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Galaxy Lowers Bitcoin Forecast After $20 Billion Liquidation
Galaxy Digital, stating that the crypto market has entered a period of maturity with institutional participation, lowered its year-end Bitcoin (BTC) price target from $185,000 to $120,000 in its monthly report. Alex Thorn, the company's Head of Research, stated that Bitcoin has entered a "maturity period" where it is no longer driven by individual investors, but rather by large funds and ETF inflows. According to Thorn, while this doesn't completely end the upward trend, it signals the beginning of a period in which gains will progress more slowly.Galaxy Digital Lowers Bitcoin ForecastGalaxy Digital revised its forecast, particularly after the "flash crash" that occurred on October 10th. That day's sharp decline resulted in liquidations of approximately $20 billion, briefly dropping Bitcoin from $121,000 to below $105,000. This was recorded as the largest liquidation in crypto history. According to the company's analysis, long-term investors sold approximately 400,000 to 470,000 BTC during the recent downturn. These sales created supply pressures of between $43 billion and $50 billion, making it difficult for Bitcoin's price to recover. On-chain data shows the market losing momentum due to weakening spot demand and increased ETF outflows. Spot Bitcoin and Ethereum ETFs in the US saw over $1 billion outflow in just five days.Galaxy also points to a shift in capital direction behind this trend. A significant portion of investors are now shifting to areas like artificial intelligence (AI) and gold. According to Thorn, while data center and AI infrastructure company stocks have risen rapidly in recent months, Bitcoin's speculative appeal has diminished. This shift is limiting the potential for a recovery in the crypto market.Geopolitical tensions and the uncertain macroeconomic outlook are also causing investors to turn to safer havens. While gold has once again emerged as a hedge against inflation, capital outflows from digital assets continue. Thorn stated, “Even in a liquid environment, attention is a limited resource. This year, the investment focus has shifted from digital assets to the artificial intelligence sector.”Galaxy Digital notes that Bitcoin spot ETFs haven't driven the market upwards permanently, but passive inflows from institutional and individual ETF investors have reduced volatility. This provides short-term stability but limits sudden price increases.According to CryptoQuant analyst Julio Moreno, if the current selling pressure continues, the BTC price could fall to $72,000 in the short term. Moreno noted that the decline in spot demand and ETF outflows have been ongoing since the October crash.While the price of Bitcoin fell below $100,000 at the beginning of the week, it has since recovered by more than 5% to around $103,000. Ethereum has also risen from $3,100 to $3,400. However, the market remains fragile as capital outflows from ETFs continue. Galaxy Digital argues that Bitcoin's long-term fundamentals remain strong despite short-term pressures. "Market cycles are inherent to crypto assets," Thorn said. "This consolidation phase does not invalidate Bitcoin's long-term projections."
Trump's Crypto Statement: "We've Ended the War"
All eyes are once again on the US in the crypto markets. President Donald Trump delivered a strong message of support for the cryptocurrency industry during his speech at the America Business Forum in Miami. Sharing his vision for the future of Bitcoin and digital assets, Trump emphasized that America should not lag behind in this area and declared that the "crypto war is over."Donald Trump makes a statement on cryptocurrencyAt an event held in Florida on November 5, 2025, as part of the America Business Forum, Donald J. Trump asserted that the US will be the leading country in the cryptocurrency space. He declared, "We are making America the Bitcoin superpower and the crypto capital of the world."In his speech, he claimed that the federal "war" on the cryptocurrency sector is over. He stated, "Crypto was under pressure, but it's not anymore," and presented a new vision. However, this vision did not include concrete timelines or new institutional directions.Trump suggested that digital assets could play a significant role not only in the technology field but also in the financial sphere. He stated that cryptocurrencies reduce pressure on the dollar and could benefit the US in terms of currency sovereignty. He used the phrase, "It alleviates pressure on the dollar."He also warned that rival countries like China could use the crypto sector to their advantage, emphasizing that the US should take an active role in this area. "If it's not done right, this is a major industry, and China is about to start," he said.Government steps are also progressing, albeit slowly, in line with the vision outlined in Trump's speech. Earlier this year, there were signs of the establishment of federal structures such as the "Strategic Bitcoin Reserve" and the "Digital Asset Stockpile" in the US; however, Bitcoin purchases have not yet materialized.Furthermore, the GENIUS Act, signed in July 2025, laid the groundwork for a regulatory framework for stablecoins. However, the market structure and comprehensive regulations are not yet fully established.Why did Trump emphasize crypto?Trump's emphasis on crypto did not emerge overnight. Previous administrations' regulatory crackdown on crypto and the general atmosphere of uncertainty had led to a lack of confidence in the sector. Trump described this situation as a "war," suggesting that this perception had been reversed. He also emphasized the crypto sector's size and support from the business community: "It's a big industry. There are a lot of businesspeople... they were in other businesses, but crypto is also involved," he said. This statement aims to demonstrate that crypto goes beyond being a mere investment tool and offers the potential to create economic growth and jobs.
Bitcoin Drops Below $100,000: $1.7 Billion Liquidated
The crypto market is experiencing a sharp sell-off. Bitcoin fell below $100,000, and a total of $1.7 billion worth of leveraged positions were liquidated in the last 24 hours. US-traded spot Bitcoin and Ethereum ETFs also saw a net outflow of $797 million on the same day. Investors are avoiding risk due to hawkish messages from Fed Chair Jerome Powell and the uncertainty created by the US government shutdown.Massive liquidations in the crypto marketAccording to SoSoValue data, spot Bitcoin ETFs saw $577.74 million in outflows. This was the highest daily outflow since August 1st. Fidelity's FBTC fund withdrew $356.6 million, Ark & 21Shares' ARKB fund $128 million, and Grayscale's GBTC fund $48.9 million. A total of seven Bitcoin funds closed with negative flows on the day. This extended a five-day outflow trend that has exceeded $1.9 billion.The situation was similar on the Ethereum side. Spot Ethereum ETFs saw $219.37 million in outflows, with BlackRock's ETHA fund leading the way with $111 million. Grayscale and Fidelity's Ethereum funds also saw outflows. Solana ETFs saw only a small inflow of $14.83 million, the lowest daily net inflow since launch.These fund movements led to sharp liquidations in derivatives markets. In the last 24 hours, $1.78 billion worth of positions were liquidated in the cryptocurrency markets. Long positions accounted for 77 percent of these liquidations, while long trades accounted for 72 percent of the $1.07 billion liquidations over the 12-hour period. An additional $7.1 million was liquidated in the last hour. According to the data, investors quickly closed their leveraged positions, thus deepening the decline rapidly. According to BTC Markets analyst Rachael Lucas, this isn't a "simple pause," but rather a strategic repositioning by institutional investors. "This fifth consecutive day of gains represents a recalibration focused on risk management," Lucas said.Macroeconomic headwinds are also weighing on crypto. Recent statements by US Federal Reserve (Fed) Chair Jerome Powell have weakened the likelihood of a December interest rate cut. This has pushed the dollar index (DXY) back above 100. The strengthening dollar has put pressure on crypto assets, which are highly correlated with technology stocks. Lucas commented, "The unraveling of the valuation bubble in AI stocks could spill over into crypto; the high correlation with the Nasdaq is driving this."Bitcoin fell 2.7 percent to $101,731 in the last 24 hours, while Ethereum fell 4.7 percent to $3,326. The 24-hour period also saw Bitcoin lose support at $100,000 and drop to $99,076. The Fear and Greed Index fell to 21, entering "extreme fear" territory. Experts believe such periods signal periods of increased volatility but also opportunities for long-term investors.
French Company Sold Some of Its Bitcoin to Pay Off Debt
French semiconductor company Sequans Communications sold some of its Bitcoin holdings to reduce its debt burden. By selling 970 Bitcoins, the company repaid 50% of its convertible bonds. This move reduced its total debt from $189 million to $95 million, while strengthening its balance sheet.Sequans sold 970 BitcoinsThe company's Bitcoin reserves, which stood at 3,234 before the recent sale, decreased to 2,264. At current market prices, the total value of these assets is approximately $240 million. This has reduced Sequans's debt-to-net-asset ratio from 55% to 39%. With this reduction, the company aims to increase its financial flexibility and create shareholder value. Sequans CEO Georges Karam stated, “Our Bitcoin asset strategy and belief in this asset have not changed. This sale is a tactical decision made in response to market conditions. We wanted to increase our balance sheet strength in the interest of our shareholders.”Following the debt repayment, the company also plans to accelerate its previously announced ADS (American Depositary Share) repurchase plan. It is also stated that the removal of some restrictions in the debt agreements will allow for more capital markets initiatives in the future. These initiatives include issuing new preferred shares or generating returns with a portion of Bitcoin holdings.Paris-based Sequans Communications develops wireless 4G/5G cellular connectivity solutions and focuses particularly on the Internet of Things (IoT). The company adopted Bitcoin as its primary reserve asset in early 2025. This decision was part of a corporate trend where digital assets are considered a long-term store of value instead of traditional cash management. From a financial perspective, Sequans' second-quarter revenues were $8.1 million, a 1.1% increase compared to the previous year. However, the company reported a net loss of $9.1 million. Despite this, market analysts believe that debt reduction and its Bitcoin strategy could positively impact the company's balance sheet in the medium term.Research firm B. Riley has issued a "buy" recommendation on Sequans shares and set a target price of $13. According to analysts, the company's shares currently trade at just 0.7 times adjusted net asset value, a valuation below the industry average.
Sharp Correction in the Crypto Market: Bitcoin and Altcoins Drop
The crypto market was caught in a sharp sell-off again in the first week of November. Bitcoin tested below $105,000 for the first time in three weeks, while altcoins experienced even deeper losses. The combination of fear and liquidity squeeze across the market significantly reduced investor risk appetite. With Bitcoin's decline, the Crypto Fear and Greed indicator dropped from 42 to 21, reaching the "Extreme Fear" level. This was its lowest point in seven months. The last time the index fell this sharply was in April. At the time of writing, the index was down 29 percent. According to experts, there are multiple reasons behind the sell-off. The first factor is the lack of liquidity in the market. According to analyst Michaël van de Poppe, the circulating supply of many altcoins is limited. If only 10% of the total supply is traded, a large sell order can easily destabilize the market. Because the order books lack sufficient depth, the decision by a few large investors to sell can quickly drive prices down. This makes altcoins both more vulnerable to declines and more reactive to rises. Van de Poppe says, “Be patient. The cycle is not over. Altcoins may recover more strongly when liquidity returns.”Another pressure factor in the market is Bitcoin's increasing dominance. Bitcoin, which holds more than 60% of the total market capitalization, is causing capital outflows from altcoins. As dominance increases, investors are turning to BTC again as a safe haven, accelerating the weakening of altcoins.On the macro front, the liquidity shortage in the US is negatively impacting cryptocurrencies. The government shutdown and Treasury spending cuts have reduced cash flow in the market. The accumulation of approximately $1 trillion in the Treasury General Account (TGA) has reduced reserves in the system and pushed up money market interest rates. This squeeze has led to a flight from risky assets. Furthermore, cautious statements from Fed Chair Jerome Powell accelerated the sell-off. While markets were anticipating further interest rate cuts, Powell's message that "we won't rush" disappointed investors. Bitcoin fell below $108,000, while leading altcoins like Ethereum and Solana lost between 6-8 percent of their value. Trading volumes have decreased by nearly 40 percent since mid-October.What lies ahead?However, the outlook isn't entirely bleak. Historically, when Bitcoin dominance peaks and altcoins are weak, a strong altcoin rally usually follows. Experts suggest that the Fed could become dovish again (dovish, positive monetary policy) if the US government resolves the shutdown and economic data weakens. Such a scenario could trigger a potential liquidity expansion or a new wave of quantitative easing in 2026. In short, the crypto market is currently under pressure from shrinking liquidity, rising fear, and Bitcoin-centric capital influx. However, such periods can herald a new bullish cycle for patient investors.
The Powell Effect: Bitcoin Funds Exit, Solana, and Flow into 6 Altcoins
Crypto asset investment products recorded a total net outflow of $360 million last week. This decline is primarily due to Fed Chair Jerome Powell's emphasis that a new interest rate cut in December is "not a certainty." Powell's cautious remarks have plunged investors into uncertainty, dampening risk appetite.CoinShares data draws attention: Bitcoin's significant outflowAccording to CoinShares data, the United States is at the center of these outflows. US-based funds saw $439 million in outflows, partially offset by inflows of $32 million from Germany and $30.8 million from Switzerland. Canada also closed the week in positive territory with $8.5 million in flows. Sweden, on the other hand, recorded an outflow of $11 million.Bitcoin ETFs were the hardest-hit product group, with $946 million in outflows for the week. Despite the interest rate cut, Powell's "hawkish" rhetoric reiterated Bitcoin's sensitivity to monetary policy. While Bitcoin's total assets under management fell to $175.6 billion, the year-to-date inflow of $29.4 billion remained.Solana was the star of the week. Driven by the launch of new Solana ETFs in the US, the funds saw $421 million in inflows. This figure marked the second-highest weekly inflow in Solana's history. This brings SOL's total positive year-to-date inflow to $3.3 billion. Ethereum also saw $57.6 million in inflows. However, daily flow data suggests investors remain hesitant. Nevertheless, it's noteworthy that Ethereum maintained its strong year-to-date inflow of $14.3 billion. XRP also closed the week positive with $43.2 million in positive flow, bringing its total year-to-date inflow to $1.97 billion.The picture was mixed for smaller altcoins. Sui saw $9.4 million inflows, Litecoin $1.5 million, Cardano $700,000, and Chainlink $500,000. Multi-asset funds saw a small inflow of $8.3 million, while Zcash remained stable. However, the "other" category saw a notable outflow of $43 million.Among fund providers, iShares ETFs led the way with $390 million in outflows. Fidelity's Wise Origin Bitcoin Fund saw $156 million, Bitwise $92 million, and ARK 21Shares $76 million. ProShares and 21Shares AG also saw positive outflows, with $47 million and $21 million, respectively.While a total of $49 billion has flowed into digital asset funds since the beginning of the year, fluctuations in recent weeks suggest that investors are still closely monitoring Fed policy.
Trump: "The US Must Become a Leader in the Crypto Industry, Otherwise China Will Take It"
US President Donald Trump has once again made headlines with his latest statement regarding the cryptocurrency sector. In an interview with CBS correspondent Norah O'Donnell on the program "60 Minutes," Trump emphasized the need for America to maintain its leadership in the crypto industry, saying, "China is entering Bitcoin and crypto in a very big way right now. If we don't lead the way, China or another country will dominate this space."According to Trump, the crypto industry, like artificial intelligence, is central to national competitiveness. Therefore, he argues that the US "must remain at the forefront" in this field, which is shaping the future of global finance. "I want to keep America number one," Trump said, emphasizing that the crypto economy is a strategic area not only for investors but also for the country's technological superiority.CZ defends pardon: "Biden was a witch hunt"During the interview, Trump was also asked about the pardon decision for Binance co-founder Changpeng Zhao (CZ). Zhao, who was convicted of violating money laundering laws in 2023, was described by the US administration at the time as "a case that harms national security." However, Trump defended the decision, saying, "CZ was the victim of the Biden administration's political witch hunt."Trump described Zhao as a "respected and successful businessman." He said he didn't know him personally but believed he was unfairly targeted. "Just like me, he was subjected to malicious attacks from the Biden team," Trump said, adding that the pardon was a fitting decision. He also added that his sons are more interested in crypto than he is, but that he, too, believes digital assets are a "legitimate and valuable part" of the US economy.China's crypto push and the US's raceTrump's warning that "China is entering crypto in a big way right now" also aligns with Beijing's increasing investments in blockchain technologies. While centralized crypto trading is banned in China, it is expanding its global influence through regulated exchanges operating through Hong Kong. It is also strengthening blockchain infrastructure through state-backed projects.According to Trump, a slowdown in the US could jeopardize the country's technological superiority. He argued that crypto innovation accelerated under the previous administration, saying, "When I was president, America was number one in crypto."Trump concluded his remarks with the words, "We are number one, and that's all I care about." He emphasized the need to maintain leadership in both crypto and artificial intelligence. "China, or any other country, should take that away from us," Trump said, reiterating his view of the digital economy as a national strategy.China's rising influence appears to determine how Washington responds to this competition. Trump's message is clear: The crypto industry is not just an investment vehicle; it's a matter of national power. And in this race, he believes America must maintain its leadership position.
Why the Crypto Market Crashed? Here Are 3 Critical Factors
The cryptocurrency market closed the week with a sharp sell-off. As of November 3rd, the total market capitalization fell by approximately 3 percent, returning to the red. Many major crypto assets, particularly Bitcoin and Ethereum, experienced double-digit declines. The liquidation of over $400 million in long positions within 24 hours further deepened the decline.No new Fed cut signalThe selling stems from statements from the US Federal Reserve (Fed). Fed Chair Jerome Powell, who cut interest rates by 25 basis points in October, said that a new cut in December was "not a certainty." This statement weakened investor expectations for easing policy; the dollar index strengthened, while risk appetite declined.US Treasury Secretary Scott Bessent also stated that tight monetary policies were already slowing some parts of the economy, leaving limited room for further cuts. According to CME FedWatch data, the probability of a December interest rate cut has fallen to 69 percent. This has created selling pressure, particularly on cryptocurrencies, which are among the most interest-sensitive assets. Billion-Dollar Outflow from Bitcoin ETFsAnother factor deepening the market decline was the massive outflows from US-based spot Bitcoin ETFs. According to Fairside data, a total of $1.15 billion was withdrawn from these funds last week alone.Outflows from major funds like BlackRock, ARK Invest, and Fidelity indicate a decline in investor interest in institutional crypto products. This situation exacerbated the vulnerability of the Bitcoin price, causing the sell-off chain to lengthen.Wave of Liquidations Exceeds $400 MillionBitcoin's slide below $107,500 triggered a chain of liquidations in futures. More than 162,000 investors lost their positions in the last 24 hours. In Bitcoin alone, $74.6 million worth of long positions were liquidated, while in Ethereum, this figure reached $85.6 million. Across the market, $413 million worth of long positions were liquidated. Analysts point to the risk of an additional liquidation of approximately $6 billion if BTC falls below $106,000. If this scenario plays out, the market is likely to enter a sharper correction in the short term.Sharper decline in altcoinsAltcoins were hit much harder than Bitcoin. The top 50 cryptocurrencies lost around 4 percent on average. Bitcoin's market dominance increased to 60.15 percent, indicating that investors are turning to BTC as a "safe haven."Ethereum fell 4.4 percent to $3,734, and BNB fell 4.8 percent to $1,039. XRP lost 3.3 percent to $0.56. Uniswap (UNI) and Dogecoin (DOGE) were among the day's sharpest-falling assets, with UNI losing 9 percent and DOGE losing 6.9 percent. The overall outlook suggests that the Fed's cautious stance and ETF outflows are suppressing market risk appetite, while leveraged trading and on-chain liquidations are accelerating the decline. The crypto market may remain volatile and directionless until the Fed meeting in December.
BTC Comment and Price Analysis - November 2, 2025
BTC Technical AnalysisThis week, a key development is taking place for BTC: approximately $17 billion worth of BTC and ETH options are set to expire. This could bring significant liquidity shifts and define the next market direction. Rising Triangle Formation Following the dump on October 10, BTC has been consolidating in a sideways range, forming a rising triangle pattern. The price is currently stabilizing around $109,000–$110,000, holding above the triangle’s ascending trendline — which indicates that buyers are gaining control.The upper boundary of the triangle sits at $114,000–$115,000. A strong breakout above this zone could trigger the pattern’s target and confirm a new uptrend, with an initial move expected toward $119,500.On the other hand, the $108,000–$106,800 area acts as the first support zone. If this is lost, BTC could pull back toward $103,400. However, the current structure still favors an upward breakout, supported by rising lows and tightening price action.Support and Resistance LevelsSupport: $108,000 – $106,800 – $103,400 – $100,900Resistance: $111,300 – $114,000 – $115,000 – $119,500Summary:BTC has formed a rising triangle within a range.A breakout above $114K–$115K would likely spark a strong rally.Higher lows show growing buyer strength.Below $108K, short-term weakness could appear.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
$17 Billion in Options on Bitcoin and ETH Expires Today
The crypto market is preparing for one of the largest derivatives transactions of October. Bitcoin (BTC) and Ethereum (ETH) options contracts, with a total value approaching $17 billion, will expire on Friday, October 31, 2025, on the Deribit exchange. According to Deribit data, Bitcoin accounts for $13.5 billion of the expiring contracts, while Ethereum accounts for $2.5 billion. This volume surpassed last week's $6 billion weekly close, making October one of the most active periods of the year.Cautious Optimism on BitcoinBitcoin's price was trading around $109,000 at the time of writing. There are more than 124,000 Bitcoin options contracts expiring, and the "max pain" level, or the price point where the greatest loss occurs, is set at $114,000. Historically, the Bitcoin price tends to trend toward these levels as expiration approaches. This is because market makers adjust their positions accordingly to hedge against these levels. The put/call ratio is hovering around 0.70, indicating that investors are not overly pessimistic but rather cautiously optimistic. However, market data indicates that the market is "fragile," and selling pressure may increase in areas below $112,000. The $106,000 support level is considered critical in the event of a potential decline.Ethereum Takes a More Cautious StanceOn the Ethereum side, more than 646,000 options contracts are set to expire on Friday. Total volume is $2.49 billion. The "maximum pain" level is set at $4,100, just above the current price. While Ethereum's put/call ratio is also 0.70, traders are generally more cautious. Deribit analysts commented, "Ethereum positions are cautiously optimistic. However, investors are still hedging against a potential downside." The number of open interest on the ETH side has fallen to around 70,000 in the last month, indicating a decline in trader interest. This strengthens the possibility of a period of sideways movement or consolidation in the market.Macro Trends and ExpectationsAnalysts note that the easing of trade tensions between the US and China has increased risk appetite, but markets remain cautious. The Deribit team warned, "While the overall macro outlook is turning positive, market participants should be prepared for a potential increase in volatility." This $17 billion maturity event could determine the short-term direction of Bitcoin and Ethereum prices. The maximum pain levels of $114,000 (BTC) and $4,100 (ETH) could cause prices to temporarily retreat to these levels. However, if no new catalysts emerge, a period of directionless consolidation is also possible in the market.At the time of writing, Bitcoin is trading around $109,500, while Ethereum is trading around $3,800.
SpaceX Carried 4,300 Bitcoins in October
Elon Musk's space company, SpaceX, moved 281 Bitcoin (approximately $31 million) to a new address on the night of October 29th. This was the company's fifth Bitcoin transfer this month. According to blockchain analysis platform Lookonchain, SpaceX moved a total of 4,337 BTC (approximately $471 million) throughout October. Data shows the transfers were made through Coinbase Prime.SpaceX made several Bitcoin transactionsOn October 21st, SpaceX moved 2,495 BTC (approximately $268 million) in two separate transactions. This was the first transaction tracked since late July. At the time, analysts believed the company was simply reorganizing its wallets, as similar transactions in the past had been linked to storage addresses labeled Coinbase Prime. On October 24th, SpaceX moved another 1,561 BTC (approximately $172 million) in two transactions. In the last two transactions, funds were transferred from older Bitcoin addresses (legacy addresses starting with "1") to more modern formats (e.g., SegWit addresses starting with "bc1q"). Such migrations are widely preferred for security and transaction efficiency. The most current address format, Taproot ("bc1p") addresses, offer significant advantages in terms of privacy and transaction cost on the Bitcoin network.SpaceX's Bitcoin adventure first began in the summer of 2021, when Elon Musk confirmed that Tesla and SpaceX owned Bitcoin. However, by the end of 2022, it was claimed that SpaceX had sold off approximately 70% of its assets. At that time, the collapse of the Terra ecosystem, the FTX bankruptcy, and the general panic in the markets led many institutional investors to reduce their positions.Blockchain analysis firm Arkham Intelligence announced in March 2024 that a total of 8,285 BTC was held in 28 addresses believed to belong to SpaceX. According to current data, this amount has decreased to 7,258 BTC (approximately $799 million). However, analysts note that the latest transfers in October have not yet been tagged, so the figures may not be fully reflected.A similar picture exists for Tesla. Although the company sold the majority of its Bitcoin holdings in 2022, it still holds 11,509 BTC. The current market value of this amount is approximately $1.3 billion.SpaceX's Bitcoin movements are believed to be driven not by sales, but by strengthening its corporate wallet infrastructure. The company's switch to new-format addresses is considered a logical move for both security and accounting purposes. However, the market speculation generated by these transfers serves as a reminder that Elon Musk's companies continue to exert a strong influence on Bitcoin.
US-China Summit Held: How Were Cryptocurrencies Affected?
The US-China summit held in Busan, South Korea, on Thursday marked a new chapter in the trade war between the two superpowers. In their long-awaited face-to-face meeting, US President Donald Trump and Chinese President Xi Jinping agreed to reduce tariffs and strengthen economic cooperation. The meeting was closely watched by both global markets and crypto investors.The two leaders met for the first time since 2019. Following the talks, Trump announced that the average tariff on goods imported from China would be reduced from 57 percent to 47 percent. Duties on fentanyl precursor chemicals, in particular, were reduced from 20 percent to 10 percent. In return, Beijing pledged to crack down on illicit fentanyl exports, announced that it would resume large-scale soybean purchases from the US, and resume rare earth element exports. Trump described the agreement as a "12 on a scale of 1 to 10."Markets initially reacted cautiously. Asian indices experienced volatility, with the Shanghai Composite Index retreating slightly from its decade-high. US soybean futures also saw small declines. Analysts noted that investors had already priced in this agreement, and the market reaction was therefore limited. Nevertheless, experts believe this development could ease inflationary pressures and allow central banks to maintain looser monetary policies.The Trump administration's withdrawal from its threat of 100% tariffs on Chinese goods and Beijing's postponement of rare earth restrictions are considered positive steps, particularly for the high-tech and artificial intelligence sectors. This move could also ease the production chain for hardware used in crypto mining.How were cryptocurrencies affected?The summit also coincided with the week in which the US Federal Reserve (Fed) officially ended its monetary tightening campaign and cut interest rates. Considering these two developments together, increased liquidity and risk appetite may resurface in global markets. Historically, such periods strengthen the potential for upward movement in risky assets like Bitcoin and Ethereum.While crypto markets experienced brief volatility before the summit, they showed signs of recovery as trade tensions eased. Analysts note that the combined impact of the Fed's interest rate cut and the US-China detente could drive new institutional inflows into digital assets in the coming weeks.On the geopolitical front, despite the optimism, a cautious tone prevails. Trump and Xi acknowledge that technology competition will continue. China wants the US to ease technology export restrictions, while Washington continues to establish alternative supply chains with Japan and Southeast Asia.Ultimately, the Busan summit represents a temporary truce in the years-long trade war. However, whether this truce will last will depend on how well both countries deliver on their promises. For now, markets remain cautiously optimistic; on the Bitcoin front, investors have begun to return to risk-taking mode.
Bitcoin Clings to $114,000: All Eyes on Fed Meeting
The Bitcoin price started the week cautiously, trading around $114,000. Investors are reconsidering their positions in anticipation of a rate cut at this week's US Federal Reserve (Fed) meeting. The market is generally flat, with major altcoins like Ethereum, Solana, and Binance Coin (BNB) experiencing average declines of around 2%. Bitcoin, which rose from $104,800 to $116,000 last week, was strengthened by positive signals regarding China-US trade talks and increased risk appetite. However, in the new week, investors are choosing to wait for the impact of a potential interest rate cut on the market."Bitcoin's recent recovery indicates that institutional investors are re-entering the market and long-term confidence is increasing," said Lacie Zhang, research analyst at Bitget Wallet. Zhang noted that open interest volume has increased from $25 billion to $30 billion, emphasizing that this could both increase upside potential and increase the risk of liquidation in the event of a potential decline. According to market data, open interest and funding rates on derivatives exchanges remain high but remain stable. This suggests traders are not taking excessive risks.Fed decision awaitedThe Fed's Open Market Committee (FOMC) meeting will be held on October 28–29. Markets expect a second 25 basis point interest rate cut and a widening of the interest rate range to 4.00–4.25 percent. This decision is considered the clearest indication that the central bank is shifting from monetary tightening to easing.Zhang said, "Powell is expected to maintain his emphasis on data-driven action in his statements, signaling a controlled liquidity expansion. This supports both bond demand and appetite for risky assets."This "dovish" stance is taking shape amid the delayed release of official economic data due to the US government shutdown. Powell is reportedly placing greater emphasis on private sector indicators (such as the ADP employment report) to compensate for the lack of data. Bitcoin is strong, altcoins are weakBitcoin gained 5.8 percent on a weekly basis, positively decoupling from other cryptocurrencies. FxPro analyst Alex Kuptsikevich commented, “Bitcoin used its 200-day moving average as support and rose above $116,000. The $117,000-$120,000 range is a strong resistance zone, but a sustained breakout could lead to new highs.”In contrast, the altcoin market is showing a mixed picture. Ethereum (ETH) fell 2.6 percent to $4,115. Solana (SOL) is trading around $202, while BNB is down 2 percent. XRP is trading around $2.65, and DOGE is trading around $0.20.On-chain data shows that Bitcoin, which has been dormant for more than seven years, is moving at a record pace. This suggests that some early investors are taking profits. The total cryptocurrency market capitalization stands at approximately $3.9 trillion and remains above both its 50- and 200-day moving averages. Analysts note that the market has moved past its fear phase, with investors now shifting to a "wait-and-see" mode.With the expectation of a rate cut, Bitcoin is expected to fluctuate in the $115,000–$120,000 range in the coming days. The market's direction will be determined by the potential increased volatility following the Fed's decision and the reaction of leveraged positions.
Investor Confidence Returns: $921 Million Flows into Bitcoin and Altcoin Funds
According to CoinShares' weekly report dated October 24th, there was a total inflow of $921 million into digital asset investment products in the last week. This strong performance was attributed to the recovery of investor confidence following the release of the US CPI (Central Price Index) data, which fell short of expectations. Expectations that the US Federal Reserve (Fed) may implement further interest rate cuts this year appear to have renewed buying appetite in digital asset markets.Weekly trading volumes reached $39 billion globally, well above the yearly average. This indicates that market interest and volatility remain high. US-based funds, in particular, saw inflows of $843 million, while Germany experienced a near-record week with $502 million. Meanwhile, Switzerland saw outflows of $359 million. CoinShares stated that this outflow was not due to selling pressure but rather to asset transfers between fund providers.Investors Turn to BitcoinOn an asset basis, Bitcoin was the clear winner of the week. With $931 million inflows, investors' risk appetite shifted back to Bitcoin. This brings the total inflow of $30.2 billion into Bitcoin products since the beginning of the year. While this figure is below last year's $41.6 billion, it's noteworthy that it has regained momentum with the start of the Fed's interest rate cut cycle. The situation was quite the opposite for Ethereum. A five-week streak of uninterrupted inflows ended this week with an outflow of $169 million. It was reported that investors held short positions throughout the week, despite continued interest in leveraged Ethereum ETPs (exchange-traded products). Volumes for Solana and XRP slowed significantly ahead of the expected ETF approvals in the US. Solana saw $29.4 million inflows, while XRP saw $84.3 million inflows.Meanwhile, limited outflows were observed for Sui and Cardano, with investors largely holding positions in market leaders. Litecoin, Chainlink, and multi-asset funds followed a balanced course, finishing the week with small positive inflows.By provider, CoinShares Digital Securities funds led the week with $498 million in inflows. iShares ETFs followed with $235 million and ProShares ETFs with $84 million. Grayscale Investments, however, fared negatively with an outflow of $118 million. The company has experienced a total outflow of $2.37 billion since the beginning of the year.In terms of country-by-country distribution, the US contributed $843 million, accounting for the majority of inflows, while Germany accounted for $502 million. In contrast, Switzerland was the weakest link with an outflow of $359 million. Canada and Brazil saw limited inflows, while investors in Hong Kong and Sweden remained cautious.The overall picture suggests that market participants are repositioning themselves in anticipation of interest rate cuts.
Mt. Gox Payouts Delayed to 2026: 34,000 Bitcoins Will Remain Locked
Mt. Gox, once the largest Bitcoin exchange, has once again postponed debt payments to its investors. According to a new statement, the deadline for repayments to creditors has been extended to October 31, 2026. The distribution, previously scheduled for 2025, has been brought forward by one year with court approval.Nobuaki Kobayashi, the trustee overseeing Mt. Gox's liquidation process, stated, "Since some creditors were unable to complete the necessary documents, it was deemed appropriate to extend the deadline to allow for a reasonable completion of payments." This indicates that there are still a large number of investors who have not received payments.34,000 BTC Not Yet DistributedThe exchange currently holds 34,689 Bitcoins in its wallets. The current market value of this amount is over $4 billion. After the approximately 24,000 BTC transferred in 2024, the majority of the remaining balance remains. Past distribution rounds consisted of a "basic payment," an "early lump sum payment," and an "interim payment." However, because not all creditors could participate in the process, the payment schedule was extended.This new postponement adds a new link to an eleven-year chain of uncertainty that has persisted since the 2014 collapse of the Mt. Gox process. As is well known, the exchange went bankrupt after 850,000 BTC were stolen at the time. Approximately 127,000 users have been waiting to recover their losses ever since.Positive Reception for the MarketThe news of the postponement had a positive impact on the Bitcoin market in the short term. The BTC price rose by approximately 4 percent in the last 24 hours, reaching $115,500. Experts believe this development is reducing selling pressure in the markets. The sudden release of Mt. Gox's Bitcoin holdings has caused panic among investors in the past. However, with the gradual payments made in recent years, many creditors have preferred to hold their coins long-term rather than sell them. Despite transferring 47,000 BTC to existing investors during the distribution via Kraken in the summer of 2024, prices did not drop significantly.The Mt. Gox case is now seen as a turning point in crypto history. Each new delay both tests investors' patience and postpones selling pressure in the market. According to analysts, a sudden sell-off could have shaken the market in 2025 due to weakened liquidity in OTC (over-the-counter) markets; this risk has been mitigated by this decision.In short, Mt. Gox's new plan, which will last until 2026, will keep a significant portion of the Bitcoin supply off the market for a while longer. This could have a positive impact on both price stability and investor psychology. However, as 2026 approaches, the "Mt. Gox effect" may resurface.
