Bitcoin Slides to Six-Month Low as Crypto Stocks Tumble, Analysts Eye Potential Local Bottom
Bitcoin (BTC) dropped to a fresh six-month low on Monday, continuing its multi-week decline and wiping out all gains for 2025. During the U.S. session, BTC fell to $92,500, down 2.4% over 24 hours and nearly 13% for the week, marking a 27% decline from its recent record high. Ether (ETH) hovered just above $3,000, down 2% in the past day and 15% over the week, reflecting ongoing weakness across the crypto market.
Crypto Stocks Feel the Pressure
The selloff extended to crypto-related equities, with Coinbase (COIN), Circle (CRCL), Gemini (GEMI), and Galaxy (GLXY) all down around 7%. Corporate crypto treasury holders also suffered losses: Strategy (MSTR) slid 4% to its lowest level since October 2024, while BitMine (BMNR) and ETHZilla dropped 8% and 14%, respectively. Solana-linked firms Upexi (UPXI) and Solana Company (HSDT) fell 10% and 7%.
Some miners bucked the trend. Hive Digital (HIVE) surged 10% after its HPC subsidiary announced an AI cloud partnership with Dell Technologies. IREN (IREN) and Hut 8 (HUT) posted modest gains.
Macro and Fed Signals
With official economic reporting limited by the government shutdown, Monday’s New York Fed Empire State Manufacturing Survey drew attention, jumping eight points to 18.7, far above forecasts for a decline to 6. The upside surprise strengthens expectations that the Fed will hold rates steady in December, with Polymarket placing 55% odds on no change and CME FedWatch Tool at 60%.
Technical Insights
CME Bitcoin futures opened at $93,840 on Sunday, leaving an unfilled April gap at $91,970, a level that may exert short-term downward pressure. Bitfinex analysts noted that realized losses are beginning to stabilize, signaling that a local bottom could be near. “Sustainable bottoms historically form after short-term holders capitulate into losses,” they said. This marks the third-largest pullback since 2023 and the second-largest since the launch of U.S. spot BTC ETFs, suggesting a local low could emerge soon
