Correction, September 6, 2026: the OAM figure concerns holdings value at June 30, 2025 versus the previous quarter, not trading volume. Reporting VASPs do not constitute a census of every Italian crypto holder. OAM, 22/09/2025.
A Fiery September for Cryptocurrencies
September 2025 will be remembered as one of the most turbulent months for the cryptocurrency market. In just a few days, over $160 billion in global market capitalization evaporated. A devastating blow that reignited fear among investors and fueled doubt: is the wind really changing in the crypto world?
Bitcoin fell below $111,000, Ethereum lost the psychological barrier of $4,000, and the rest of the market followed suit, with the most fragile altcoins decimated by forced liquidations and panic selling.
But beyond the numbers, there’s a growing sense that an era is ending: the era of “crypto for everyone.”
Flashback: History’s Great Crashes
To understand what’s happening today, we must look at the precedents.
- 2018 – The Crypto Winter: After the 2017 boom, Bitcoin lost over 70% of its value, ushering in a long period of frost.
- 2022 – The Collapse of Terra Luna and FTX: Two of the biggest shocks in recent history. Thousands of investors lost their savings, while institutions began to view the sector with different eyes.
- 2025 – Red September: Not a total collapse like the previous ones, but a wave of selling that swept away billions, reminding everyone that risk never goes on vacation.
The difference today is that the market is more mature and regulated, but that doesn’t make it immune to tectonic shifts.
Italy Wakes from the Crypto Dream
If in 2024 it seemed like every bar in Italy had its own “Bitcoin expert,” today the tune is different. According to the latest OAM report:
- the value of cryptocurrency holdings reported for the surveyed customers fell by 22%,
- the number of cryptocurrency holders has decreased by 20%.
Many small investors, who entered on a wave of enthusiasm, are now leaving. It’s no longer the trend to brag about with friends. Now the typical question is: “Are you still in crypto? Didn’t you lose money too?”
This is the financial gossip of the moment: who made it, who lost everything, who pretends they never believed in it. In a country where bar chat is a national sport, the crypto topic has become fodder for gossip.
VIPs, Influencers, and the Gossip Side of Crypto
The crypto world isn’t just finance; it’s also entertainment. In Italy and abroad, several public figures rode the wave, only to get trapped in the storm.
- Crypto Influencers: Many launched YouTube channels and TikTok profiles promising easy gains. Today, many of those videos have been deleted, and some have already changed careers.
- International VIPs: Several actors and athletes publicly declared they were “all in” on Bitcoin and Ethereum. Now, the more prudent are silent, while others try to turn their losses into motivational stories.
Related reading: Bitcoin 20 Million: Why This Threshold Matters Now · Kraken Fed Access: What Changes for Crypto Payments
What remains useful beyond the market cycle
Claims about unnamed investors or supposed mass departures are not evidence of a market bottom. Position size, leverage, available liquidity and the ability to absorb losses are more useful checks than stories about who stayed or left.
