Privacy Coins to Digital Treasuries: How Key Crypto Narratives Faded in October
The crypto market in 2025 has shown a clear pattern: narratives rise and vanish as quickly as waves. By October, data revealed that discussions around the most promising themes had almost completely faded.
This article explains the sudden change based on available data and expert insights.
Narratives Disappeared Rapidly in October
Google Trends data highlighted a striking phenomenon in October 2025. Interest in topics such as Privacy Coins, Perps DEXs, Tokenized Gold, and Digital Asset Treasuries dropped sharply.
Just a month earlier, the community had been actively debating these themes and selecting promising projects to hold through the end of the year.
Crypto narrative search trends. Source: Google Trends. A recent report from CoinGecko offered several explanations for this unusual silence.
First, October marked the US government shutdown, halting the release of key economic indicators like CPI, NFP, and inflation data. Due to the lack of information, the Federal Reserve could not make policy decisions, forcing markets to navigate blindly.
Between September 20 and 30, over $5 billion in crypto long positions were liquidated. Bitcoin later rebounded, reaching a new high above $126,000, but on October 10, nearly $19 billion in positions were wiped out—leaving retail investors almost completely exhausted.
A lack of capital and data made investors increasingly quiet. The report described Q4 2025 as “The Quarter That Started with Silence.”
The Crypto Culture Is Hurting Investors
In addition, Hitesh, an analyst on X, illuminated the issue from a psychological perspective.
He argued that social media algorithms deliberately steer users toward discussing only a few “hot” topics to maximize engagement time. Over the past few years, distributed attention in crypto has gradually collapsed into just a few dominant coins or narratives daily.
He added that content creators and their followers now live inside an echo chamber, hearing only what confirms their beliefs. In this attention-driven ecosystem, producers win, while consumers eventually get consumed.
“Every cycle, a new building rises on weak ground—an idea, a narrative, a coin—and people rush to decorate its floors without checking whether the base is solid. Then comes the first small correction, the earthquake, and the whole structure collapses,” hitesh.eth said.
The combination of Hitesh’s insights and CoinGecko’s data clearly explains why narratives rise and fall so quickly. After the noise fades, a massive trail of investor losses remains.
