TLDR
- Cryptocurrency market drops $60 billion in 24 hours, falling to $3.65 trillion total value
- Bitcoin miners moved 51,000 BTC to exchanges in seven days, signaling mass sell-off
- Major whale deposited $222 million in Bitcoin to Coinbase after Trump announcement
- Bitcoin trades at $109,075 but risks falling to $105,000 if support breaks
- Analysts suggest gold is taking investment flows away from cryptocurrency markets
The cryptocurrency market lost $60 billion in value over 24 hours, bringing the total market capitalization down to $3.65 trillion. Bitcoin and altcoins continue facing downward pressure despite expectations for positive market movement.
Bitcoin currently trades at $109,075, holding above the critical $108,000 support zone. This level has served as a floor for the cryptocurrency over the past three months, preventing deeper corrections during market downturns.
President Donald Trump made an announcement today that did not include tariff information. Market participants had anticipated tariff-related news based on trading activity from a major whale ahead of the president’s speech.
The whale, referred to as the “Trump Insider,” opened a $127 million short position on Bitcoin before Trump spoke. This trader previously opened a $735 million short before Trump announced 100% tariffs on China last week.
Mining Companies Shift to Selling
Bitcoin mining operations have deposited 51,000 BTC to cryptocurrency exchanges since October 9. This marks a shift from holding strategies to active selling in the current market environment.
The largest single-day deposit occurred on October 11 when miners sent 14,000 BTC to exchanges. This represented the highest miner outflow since July when Bitcoin’s price dropped to $110,000.
CryptoQuant analysis shows the 51,000 BTC moved in seven days demonstrates a clear change in miner behavior. Mining companies typically hold Bitcoin as a long-term asset, making these deposits a bearish signal for the market.
Miners are among the largest holders of Bitcoin due to their operations. When they move significant amounts to exchanges, it typically indicates plans to convert their holdings to cash.
Whale Activity Increases
The Trump Insider whale transferred $222 million worth of Bitcoin to Coinbase today. Arkham Intelligence tracked the transaction and confirmed the deposit to the major U.S. exchange.
Long-term Bitcoin holders have been selling at each new price peak. These early investors started offloading coins after Bitcoin reached its all-time high of $126,000 earlier this month.
The concentrated ownership among early holders creates selling pressure when these whales decide to take profits. Their transactions can move markets due to the large amounts involved.
Gold Outperforms Digital Assets
Gold prices have reached new all-time highs on a daily basis while Bitcoin struggles to maintain upward momentum. Some market observers believe gold is attracting capital that might otherwise flow into cryptocurrency.
Crypto analyst Plur said gold has taken momentum from Bitcoin in 2025. The precious metal and cryptocurrency were previously both considered hedges against currency debasement.
Historical data shows Bitcoin’s price tends to follow gold with a 60 to 90-day lag. This pattern suggests cryptocurrency prices could rise once gold’s current rally stabilizes or completes.
Plur expects choppy market conditions until there is clarity on U.S.-China trade relations. Bitcoin must hold the $108,000 support level to avoid falling to $105,000.
A successful defense of current support could lead to Bitcoin reclaiming $110,000 and potentially targeting $112,500 in the near term.
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