TLDR
- Crypto market falls 3% to $3.6 trillion even though Trump didn’t announce new tariffs
- Bitcoin miners sold 51,000 BTC in the past week, highest selling since July
- Trump Insider whale deposited $222 million in Bitcoin to Coinbase exchange
- Gold is outperforming Bitcoin and may be pulling investor money away from crypto
- Bitcoin holds $109,000 support level but faces risk of dropping to $105,000
The cryptocurrency market declined 3% today despite President Donald Trump making an announcement that contained no tariff news. The total market capitalization fell to $3.6 trillion as Bitcoin and other digital assets faced renewed selling pressure.
Bitcoin traded near $109,000 after dropping from an earlier high of $111,000. The flagship cryptocurrency had reached an all-time high of $126,000 earlier in October but has struggled to maintain momentum since then.
Market participants expected tariff-related news after a major trader opened a large short position before Trump’s speech. The whale, known as the “Trump Insider,” had previously shorted Bitcoin right before Trump announced 100% tariffs on China.
Bitcoin Miners Increase Exchange Deposits
Bitcoin miners have deposited 51,000 BTC to exchanges since October 9. This represents a clear change in behavior from holding their coins to selling them on the open market.
On October 11, miner inflows reached 14,000 BTC. This was the highest single-day deposit since July when Bitcoin’s price fell to $110,000.
Mining companies hold large amounts of Bitcoin from their operations. When they move coins to exchanges, it typically signals they plan to sell and can create downward price pressure.
The deposits over the past week show miners are actively reducing their Bitcoin holdings. This trend comes as Bitcoin has failed to break above its recent highs.
Large Holders Continue Selling
The Trump Insider whale deposited $222 million worth of Bitcoin to Coinbase today. Blockchain tracking platform Arkham Intelligence confirmed the transaction.
This whale has a history of making large Bitcoin trades ahead of major political announcements. The trader opened a $127 million short position just before Trump’s speech today.
Other long-term Bitcoin holders have also been selling at recent price peaks. These early investors, sometimes called Bitcoin OGs, began offloading their holdings after BTC reached $126,000.
Crypto analyst Plur noted that ownership of Bitcoin remains concentrated among these early holders. Their selling activity creates challenges for upward price movement.
Gold Competition Affects Bitcoin
Gold has been reaching new all-time highs almost daily while Bitcoin struggles. Some analysts believe gold is attracting capital that would otherwise flow into Bitcoin.
Plur stated that gold has taken momentum away from Bitcoin in 2025. Both assets were previously viewed as similar investments against currency debasement.
However, Bitcoin’s price historically follows gold with a 60 to 90-day delay. This pattern suggests Bitcoin could begin rising once gold’s rally stabilizes.
The analyst expects choppy market conditions until there is resolution on the U.S.-China trade situation. Bitcoin currently holds the $109,000 support level, with the next key level at $108,000.
If Bitcoin loses the $108,000 support, the price could fall to $105,000. However, maintaining current levels could lead to a rebound toward $112,500.
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