Trading

Bitcoin production costs have climbed to $112,025 per coin while the cryptocurrency trades around $86,000, creating a significant gap between mining expenses and market value. SwanDesk CEO Jacob King states that miner profitability has reached its lowest level in a decade. The cost-price disparity is forcing some operations to liquidate holdings and may trigger network contraction in coming months.

Bitcoin dropped below $82,000 after two months of selling pressure, prompting divergent analyst forecasts. BitMEX co-founder Arthur Hayes says the correction is nearing completion but advises waiting for U.S. equity markets to decline before entering positions. Macro analyst Raoul Pal characterizes the selloff as a typical mid-cycle correction, while veteran trader Peter Brandt projects a further decline to $58,000 before a multi-year recovery.

Ethereum fell 10.9% to a five-month low of $2,650 before rebounding to $2,720. Large holders accumulated $241.84 million worth of ETH during the decline, according to data from CryptoQuant and Onchain Lens. Exchange reserves dropped to a 55-month low of 15.6 million tokens, valued at $42.9 billion.

Multiple cryptocurrency companies have launched or filed for public listings near Bitcoin's recent all-time high, repeating a pattern seen in previous market cycles. Bullish debuted on August 13, 2025, and Figure priced its IPO on September 10, 2025—both within weeks of Bitcoin's October 6 peak near $126,198. Grayscale filed publicly on November 13, 2025, roughly 38 days after that top, reporting $318.7 million in revenue and $203.3 million in net income for the first nine months of 2025.

A Uniswap holder inactive for 4.5 years sold 512,000 UNI tokens at approximately $7, crystallizing an $11.65 million loss on a position acquired at $29.8 in 2021. The sale occurred amid intensified selling pressure from large holders. UNI has declined to $6.5 following recent whale liquidations totaling 5.6 million tokens over three days.

Bitcoin has remained below $100,000 for multiple consecutive days as retail investors sell holdings to institutional buyers and whales. Futures market data shows declining whale participation, with smaller retail-driven transactions now dominating market structure and limiting upward price momentum. Options markets assign only 30% probability to Bitcoin closing above $100,000 by year-end, while analysts identify $98,000-$100,000 as the primary resistance zone.

The Bitwise spot XRP exchange-traded fund recorded $107 million in net inflows during its debut trading session, according to Bitwise CEO Hunter Horsley. The fund generated $25.7 million in trading volume and accumulated $107.6 million in total assets under management by the close of its first day.

Bitcoin dropped to $81,000 after breaking below $85,000 support, marking its weakest price since early spring. The Realized P/L metric for short-term holders fell to –1 for the first time this cycle, confirming accelerated capitulation among recent buyers. Market sentiment has shifted from caution to panic as traders debate whether this represents a confirmed bear market or a liquidity-driven shakeout.

Institutional allocators are viewing the current cryptocurrency market decline as potential entry opportunities, according to market analysts. Bitcoin has experienced significant selling pressure, with more than $2 billion in leveraged positions liquidated within 24 hours. Analysts note fundamental differences from previous market cycles, including broader institutional ownership and regulatory progress, though further downside remains possible.

Bitcoin dropped to approximately $80,500 on Friday before recovering toward $84,000, following stronger-than-expected U.S. employment data that showed 119,000 new jobs in September. The sell-off triggered over $2 billion in liquidations of leveraged positions within 24 hours, affecting roughly 400,000 traders. JPMorgan analysts cited approximately $4 billion in withdrawals from spot Bitcoin and Ethereum ETFs since early November as a primary driver of the correction.