend seems to be taking hold. Trading activity in the spot market increased sharply, with weekly fund flows into spot Bitcoin ETFs surpassing $3.2 billion – the highest since November 2024 and the second largest in history, according to data from CoinShares.

Analysts think that if the market is able to maintain momentum throughout October without heavy reliance on leverage, this could mark a structural shift in the crypto market cycle.

Grachev added,

“That’s actually healthier for the market cycle, even though the rally may start later.
If the market is able to rise in October without major leverage, then the foundations of this cycle are much stronger than before.”

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CCN. These Cryptos Experience Uptober Gains as Spot Demand Overtakes Leverage. Accessed on October 10, 2025