The cryptocurrency market extended its selloff, falling for a third consecutive day as Bitcoin (BTC ) briefly dropped below the $100,000 mark. The flagship cryptocurrency fell to a low of $99,008 before regaining its footing and reclaiming $100,000. BTC is down over 2% in the past 24 hours, trading around $101,697.
Looking at the bigger picture, BTC is down over 20% from its all-time high as investor concerns about the government shutdown and slowing economic growth led to a sharp selloff. The cryptocurrency market has already lost $300 billion, and could lose more if bearish sentiment persists.
A look at other prominent tokens does not paint a rosy picture. Ethereum’s (ETH) decline accelerated over the past 24 hours as it plunged to a low of $3,098. However, it has made somewhat of a recovery and moved to its current level of $3,316. The world’s second-largest cryptocurrency is down 5% over the past 24 hours. Ripple (XRP) is down over 1%, while Solana (SOL) is down 1.54%, trading around $156. Dogecoin (DOGE) is also trading in the red, while Cardano (ADA) is down 1.50% at $0.531. Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) have also registered heavy losses over the past 24 hours.
Are Crypto Treasury Companies Accelerating The Market Rout?
Omid Malekan, a blockchain author and adjunct professor at Columbia Business School, believes the impact of crypto treasury companies and their effect on the market and its decline must be discussed. Malekan stated in a post on X,
“Any analysis of why crypto prices continue to fall needs to include DATs [digital asset treasuries]. In aggregate, they turned out to be a mass extraction and exit event — a reason for prices to go down.”
Malekan added that only a few digital asset treasury companies are trying to create real, sustainable value. Most analysts have blamed trade tensions between the US and China, along with other macroeconomic factors, as the key reason behind the market decline. However, Malekan countered by stating that most crypto treasury companies have been able to raise millions from investors who want crypto exposure. He also claimed that some people have launched these companies because they see the model as a “get-rich-quick scheme.”
“Launching any kind of public entity is expensive. The money required for the shell/PIPE/SPAC runs into the millions, as do the fees paid to all the bankers and lawyers involved. The money spent on those fees had to come from somewhere.”
Cryptocurrency treasury companies have been buying large quantities of tokens across the top cryptocurrencies, using leverage through share sales, convertible notes, and debt offerings. This has led to concerns that such leveraged firms could exacerbate a market downturn by selling their assets.
“The biggest damage DATs did to the aggregate crypto market cap was by providing a mass exit event for supposedly locked tokens. I’m still amazed so many other investors didn’t cry foul over this.”
Washington Propping Up Bitcoin (BTC) Bubble: Peter Schiff
Veteran economist and gold advocate Peter Schiff issued a stark warning about Bitcoin (BTC), stating that powerful forces have inflated its value. Schiff argued that the Bitcoin bull market is not organic, but has been propped up by political influence in Washington and Wall Street’s self-interest. Despite being proven wrong in the past, Schiff has doubled down on his belief that Bitcoin is a bubble and will eventually go to zero. The economist also does not believe BTC protects investors from dollar weakness and inflation, arguing that the same institutions that Bitcoin was meant to disrupt are the ones keeping it afloat.
Bitcoin (BTC) Prices May Bottom Soon: Bitwise CIO
Bitcoin (BTC) briefly slipped below $100,000, its lowest level since June, sparking fears that another crypto winter is on the horizon. However, Bitwise CIO Matt Hougan attempted to calm market jitters, stating that while retail investors are desperate, he sees that desperation as the reason prices could be on the verge of bottoming out. Hougan highlighted institutional interest and growth in crypto ETFs as key catalysts for an eventual recovery.
“It’s almost a tale of two markets. Crypto retail is in maximum desperation. We’ve seen leverage blowouts. The market for sort of crypto native retail is just more depressed than I’ve ever seen it. When I go out and speak to institutions or financial advisors, they’re still excited to allocate to an asset class that, if you pan back and look over the course of a year, is still delivering very strong returns. So my view of the market is we have to get through this retail flush out. We have to hit bottom from a sentiment perspective. I think we’re very close to that.”
Bitcoin (BTC), Ethereum (ETH) ETFs Bleed
Spot Bitcoin and Ethereum ETFs registered significant outflows on Tuesday, recording their fifth consecutive day of outflows. According to data from Farside Investors, spot Bitcoin ETFs registered $578 million in net outflows on Tuesday, the steepest single-day decline since mid-October. Meanwhile, spot Ethereum ETFs shed $219 million, extending a five-day outflow streak that has wiped out nearly $1 billion in capital from ETH-linked ETFs since October. However, spot Solana ETFs bucked the bearish trend, registering over $14 million in net inflows and marking their sixth consecutive day of gains.
According to Vincent Liu, Chief Investment Officer at Kronos Research, the ETF outflows suggest growing macro unease among investors.
“Straight days of redemptions show institutions are trimming risk as leverage unwinds and macro jitters rise. Until liquidity conditions stabilize, capital rotation will keep the ETF bleed alive.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) slipped below $100,000 on Tuesday and Wednesday, struggling to regain momentum despite growing selling pressure. The flagship cryptocurrency started the week in the red, dropping nearly 4% on Monday and settling at $106,557. Selling pressure intensified on Tuesday as the price slipped below $100,000 and fell to an intraday low of $98,892 before settling at $101,468. BTC fell below $100,000 a second time on Wednesday, hitting $98,950 before moving to its current level.
The flagship cryptocurrency fell below $100,000 for the first time since June 2025, officially entering bear market territory after the crypto market lost over $1 trillion in market capitalization. The sharp downturn, largely driven by unprecedented leverage levels, liquidated 300,000 traders daily, despite crypto adoption and deregulation continuing. Analysts have stated that the selloff can be traced back to heightened leverage, amplifying market swings. The Kobeissi Letter said in a post on X,
“Leverage is a wild ‘drug. The million-dollar question: What is happening in crypto right now? Crypto markets have now officially erased over -$1 TRILLION of market cap since October 6th. But why? The answer to this question seems to be more technical than fundamental.”
According to CryptoQuant, short-term holders have intensified selling pressure.
“Today alone, we’re seeing roughly 30,300 BTC being deposited while underwater, reflecting a growing wave of capitulation among recent buyers.”
BTC’s drop came amid substantial ETF outflows and a sharp jump in liquidations. Liquidations reached $1.4 billion on November 4, with long positions worth $1.1 billion wiped out. Additionally, the Dollar’s rise to a four-month high against the Euro has also impacted investor sentiment. A stronger Dollar often brings a “risk-off” sentiment as investors pivot to traditional assets like US Treasuries and the Dollar itself. Furthermore, uncertainty around more Federal Reserve rate cuts has reduced investment in assets like BTC.
According to Lacie Zhang, markets may be entering a "recalibration phase” after a volatile October. However, Zhang did not rule out further gains.
“Market data and technical signals suggest Bitcoin may trade within a $94,000–$118,000 range in the near term. The lower bound represents a healthy retracement zone consistent with subdued ETF inflows.”
However, most analysts believe BTC is losing steam and that optimistic forecasts for the end of 2025 may not materialize this year. ShapeShift analyst Houston Morgan stated,
“We don’t expect crypto to go any higher than $125K USD in 2025.”
Meanwhile, Bitfinex analysts believe BTC’s sustained outflows are in line with broader signs of market exhaustion, as long-term holders offload their assets into declining demand. The analysts warned that if BTC does not rebound to $116,000, it could witness further downside.
“Unless the price recovers decisively above this range, time becomes a growing headwind for bulls, as prolonged stagnation historically erodes sentiment and increases the risk of forced distribution.”
BTC started the previous weekend on a bullish note, rising 0.84% on Friday and 0.56% on Saturday to settle at $111,666. Bullish sentiment intensified on Sunday as the flagship cryptocurrency rose nearly 3% to cross $114,000 and settle at $114,548. BTC reached an intraday high of $116,410 on Monday. However, it lost momentum after reaching this level and settled at $114,087, ultimately dropping 0.40%. Selling pressure and volatility persisted on Tuesday as the price fell 1.03% to $112,906. Bearish sentiment intensified on Wednesday as BTC fell 2.55% and settled at $110.032.
Source: TradingView
Volatility and selling pressure persisted on Thursday as BTC reached an intraday high of $111,629, fell to an intraday low of $106,279, and settled at $108,308. Despite the overwhelming selling pressure, BTC returned to positive territory on Friday, rising 1.15% and settling at $108,555. Price action remained positive over the weekend, with BTC increasing 0.45% on Saturday and 0.44% on Sunday to settle at $110,536. Bearish sentiment intensified on Monday as BTC fell nearly 4% and settled at $106,557. Selling pressure intensified on Tuesday as the flagship cryptocurrency slipped below $100,000, falling to a low of $98,892 before settling at $101,468. BTC is only marginally up during the ongoing session, trading around $101,622 after recovering from a low of $98,950.
Ethereum (ETH) Price Analysis
Ethereum (ETH) nearly lost the $3,000 level on Tuesday as it fell to an intraday low of $3,058. However, it rebounded from this level to reclaim $3,200 and settle at $3,296. The world’s second-largest cryptocurrency is marginally up during the ongoing session, trading around $3,300.
Analysts had predicted a substantial decline for ETH as institutional investors took a step back from Ethereum ETFs. Retail demand has also dwindled, putting further pressure on ETH. According to data from SoSoValue, Ethereum ETFs recorded $136 million in net outflows on Monday and $219 million on Tuesday, with BlackRock’s ETHA alone accounting for $111 million in outflows. Rachel Lucas, crypto analyst at BTC Markets, stated,
“The fifth straight day of outflows marks a decisive shift in institutional positioning. This isn't just a pause; it's a recalibration.”
According to Lucas, institutional selling is a tactical move as institutions adjust risk after assessing the prevailing macroeconomic environment. The Federal Reserve’s hawkish stance regarding rate cuts has also hampered investor sentiment.
“Risk assets are repricing, and crypto, still tightly correlated to tech, is feeling the heat. The AI trade looks overextended, and if valuations in that sector unwind, it could spill into crypto via the Nasdaq correlation.”
Meanwhile, the Crypto Fear & Greed Index fell to a score of 21, putting it in “Extreme Fear” territory. Despite price struggles, some analysts believe the market’s bullish structure remains intact.
“A delayed rate cut would be short-term negative for risk assets, but the overall macro conditions have not changed significantly, we're still moving towards the end of QT and rate cuts are coming sooner or later. At current levels, the bullish structure still holds, even as sentiment seems to be at rock bottom. Of course, once again, there is going to be a lot of volatility.”
ETH started the previous weekend in positive territory, rising over 2% on Friday and settling at $3,935. The price rose 0.45% on Saturday, rallying 5% on Sunday to cross $4,000, settling at $4,157. ETH reached an intraday high of $4,266 on Monday. However, it lost momentum after reaching this level and dropped 0.87% to $4,120. Selling pressure intensified on Tuesday as the price fell 3.37%, slipping below $4,000 to $3,982. Sellers retained control on Wednesday as ETH dropped 1.92% and settled at $3,905.
Source: TradingView
Bearish sentiment intensified on Thursday as ETH fell nearly 3% to a low of $3,682 before reclaiming $3,800 and settling at $3,805. Despite the overwhelming selling pressure, the price recovered on Friday, rising 1.14% to $3,848. Price action remained positive over the weekend, with ETH increasing 0.67% on Saturday and 0.87% on Sunday to settle at $3,908. Bearish sentiment returned on Monday as ETH plunged nearly 8% and settled at $3,604. Selling pressure intensified on Tuesday as the price fell to an intraday low of $3,058. However, it rebounded from this level to reclaim $3,200 and settle at $3,286. ETH is marginally up during the ongoing session, trading around $3,307.
Solana (SOL) Price Analysis
Solana (SOL) started the week deep in the red, dropping nearly 12% to $166. Sellers retained control on Tuesday as the price fell almost 7% to a low of $145 before settling at $155. SOL is up over 1% during the ongoing session, trading around $156.
SOL tumbled below $170 despite its ETF pulling in strong inflows. Solana ETFs by issuers like Bitwise and Grayscale have recorded $421 million in new capital during the first week. The Bitwise Solana ETF alone accounted for $199 million in net inflows, after launching with around $223 million in seed money. According to analysts, SOL was hit by the “buy the rumor, sell the news” effect. Broader market sentiment also impacted price action. Analysts pointed out that the cryptocurrency market as a whole has been in “risk-off” mode thanks to a stronger dollar, equity market jitters, and capital outflows from established crypto ETPs.
Solana (SOL) rose 1.18% on Friday (October 24) and settled at $193. Price action remained positive over the weekend as SOL registered a marginal increase on Saturday before rallying over 3% on Sunday to reclaim $200. The altcoin reached an intraday high of $205 on Monday as bullish sentiment intensified. However, it lost momentum after reaching this level and fell 0.65% to $198. Sellers retained control on Tuesday as the price dropped by over 2% and settled at $194. SOL faced volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline.
Source: TradingView
Bearish sentiment intensified on Thursday as SOL fell nearly 5% and settled at $184. Despite the overwhelming selling pressure, the price recovered on Friday, rising 1.34% and settling at $187. Price action was mixed over the weekend as SOL registered a marginal drop on Saturday before rising 0.76% on Sunday and settling at $187. Bearish sentiment intensified on Monday as SOL plunged nearly 12% to $166. Sellers retained control on Tuesday as SOL fell to an intraday low of $145. However, it rebounded from this level to reclaim $150 and settle at $155. The price is up 1.37% during the ongoing session, trading around $157.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) started the previous weekend in positive territory, rising 1.44% and settling at $0.197. Price action was mixed over the weekend as the popular memecoin fell 0.61% on Saturday before rising by over 4% on Sunday and settling at $0.205. The selling pressure returned on Monday as the price fell 2% to $0.200. Price action remained bearish on Tuesday as DOGE fell nearly 4% and settled at $0.193. DOGE posted a marginal decline on Wednesday before dropping almost 6% on Thursday and settling at $0.181.
Source: TradingView
Despite the overwhelming selling pressure, DOGE recovered on Friday, rising 2.59% and settling at $0.186. Price action was mixed over the weekend as DOGE rose 0.97% on Saturday before dropping 0.85% on Sunday and settling at $0.186. Selling pressure intensified on Monday as the price fell by over 10% and settled at $0.167. Sellers retained control on Tuesday as DOGE fell almost 3% to $0.162. DOGE is marginally up during the ongoing session, trading around $0.163.
Celestia (TIA) Price Analysis
Celestia (TIA) ended the previous weekend in positive territory, rising 3.78% on Sunday and settling at $1.076. However, selling pressure returned on Monday as the price fell 3.58% to $1.038. Sellers retained control on Tuesday as TIA fell over 3% and settled at $1.005. The price recovered on Wednesday, rising over 1%, but was back in bearish territory on Thursday, dropping nearly 11% and settling at $0.908. Bearish sentiment persisted on Friday as TIA fell 1.01% to $0.899.
Source: TradingView
Price action was mixed over the weekend as TIA rose nearly 8% on Saturday before dropping 0.73% on Sunday and settling at $0.961. Selling pressure intensified on Monday as the price fell almost 17% and settled at $0.799. Price action remained bearish on Tuesday, falling 1.21% to $0.789. TIA is up 1.21% during the ongoing session, trading around $0.799.
