Key Takeways
- Bitcoin (BTC) fell below $104,000 on Tuesday, extending losses from the day before, as long-time holders continue to sell, adding pressure to an already weak market.
- Spot Bitcoin ETFs in the U.S. recorded more than $186 million in outflows on Monday, suggesting institutional interest is cooling, at least for now.
- The week started on a soft note, with Bitcoin closing Monday under $106,600 before dropping again the next day, tied to selling by early Bitcoin holders.
- Lookonchain reported that Owen Gunden moved another 1,289 BTC to Kraken, while a long-held wallet labeled “1011short” has moved 13,000 BTC to major exchanges since October 1.
- Together, Gunden’s deposits total 3,265 BTC since late October, indicating profit-taking and growing selling pressure from early investors.
- A QCP Capital analyst stated that recent market behavior supports the view that long-term Bitcoin holders are behind the current phase of quiet consolidation.
- The recent sell-offs occurred without any major macro trigger, despite stocks and other risk markets performing well.
- The analyst noted that price gains may remain limited until early holders finish moving their coins, although Bitcoin has shown strength with roughly 405,000 BTC from older wallets absorbed by the market.
- Institutional interest remains weak at the start of the week, with spot Bitcoin ETFs seeing $186.51 million in outflows on Monday, extending a pullback that began on October 29.
Will Bitcoin Revisit Key Support Near $103,500–$100,000?
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On-chain data from CryptoQuant also shows a bearish setup. US demand for Bitcoin futures is low, with the CME futures annualized basis down to 1.98%.
That is the lowest level in more than two years. The drop suggests limited appetite for holding longer-dated Bitcoin futures, even after spot prices climbed from $80,000 to $120,000.
Despite softer institutional interest, Strategy said Monday it bought another 397 BTC, bringing its total holdings to 641,205 BTC. The purchase shows the firm still backs Bitcoin over the long run, even as short-term market sentiment stays weak.
Bitcoin continued to slip this week. Analyst Soul said the market may be nearing its “last bull long” setup. The daily chart shows price moving toward major support, with momentum fading after repeated attempts to move higher failed.
BTC is now trading near $105,000, holding below mid-range support. The chart shows a steady pattern of lower highs since early October, suggesting sellers remain in control.
Bitcoin has been unable to regain the $110,000–$112,000 zone, keeping the market under pressure. The latest rejection came just under $116,000, and price is now sliding toward the bottom of the current range.
A series of rounded peaks formed near the upper resistance line, showing clear signs of fatigue. The failed push above $124,500 triggered a sharp sell-off, confirming that area as a firm ceiling.
After that rejection, Bitcoin turned lower, broke key support levels, and left behind unfilled supply zones near $119,900 and $112,000. Those pockets now stand as resistance if the market tries to recover.
Right now, Bitcoin sits near a lower liquidity zone. The next major support is near $103,500, with deeper interest around $100,400. The shaded lower band shows where buyers have reacted before. If price slips below this area, the decline could speed up toward the psychological mark at $100,000.
The broader structure still leans bearish as long as Bitcoin trades under $110,000. A shift back to the upside would need the price to reclaim the mid-range and make its way toward the supply zone around $119,000–$120,000. Without that, traders expect the market to stay in a range or slide further into demand.
The market remains in a corrective phase. Soul’s comment about a “last bull long” signals his view that current prices may offer one final window for accumulation before a possible trend shift. But recent breakdowns show sellers are still in charge.
Any bullish case depends on Bitcoin holding support in the $103,000–$100,000 range. A clean break below this zone would weaken short-term bullish hopes and could open the way for deeper losses.
How Do BitMine’s ETH Reserves Compare to Other Firms?
BitMine Immersion (BMNR) added another 82,353 ETH after its update last week, continuing its steady buying pace.
This brings its total holdings to 3.39 million ETH, or about 2.8% of Ethereum’s circulating supply. The firm accumulated more than 744,500 ETH in October, even as the price fell roughly 7% during the month
The Nevada-based company said its total net assets reached $13.7 billion. Its cash balance rose to $389 million, and its Bitcoin (BTC) holdings stayed unchanged at 192 BTC. However, its stake in Worldcoin-linked Eightco Holdings (ORBS) fell from $88 million to $62 million.
BitMine is working toward holding about 5% of Ethereum’s total circulating supply under its “Alchemy of 5%” plan. That target keeps it ahead of other public firms accumulating ETH. SharpLink Gaming (SBET) follows with 859,395 ETH, while The Ether Machine (ETHM) holds 496,712 ETH, according to data from StrategicETHReserve.
Meanwhile, Ethereum exchange-traded funds drew $15.97 million in net inflows last week. Grayscale Ethereum Mini Trust (ETH) led with $56.05 million in new money.
Ethereum also saw about $292.6 million in liquidations over the past day, with long positions representing $269.2 million, Coinglass data shows.
ETH fell more than 6% on Monday, slipping below the $3,660 support area and heading toward the 200-day Exponential Moving Average (EMA). If it fails to stay above this line, price could move toward support near $3,470, with $3,100 as the next key level.
To regain upward momentum, ETH would need to reclaim the $4,100 level.
Momentum indicators show fading strength. The Relative Strength Index (RSI) recently rejected its neutral midpoint and continues drifting toward oversold territory. At the same time, the Stochastic Oscillator has already slipped into oversold levels, signaling strong bearish pressure, though such readings may also open the door to a short-term bounce.
Ripple Acquires Palisade To Expand Custody Services
Ripple’s XRP is trading near $2.26 on Tuesday, moving in line with a wider pullback across the crypto market. Risk appetite remains low. Derivatives data shows pressure building, with about $1.33 billion in crypto positions liquidated over the past day.
Ripple confirmed on Monday that it has completed its acquisition of Palisade, a digital-asset custody firm. The deal aims to strengthen its custody arm and widen support for fintech companies, crypto businesses, and large corporations.
Ripple Custody was initially built to serve banks and financial institutions that needed a secure way to store digital assets, stablecoins, and tokenized real-world assets.
With Palisade now included, Ripple Custody will expand into “wallet-as-a-service” tools designed for fast and secure value transfer. The company says the added tech will help support high-speed transactions across more use cases in the broader ecosystem..
Ripple Payments plans to integrate Palisade’s technology to support its current services. The company says the move will help it offer subscription-based payments and value collection at scale.
Why is XRP Still Lagging Despite Ripple’s $4B Investments?
This marks another step in Ripple’s broader expansion. The firm recently bought prime broker Hidden Road, now renamed Ripple Prime, as well as GTreasury, a treasury-management platform. Ripple’s investment across the crypto space has crossed $4 billion this year, according to the company.
Still, XRP has not benefited much from these developments. The token is down almost 38% from its mid-July peak of $3.66. Market sentiment remains weak as traders shift away from crypto.
Data from CoinGlass shows the OI-weighted funding rate slipped from 0.0085% on Sunday to -0.0019%, suggesting traders are closing long positions and adding shorts. That leaves XRP struggling to gain momentum for any clear recovery.
Liquidations reached about $1.33 billion over the past day, including $1.17 billion in long positions and roughly $156 million in shorts.
The size of these wipeouts reflects growing fear in the market. Analysts say that without a change in sentiment, more forced liquidations could pressure crypto prices in the near term.
XRP is changing hands near $2.26 on Tuesday. The token sits below key moving averages, showing a weak technical picture. It has slipped under the 200-day EMA at $2.59, the 50-day EMA at $2.62, and the 100-day EMA at $2.69.
The daily MACD issued a sell signal earlier in the day, suggesting traders may want to limit exposure. A continued build-up of red histogram bars below the mean line would make a recovery harder.
The RSI has dropped to 36 and is moving lower, signaling that sellers are still in charge.
Traders are watching support near $2.18, last touched on October 18, and the $1.90 level, which was tested in June. A strong shift in sentiment could draw dip buyers back in, which may push XRP toward the 200-day EMA at $2.59 and the 100-day EMA at $2.69.
