Public companies now hold over 1 million Bitcoin worth $110 billion on their balance sheets, but only early adopters with disciplined strategies have seen major gains.
Bitcoin miners are running out of room to breathe.
In the wake of a $19 billion market rout, operators have begun moving massive volumes of Bitcoin onto exchanges, a classic signal that sell pressure is building.
Data from CryptoQuant shows that between Oct. 9 and Oct. 15, mining wallets sent 51,000 BTC, worth more than $5.6 billion, to Binance alone. The largest daily transfer, over 14,000 BTC on Oct. 11, marked the biggest miner deposit since July 2024.
Selling the reserves
Such spikes rarely happen in isolation. They usually appear when miners need liquidity to cover rising costs or hedge against price swings.
Analysts view these movements as a bearish on-chain signal, showing that miners are exiting long-term accumulation phases and preparing to sell.
Blockchain researcher ArabChain explained that large transfers from miner wallets typically indicate either direct liquidation or preparations for collateralized borrowing.
According to the researcher:
“Sometimes, miners also deposit coins to use as collateral for derivatives contracts or for financing purposes. In some cases, these deposits are merely technical reallocations—i.e., transfers between wallets associated with mining entities and trading platforms for regulatory or operational reasons.”
That change in behavior marks a turning point for the industry. For much of this year, miners were consistent net accumulators, banking on post-halving scarcity to drive prices higher.
However, they are now reacting to the opposite as shrinking margins and intensifying network difficulty drive their margin low.
A tougher race to every block
Bitcoin mining difficulty, which measures how hard it is to find a new block, peaked above 150 trillion in September after seven consecutive positive adjustments.
According to Cloverpool data, the most recent epoch, ending at block 919,296, finally eased by 2.73%, offering brief relief after months of relentless upward pressure.
Difficulty adjustments happen roughly every two weeks, recalibrating the puzzle to ensure blocks arrive near Bitcoin’s ten-minute target.
A rising difficulty signals that more machines compete for rewards; a decline shows weaker miners have powered down. But even a slight drop hasn’t improved profitability.
According to Hashrate Index, hashprice, the revenue per terahash of computing power, has fallen to around $45, the lowest since April.
Meanwhile, transaction fees, which should help offset lower rewards, have cratered instead. So far in 2025, the average fee per block has been 0.036 BTC, the weakest since 2010.
Bitcoin mining analyst Jaran Mellerund said:
“It is a paradox that so many bitcoin miners completely disregard transaction fees. Nobody seems to even talk about them…In just a decade, these fees will be almost your sole source of income.”
With Bitcoin’s halving in April cutting block rewards to 3.125 BTC, miners are now competing in a zero-sum environment where every extra terahash of power reduces everyone’s payout.
Many smaller operations are already underwater, particularly those running older, less efficient rigs.
AI presents a lifeline
Faced with razor-thin margins, major mining firms are discovering a lucrative alternative in AI and high-performance computing (HPC) hosting.
Over the past year, companies such as Core Scientific have retooled their massive data center footprints, which are already optimized for power, cooling, and fiber connectivity, to accommodate compute-hungry AI workloads.
Hashlabs reported that a 1-megawatt (MW) mining site operating efficient rigs at around 20 joules per terahash (J/TH) can generate about $896,000 in Bitcoin revenue annually at a BTC price of $100,000.
However, the same MW rented to AI clients for compute-intensive workloads can yield up to $1.46 million yearly in stable, contract-based income.
Nico Smid, founder of Digital Mining Solutions, said:
“The rise of AI and high-performance computing (HPC) is transforming the global compute landscape and Bitcoin miners are feeling the impact firsthand. What started as parallel industries are now competing for the same critical resources: power, infrastructure, people, and capital.”
This pivot doesn’t mean miners are abandoning Bitcoin. Instead, they’re diversifying the same infrastructure that once secured the blockchain into a broader computing economy.
In practice, miners can remain solvent through hosting contracts while waiting for the next crypto upcycle.
What it means for Bitcoin
The short-term read is clear that miner selling adds pressure to an already fragile market.
Historically, sustained inflows from miner wallets have preceded periods of consolidation or capitulation. But the longer-term story may prove more consequential.
If mining facilities continue morphing into hybrid AI-crypto data centers, Bitcoin’s security model, which depends on consistent hashpower incentives, could face structural change.
As profitability from pure block rewards declines, Bitcoin’s hash rate may increasingly depend on firms whose primary business is no longer mining alone.
Mentioned in this article
Bitcoin’s short-term outlook may appear bleak with the price hovering around $105,000, but the U.S. fiscal picture looks considerably brighter.
According to CNBC, the U.S. Treasury recorded a $198 billion surplus in September 2025, the largest for that month on record. This strong finish contributed to reducing the fiscal 2025 deficit to $1.78 trillion, about $41 billion (2.2%) less than in 2024.
While September typically records a fiscal surplus due to tax payments, this time an additional factor contributed – import duties (tariffs), which President Donald Trump introduced in April. Tariffs brought in $30 billion in revenue in September, almost half of what had been forecasted for the entire fiscal year.
These revenues helped offset record-high interest payments on the $38 trillion national debt, which have reached over $1.2 trillion annually. In September, net interest payments totaled $37 billion, making it the fourth-largest federal outlay for the month. It trailed behind Social Security ($133 billion), health spending ($94 billion), and national defense ($76 billion).
The stronger-than-expected revenue from Trump’s tariffs suggests he is likely to stay committed to his trade war strategy despite potential market volatility. This could prompt investors to shift away from risk assets and seek safety in alternatives like bonds and gold, mirroring the market reaction seen during the April “tariff tantrum”.
While potential worsening of trade tensions could add to inflation, the Federal Reserve expects any price increases to be temporary and is likely to continue lowering interest rates, currently at 4.00% to 4.25%.
According to the CME Fed Watch Tool, the market is pricing in 50bps worth of rate cuts for 2025, taking the benchmark rate to 3.50 to 3.75%. It remains to be seen if the impending easing provides relief to risk assets.
Bitcoin’s weekly trading volume hits $3.68 billion, the highest since March, despite price falling below $106,000.
Bitcoin’s weekly trading volume has climbed to its highest level since March, signaling renewed activity among institutional players even as the price dropped below $105,000.
The increase in liquidity comes amid a volatile week marked by sharp corrections and renewed optimism for a late-October rebound.
Liquidity Returns as BTC Goes Down to $105K
Data shared by analyst Arab Chain revealed that Bitcoin’s 7-day moving average of trading volume has risen to about $3.68 billion, according to Binance figures, the strongest level in seven months.
However, the rise comes at a time when the price of BTC is declining, with the asset trading at $104,900 at the time of this writing. Still, the improving volume points to an influx of large traders gradually re-entering the market, with observers suggesting the behavior could mark a potential reaccumulation phase, where professional investors rebuild positions after recent price drops.
On October 10, the OG crypto saw more than $17,000 shaved off its price when it nosedived from $122,000 to about $105,000 after the U.S. and China crossed swords over new tariffs. On some exchanges, it went further south to $101,000.
That particular incident saw traders lose as much as $19 billion worth of leveraged positions, although a subsequent report by market technician Carmelo Alemán placed the actual losses at a much more modest $2.31 billion.
BTC did recover from the storm, going to about $116,000, before a series of dips pushed it back down to its current level just below $105,000. It also triggered another wave of liquidations, with nearly 300,000 traders seeing positions worth approximately $$1.1 billion closed out.
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Analysis from CryptoQuant attributed some of the short-term weakness in the market to Binance-led selling pressure, noting a negative funding rate persisting for four consecutive days. Despite this, U.S.-based buying activity remains firm, reflected in a positive Coinbase Premium, suggesting strong spot demand that may offset futures-driven selling.
Bullish Backdrop and Technical Foundations
Despite recent pressure, the underlying market structure for Bitcoin remains positive. A technical perspective shared by market observer Axel Adler Jr. identified the $106,000 to $107,000 range as a major support zone, with a breach potentially leading to a test of the $100,000 level. According to him, as long as this foundation holds, the broader bullish trend is considered intact.
The flagship crypto has declined 4% in the last 24 hours and 12% over the past week, even though it maintains a 58% gain over the preceding year.
Historically, October has been a strong month for BTC, with a recurring seasonal pattern known as “Uptober” often seeing its most powerful gains in the latter half. CryptoQuant data indicates that exchange reserves typically shrink during this period as investors move coins into long-term storage, tightening supply and setting the stage for potential rallies.
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Key points:
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Bitcoin falls to its lowest levels since June as familiar US banking turmoil returns.
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Traders see $100,000 possibly failing as support.
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Gold comes off fresh all-time highs as Peter Schiff sees it beating Bitcoin to the $1 million mark.
Bitcoin (BTC) fell to 15-week lows on Friday as a US banking rout added to BTC price pressures.
Bitcoin risks “going straight to $98,000” next
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin dropping under $106,000 for the first time since June.
Crypto markets reacted badly to concerns over US regional banking stocks, which began falling in a manner similar to March 2023. Then, Bitcoin and altcoins saw a flash crash before a strong rebound, with BTC/USD dipping under the $20,000 mark.
“In March 2023, regional bank stocks collapsed, the crisis was ‘contained,’ but nothing really changed,” trading resource The Kobeissi Letter wrote in an X post.
Reacting, some traders warned of a retest and potential failure of key BTC price support at $100,000.
If $BTC lose this support, we are going straight to $98,000.
Good Luck everyone. pic.twitter.com/sIjbPPAoOM
— Borg (@Borg_Cryptos) October 17, 2025
Others saw an attempt to “fill” a daily candle wick from last week, which took price to $102,000 on Binance amid US-China trade war worries.
“$BTC working on the Binance wick. If it doesn’t end here, it could fill the whole wick near the weekly 50 MA,” trader SuperBro wrote on X.
Earlier moving averages (MAs) on daily timeframes failed to hold as support, leading Bitcoin to touch its 200-day MA for the first time in over six months.
“$BTC has lost the $108,000 support level. Now there’s little to no support until $101,000-$102,000,” crypto investor and entrepreneur Ted Pillows agreed.
“If Bitcoin manages to reclaim the $110,000 level from here, we could see a bounce back. Otherwise, expect more pain before relief.”
Gold bug Schiff sees $1 million before Bitcoin
The banking woes also began to take their toll on gold, the standout winner in the current market, which saw new all-time highs into the daily close.
Related: $120K or end of bull market? 5 things to know in Bitcoin this week
Gold proponents celebrated its divergence from Bitcoin. Peter Schiff, the well-known Bitcoin skeptic who is chairman and chief economist at investment advisory firm Europac, predicted that the precious metal would reach $1 million per ounce before Bitcoin.
Gold is more likely to hit $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025
“It’s not just a de-dollarization trade but a de-bitcoinization trade. Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold,” he argued during recent X exchanges.
Others suggested that a “rotation” into BTC was now more likely.
“Either way, makes sense to see profits flow out of Gold soon with the way the market behaves,” crypto trader Jelle said on X.
An accompanying chart showed phases of Bitcoin leading and “catching up” with gold over the years.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Gold is up nearly 60% year-to-date, substantially outperforming bitcoin, which, in comparison, is up a paltry 13% – despite all the talk of a bull market.
Analysts say that gold isn’t overpriced, despite the epic rally, and traders on Kalshi are confident that 2025 will be the year that the yellow metal outperforms BTC.
Yet data from Hyperliquid suggests crypto traders remain offside. Only 34% of positions are long, with just 35% of traders profitable, and a majority caught in losing short positions as volatility whipsaws markets as hyper-leveraged accounts increase the G-forces on the roller coaster.
The average user’s daily PnL has sunk to just under $50K, indicating that most have been consistently on the wrong side of the market.
It’s a telling snapshot of a trading community caught flat-footed. The latest wipeout of celebrity trader Machi Big Brother, whose account plunged from $43 million in profits to over $13 million in losses, underscores how overleveraged bets on bitcoin’s rebound continue to backfire.
The combination of misplaced conviction and excessive leverage has turned crypto markets into a graveyard of mistimed trades rather than a reflection of genuine macro demand.
Glassnode’s latest market report reinforces this picture of fragility.
The research firm describes the recent $19 billion deleveraging as one of the largest in bitcoin’s history, wiping out leverage and leaving the market in what it calls a “reset phase.”
Funding rates have plunged to 2022 FTX-collapse levels, ETF inflows have turned negative, and long-term holders are distributing into strength. Glassnode warns that unless new demand emerges, bitcoin risks deeper contraction below the $108,000 level.
In contrast, gold’s ascent has been driven by conviction rather than leverage. Geopolitical tension, cooling inflation, and rate-cut bets have all reinforced its appeal as a haven asset in a world of macro uncertainty. Crypto’s speculative structure, dependent on ETF flows and derivatives leverage, hasn’t been able to capture the same narrative tailwind.
For now, the data tells a clear story: traders may still want a bitcoin bull market, but the market they actually have looks a lot more like gold’s.
Market Movement:
BTC: Bitcoin is trading around $108,287, sliding on renewed risk aversion, profit‑taking after recent rallies, and macro uncertainty.
ETH: Ether is changing hands at $3891, experiencing a sell-off in tandem with BTC as speculative demand weakens amid broader crypto pressure.
Gold: Gold is rallying as investors seek a safe-haven given ongoing geopolitical tension and expectations of U.S. rate cuts.
Nikkei 225: The Nikkei 225 is down 0.3% as major markets across Asia slip on growing concerns of geopolitical tensions.
Elsewhere in Crypto
- Trump Family Has Already Made Over $1 Billion in Profit on Crypto, Says Eric Trump (Decrypt)
- SEC Commissioner Peirce makes case for financial privacy, says tokenization is a ‘huge focus now’ (The Block)
- BNY Mellon Stays ‘Agile’ on Stablecoin Plans, Focuses on Infrastructure (CoinDesk)
Bitcoin’s price is precariously hovering in the critical support zone amid a broadening surge in volatility indices across asset classes.
The leading cryptocurrency by market value has dropped nearly 2.5% to $108,000 in 24 hours. It has entered the key support zone of $107,000 to $110,000, which, if breached, would mark a significant weakening of buying pressure and expose prices to deeper losses.
BTC’s annualized 30-day implied or expected volatility, gauged by Volmex’s BVIV index, has climbed above 50%, retaining gains seen during last Friday’s leverage flush out.
The index has risen more than 21% since bitcoin began its pullback from the Oct. 6 record high of over $124,000. This rise highlights the growing Wall Street-like dynamics in the crypto market, where volatility tends to surge during price sell-offs.
The upswing in BTC’s volatility is marked by short and near-dated puts trading at 5% to 9% volatility premium to calls, reflecting heightened fears of a protracted sell-off, according to Deribit data. Put options offer insurance against potential weakness in the underlying asset. Traders commonly purchase puts to hedge their spot market holdings or to profit from an anticipated market sell-off.
Speaking of Wall Street, its very own fear gauge, the VIX index, rose 22% to 25.43 on Thursday, the highest since May 7. The index has increased 56% since last Friday.
Similarly, the CBOE gold volatility index (GVZ) jumped 20% to 32.78 on Thursday, reaching the highest level since October 2022. The yellow metal’s price per ounce rose to a fresh lifetime high of $4,380 per ounce.
The concurrent rise in volatility indices across equities, gold, and cryptocurrencies underscores a broad-based risk-off mood likely driven by signs of liquidity stress in the U.S. financial system.
Key takeaways:
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Rising demand for put options and miner BTC deposits highlights growing caution among traders despite price resilience near $108,000.
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Analysts at Bitwise argue that deep drops in market sentiment often precede rebounds, framing the correction as a “contrarian buying window”.
Bitcoin (BTC) fell to $107,600 on Thursday, prompting traders to question whether Friday’s flash crash signaled the end of the bull run that peaked at an all-time high on Oct. 6. A warning signal in Bitcoin’s options market has put traders on edge, especially amid rising miner outflows, testing the strength of the $108,000 support level.
The Bitcoin options delta skew climbed above 10%, showing that professional traders are paying a premium for put (sell) options, a sign typical of bearish sentiment. Under neutral conditions, this indicator usually ranges between -6% and +6%. More importantly, the skew has worsened since Friday, suggesting that traders are growing more doubtful about Bitcoin’s bullish momentum.
US President Donald Trump’s confirmation that the trade war with China remains ongoing has also weighed on market sentiment. Trump has threatened to further restrict trade with China following its suspension of US soybean purchases, according to Yahoo Finance. Another factor adding pressure is the uncertainty surrounding US economic data amid the ongoing government shutdown.
Demand for downside protection strategies on Deribit surged on Thursday as trading volumes for put options exceeded call options by 50%, a sign of mounting market stress. The indicator climbed to its highest level in over 30 days. Cryptocurrency traders are typically optimistic, so a neutral reading for the put-to-call ratio tends to sit around -20%, favoring call options.
Bitcoin derivatives merely reflect the worsening US macroeconomics
Bitcoin wasn’t the only market affected by investors’ shift in sentiment, as seen in gold’s new all-time high on Thursday. Demand for short-term US government bonds also spiked, even as two Federal Reserve Governors signaled further interest rate cuts in October — a move that typically reduces the appeal of fixed-income investments.
Yields on the US two-year Treasury dropped to their lowest level in more than three years, showing that investors are willing to accept smaller returns in exchange for the security of government-backed assets. Meanwhile, gold climbed to $4,300, up 23% since September, pushing the value of central banks’ gold reserves above their holdings of US Treasurys, according to Reuters.
Despite positive developments in the tech sector, including chipmaker TSMC’s (TSM) upgraded 2025 outlook and strong quarterly results from Bank of America and Morgan Stanley, the S&P 500 fell 0.9% on Thursday. The Dow Jones US Select Regional Banks Index slid 4.4% after two financial firms reported losses in the private-credit market, according to the Financial Times.
Related: SEC chair: US is 10 years behind on crypto, fixing this is ‘job one’
Movements from Bitcoin miner-linked addresses have also raised concern. Data from CryptoQuant shows that miners deposited 51,000 BTC (worth over $5.5 billion) on exchanges over the past seven days, the largest outflow since July. The analysis noted that such behavior often precedes price weakness, as miners have historically been among Bitcoin’s largest holders.
While the warning from Bitcoin’s options market points to fear of further correction, Bitwise analysts said that extreme drops in sentiment have often “marked favorable entry points,” adding that “the recent correction was driven largely by external factors.” Bitwise head of research André Dragosch added that Friday’s liquidation event has set the stage for a “contrarian buying window.”
Further downside for Bitcoin remains possible, but the surge in demand for put options should not necessarily be seen as a sign of sustained bearish momentum, as external factors have simply made traders more risk-averse.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
U.S. stocks are suffering a setback on Thursday as credit issues are beginning to show their face alongside a slowing economy.
“When you see one cockroach, there are probably more,” said JPMorgan CEO Jaime Dimon on his bank’s quarterly earnings call yesterday.
Dimon was referring to the bankruptcies earlier this fall of auto parts supplier First Brands and subprime auto lender Tricolor Holdings. Dimon’s comments drew a response from the co-CEO of private equity player Blue Owl Capital Mark Lipschultz, who said banks should be combing their own books for “cockroaches.”
Nevertheless, the First Brands bankruptcy has stung its banker, Jefferies (JEF), which has tumbled 25% over the past month, including a 9% slide on Thursday. For its part, Jefferies this week said it could easily withstand any losses due to First Brands.
Adding to credit worries Thursday was Zions Bancorp (ZION) last night saying it had booked a $50 million charge against two loans taken by borrowers who are now facing legal troubles. Then there’s Western Alliance (WAL) which said it had sued a commercial real estate borrower alleging fraud. ZION and WAL are down 12% and 10%, respectively, Thursday, leading large losses in the regional banking sector.
The broader stock market is handling the news decently for now, with the S&P 500 lower by just 0.8%, but the “risk off” sentiment has helped send gold higher by another 2.5% to yet another record of nearly $4,300 per ounce.
As for the digital version of gold, bitcoin is seeing no such bid, with investors for now continuing to treat it as just another “risk on” asset. The price of BTC tumbled as low as $107,500 Thursday before a modest recovery to the current $108,000, down 3.2% over the past 24 hours and 11% over the past seven days.
Seeds of a bull move?
Recent history might give hope to the bulls. Other traditional market crackups — think the March 2020 Covid plunge or the March 2023 bank failures — also sent bitcoin sharply lower alongside stock indices.
The government response, however, — a vast loosening of fiscal and monetary policy — set the stage for epic bulls runs for BTC.
The seeds of that response seem to already be being sniffed out in the bond market. The 10-year Treasury yield is down by eight basis points today to 3.97%, its lowest level since April’s “Liberation Day” market panic.
The two-year Treasury yield — which would be the most sensitive to an easing of monetary policy — has tumbled to 3.42%, a level not seen in more than three years.
A check of short term rate futures at the CME finds traders now putting a 3.2% chance of a 50 basis point rate cut at the Fed’s policy meeting later this month. Prior to today, those odds were 0.0%. Traders have also upped bets on 75 basis points of rate cuts by year-end to an 11% chance versus a 0% chance one day ago.
Read more: Bitcoin Tumbles Below $109K; Tightening Liquidity Key to Crypto’s Struggles
Key takeaways:
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Bitwise analysts argue that selling pressure has likely peaked, and that dips may be good buying opportunities.
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Smaller BTC holders are accumulating even as miners increase exchange deposits.
Recent weakness in Bitcoin (BTC) price appears to have dampened enthusiasm, with Google search interest for the asset falling to a multimonth low. The latest sentiment readings mirrored conditions typically observed during bearish phases, when caution dominates the broader crypto sentiment.
Cointelegraph reported the Crypto Fear and Greed Index has fallen to a “Fear” level of 24, its lowest in a year, down sharply from last week’s “Greed” reading of 71. This decline echoed sentiment levels seen in April, when Bitcoin briefly dipped below $74,000, and parallels previous cycles of market fatigue in 2018 and 2022.
Panic could be an opportunity in Bitcoin: Bitwise
Despite the sharp sentiment drop, Bitwise analysts believe the current setup favors accumulation, not retreat. Director and head of research André Dragosch, senior research associate Max Shannon, and research analyst Ayush Tripathi said that the recent correction was driven largely by external factors, including renewed US–China trade tensions that triggered broad-based risk aversion across global markets.
Bitwise’s weekly crypto market compass report mentioned that the correction was amplified by a record wave of futures liquidations, with Bitcoin’s perpetual futures open interest plunging by nearly $11 billion, “the strongest decline on record.”
Dragosch said that this forced liquidation event has now “meaningfully exhausted selling pressure,” setting the stage for a contrarian buying window similar to the Yen carry trade unwind in August 2024.
“Our in-house Cryptoasset Sentiment Index has dropped to its lowest level since that period,” the analyst said, adding, “Historically, such extremes have marked favorable entry points ahead of seasonal strength in Q4.”
Related: Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear
Smaller Bitcoin holders step up amid miner pressure
Onchain data supported this view. Glassnode reported that smaller Bitcoin holders, ranging from 1 to 1,000 BTC, have ramped up accumulation in recent days, offsetting reduced buying from large holders. This pattern suggested renewed confidence from retail and mid-tier investors, even as market volatility persists.
However, other indicators paint a more complex picture. CryptoQuant data showed that since last Thursday, miners have deposited roughly 51,000 BTC (worth over $5.7 billion) to exchanges, marking the largest inflow since July. Such activity often precedes sell-side pressure, as miners typically move holdings to exchanges to liquidate or hedge positions.
Similarly, long-term holders might also be exiting their positions, as data indicated that 265,715 BTC has been sold over the past 30 days, the largest monthly outflow since January 2025.
Nonetheless, Bitcoin’s stability around the $110,000 level indicated that institutional or ETF demand may be absorbing the excess supply. Together, these opposing flows suggest the market is transitioning from capitulation toward reaccumulation, a setup Bitwise analysts view as the foundation for a bullish Q4.
Related: Bitcoin Coinbase Premium keeps BTC above $110K: Will this level hold?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
