Bitcoin falls to $89,000 – crypto stocks plummet – largest outflow from crypto ETFs
These are dramatic times for Bitcoin investors: After hitting an all-time high of $126,000 on October 6, BTC’s price now stands at just $89,000 six weeks later. On Wednesday evening, the rate even dipped temporarily to $88,600—the lowest level in seven months. In April this year, the price crashed to $76,000 after Trump shocked the world with his tariffs.
That Bitcoin is currently struggling is evident from institutional investor activity: BlackRock’s iShares Bitcoin Trust (IBIT) recorded outflows of $523.2 million on Tuesday evening—the highest daily figure since its January 2024 launch. This marks the fifth consecutive day of net redemptions. The average purchase price for IBIT investors sits at $90,146, putting them underwater at current rates.
In parallel, crypto stocks like those of Coinbase, Circle, Bullish, Gemini, Mara Holdings, Strategy, and Hut 8 Mining are plummeting sharply—here are the price movements over the last month:
Liquidity and Volatility Weigh on the Market
Critical to the current crash is October 10—the day Trump’s tariffs against China opened a new dimension in the superpower trade war and ended the calm period following April’s Liberation Day. On October 10, the crypto sector saw liquidations of nearly $20 billion—more than ever before, underscoring how severely Trump’s China tariffs rattled the market. The market’s shock reverberates to this day.
Market depth has fallen 30 percent since October 10. Nicolai Søndergaard of Nansen explains: “When liquidity is this thin, it takes far less capital to move the market in either direction, and when you factor in leverage, volatility becomes inevitable.” Analysts see strong support at $83,000 to $84,000 and another zone at $69,000 to $72,000. A decline into the mid-$80,000s appears increasingly plausible.
Sentiment has turned strongly bearish after Bitcoin fell below the critical weekly level of $96,000. Analysts from Bitcoin Magazine Pro and Feral Analysis warn of thick resistance above $94,000 and sustained selling pressure. Only a weekly close above $116,000 would call the prevailing downtrend into question. Meanwhile, Bitcoin miners are showing slight accumulation again after a phase of heavy distribution.
