The average investor still hasn’t reached a clear consensus on which crypto assets beyond the top two warrant serious attention, according to Anthony Bassili, president of Coinbase Asset Management.
“There’s a very, very clear view in the investor community in terms of the right first portfolio is Bitcoin. The next is Bitcoin, Ethereum,” Bassili said during an interview with Cointelegraph at The Bridge conference in New York City on Wednesday.
Bassili pointed out that Solana (SOL) is “maybe” the third asset on the radar. “The market is very unsure as to what’s the next asset they want to own after that,” he said, adding that after Solana, there is a “very wide gap” with XRP (XRP).
Bassili says the fourth position is still up in the air
“We have to see the product market fit of the next network or the next application that will enter that fourth position,” he added.
Bassili said that despite XRP “doing a great job at execution,” investors need to see more network velocity. “So you actually need to see them being a part of the liquidity ecosystem,” he said.
Anthony Bassili spoke to Cointelegraph at The Bridge conference in New York City on Wednesday. Source: Cointelegraph
On Thursday, Canary Capital’s XRP ETF closed its first day with $58 million in trading volume, marking the most successful ETF debut of 2025 among both crypto and traditional ETFs.
Bassili pointed out the significant progress on Ripple’s side, including acquisitions of a custodian, a stablecoin orchestration layer, and a broker-dealer.
Bassili says XRP is “taking all the right steps”
“So they’re taking all the right steps. The question is, you know, does the market think that they’re ready, you know, to be that next top four asset,” Bassili said.
Bassili emphasized that while crypto markets often price assets based on narrative and speculation, a closer look at cash flows can quickly change the perception.
“You’ll see the market doesn’t price things really well, because it starts actually becoming more realistic,” he said.
WisdomTree’s head of digital assets, Will Peck, anticipates that exchange-traded funds (ETF) that hold diversified baskets of cryptocurrencies will fill a significant gap in the market in the coming years.
“It does seem like that’s going to be one of the next waves of adoption,” Peck told Cointelegraph at The Bridge conference in New York City on Wednesday. “It solves a need, I think,” he added.
Peck explained that although many new investors now understand the concept of Bitcoin (BTC), they often struggle to judge the “next 20 range of assets.” He said a multi-asset crypto basket provides them with exposure to the sector while mitigating the “idiosyncratic risk” of investing in individual tokens.
Will Peck says index ETF investors will be backing the tech
“Crypto we talked about as an asset class, but it’s really a technology, and the underlying return drivers of each of these tokens are actually quite different, even though they’re correlated, generally, just because that’s where the market is,” he explained.
Will Peck spoke to Cointelegraph at The Bridge conference in New York City on Wednesday. Source: Cointelegraph
It comes as several crypto index ETFs have launched this year. Most recently, on Thursday, asset manager 21Shares launched two crypto Index ETFs, which are regulated under the Investment Company Act of 1940.
Just a couple of months prior, on Sept. 25, asset manager Hashdex expanded its Crypto Index US ETF to include XRP (XRP), SOL (SOL), and Stellar (XLM), following the generic listing rule change from the Securities and Exchange Commission (SEC).
Peck said the timing of broader adoption for crypto index ETFs is “tough exactly to forecast,” but suggested it may be inevitable given the straightforward utility of having a product that provides such exposure.
Peck expects a surge in new crypto ETF launches as ETF issuers compete for early advantage, which he said may erode the idea that an ETF automatically signals the cryptocurrency token has any authority or credibility.
Bitcoin ETF success “surpassed” Will Peck’s expectations
“I think it’s going to be a shift, like, where, five years ago, you said, Oh, if something has an ETF, like, Bitcoin is going to get one, maybe it’s the first one, it must have some sort of institutional stamp of, like, approval,” he said.
“I don’t think that’s necessarily how the SEC should be, a merit-based regulator in that regard, right? And it’s really going to be on clients making the right choices with their own money,” Peck added.
Meanwhile, Peck said that the “overall success” of spot Bitcoin ETFs since their launch in January 2024 has surpassed his expectations.
Bitcoin has broken below the psychological support at $100,000, opening the gates for a potential sell-off to $87,800.
Several major altcoins are approaching their support levels but have failed to bounce with strength, increasing the risk of a breakdown.
Bitcoin (BTC) appears weak in the near term as bears pull the price further below the psychological level at $100,000. BTC’s persistent weakness pulled the Crypto Fear & Greed Index into the “extreme fear” category with a score of 15//100 on Thursday, its lowest level since early March.
Bitwise chief investment officer Matt Hougan said to Cointelegraph that had BTC rallied sharply into the end of 2025 and followed it up with a pullback, it would have fit the four-year-cycle thesis. The failure to do so sets up BTC for a good year in 2026, buoyed by positive underlying fundamentals.
Crypto market data daily view. Source: TradingView
Another bullish projection came from Santiment, which said in a post on X that the crowd turning negative on BTC suggests the point of capitulation is nearing. An “unexpected November rally” could happen as stronger hands scoop up the cryptocurrencies sold by weaker hands. It added that it was “not a matter of if, but when this will next happen.”
How far lower could BTC and the major altcoins fall? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Sellers are attempting to seize control by sustaining BTC below the psychological support of $100,000.
The downsloping 20-day exponential moving average ($104,850) and the relative strength index (RSI) near the oversold territory indicate that the path of least resistance is to the downside. Any recovery attempt is likely to face selling at the breakdown level of $100,000. If the price drops below $100,000, it signals that the bears have flipped the level into resistance. That suggests the resumption of the downtrend.
There is support at $92,000, but that could be broken. The BTC/USDT pair may then descend to $87,800. Buyers will have to push the price above $107,000 to indicate a potential trend change.
Ether price prediction
The failure of the bulls to push Ether (ETH) above the 20-day EMA ($3,567) attracted sellers on Thursday, pulling the price below the $3,350 support.
Sellers will strive to build upon their advantage by dragging the Ether price below the $3,050 support. If they can pull it off, the selling may accelerate and the ETH/USDT pair could plunge toward $2,500.
The bulls will have to push and maintain the price above the 20-day EMA to signal strength. The pair may then climb to the 50-day simple moving average ($3,930), where the bears are expected to step in.
XRP price prediction
Buyers again attempted to drive XRP (XRP) above the 50-day SMA ($2.56) on Thursday, but the bears held their ground.
The XRP/USDT pair could challenge the $2.06 support, which is at risk of breaking down. If that happens, the XRP price may plummet to $1.90 and thereafter to the crucial support at $1.61.
Any recovery attempt is expected to face selling at the 50-day SMA and then at the downtrend line. A close above the downtrend line signals that the bulls are back in the driver’s seat. The pair may then ascend to $3.20.
BNB price prediction
BNB (BNB) has been gradually dropping toward the $860 level, which is a critical near-term support level to watch.
The downsloping 20-day EMA ($1,004) and the RSI near the oversold zone suggest that the BNB/USDT pair risks a break below $860. If that happens, the BNB price could tumble toward $730.
Instead, if the price turns up sharply from $860 and breaks above the 20-day EMA, it points to a possible range formation. The pair could swing inside the large range between $860 and $1,183 for a while.
Solana price prediction
Solana (SOL) closed below the $155 level on Wednesday and extended the decline below the $145 support on Thursday.
There is minor support at $137, but it is likely to be broken. If that happens, the SOL/USDT pair could nosedive to $126 and eventually to the solid support at $110, where buyers are expected to step in.
The 20-day EMA ($166) remains the key overhead resistance level to watch out for. Buyers will have to pierce the 20-day EMA to signal a comeback. The Solana price could then rally to the 50-day SMA ($191).
Dogecoin price prediction
Dogecoin (DOGE) has been gradually sliding toward the lower end of the $0.14 to $0.29 range, indicating that selling pressure remains intact.
Buyers are expected to fiercely defend the $0.14 support, as a break below it could start a new downtrend toward the Oct. 10 low of $0.10.
Buyers have an uphill task ahead of them. They will have to swiftly push the Dogecoin price above the 20-day EMA ($0.17) to suggest that the selling pressure is weakening. The DOGE/USDT pair may then rally to $0.21. A close above the $0.21 resistance indicates that the pair may extend its stay inside the range for a few more days.
Cardano price prediction
Cardano (ADA) has dropped to the $0.50 level, where the buyers are expected to mount a spirited defense.
If the price turns up from the current level and rises above the 20-day EMA ($0.58), it suggests that selling pressure is reducing. The ADA/USDT pair could then rally to the 50-day SMA ($0.67) and later to $0.74.
Contrarily, if the price continues lower and breaks below $0.50, it signals the start of the next leg of the downtrend. The Cardano price could collapse to $0.40 and below that to the Oct. 10 intraday low of $0.27.
Both moving averages are sloping down, and the RSI is in the negative area, indicating that the bears hold an edge. If the $35.50 support level cracks, the HYPE/USDT pair could slump to $30.50 and later to $28.
The bulls will have to push and maintain the Hyperliquid price above the 50-day SMA ($42.23) to signal strength. The pair could then rally to $52, where the bears are expected to sell aggressively.
Chainlink price prediction
Chainlink (LINK) has gradually slipped near the vital support of $13.69, indicating a negative sentiment.
Sellers will try to resume the downward move by pulling the price below $13.69. If they succeed, the LINK/USDT pair could fall to $12.73 and subsequently to $10.94. Buyers are expected to defend the $10.94 level with all their might, as a break below it could sink the Chainlink price to $7.90.
The RSI is showing early signs of forming a positive divergence, but the bulls will have to push the price above the 20-day EMA ($16.05) to gain strength. The pair may then rally to the resistance line.
Bitcoin Cash price prediction
Buyers repeatedly attempted to push Bitcoin Cash (BCH) above the 50-day SMA ($529) in the past few days, but the bears did not budge.
The sellers are trying to pull the Bitcoin Cash price to the solid support at $443. If the price turns up from the current level or rebounds off the $443 level, the bulls will again try to clear the hurdle at the resistance line. If they manage to do that, the BCH/USDT pair could start a new uptrend to $580 and then $615.
Alternatively, a break below the $443 level opens the doors for a fall to the support line of the falling wedge pattern.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Steak ‘n Shake, a fast food restaurant company in the United States that accepts Bitcoin (BTC), announced on Saturday that it is expanding into El Salvador.
“We were honored to be in Bitcoin Country,” the company said in an X post following Steak ‘n Shake’s participation in the country’s Bitcoin Histórico event on Wednesday and Thursday.
Steak ‘n Shake started accepting BTC for payment at its stores in May, and the company’s chief operations officer, Dan Edwards, told Cointelegraph that the goal is to have BTC accepted at all of the company’s locations worldwide.
Steak ‘n Shake backtracks on accepting Ether as a payment method and celebrates Q3 sales
Steak ‘n Shake polled its followers on the X social media platform in October, asking whether it should accept Ether (ETH) as payment at its locations.
53% of the 48,815 followers polled voted in favor of the proposal, sparking significant backlash from the Bitcoin community.
“ETH is centralized garbage. Bitcoin is freedom. Doing this would lose you all your Bitcoiner business, including mine,” Bitcoin maximalist Ron Sovereignty Swanson said in response.
Although initially promising to “abide by the results” of the social media poll, Steak ‘n Shake backtracked on the proposal to accept ETH.
“Poll suspended. Our allegiance is with Bitcoiners. You have spoken. Who even allowed this? I’m back at my desk,” the company said on October 11 — the same day the poll was initiated.
Steak ‘n Shake leads the competition in same-store sales increase in Q3. Source: Steak ‘n Shake
In November, the company celebrated strong Q3 sales, touting a 15% quarter-over-quarter increase in same-store sales.
Steak ‘n Shake managed to lead all other competitors in the fast food category for same-store sales increases in Q3, including McDonald’s, Burger King, Taco Bell, and coffeehouse Starbucks.
Crypto investor sentiment is in freefall during the latest market dip as market analysts and traders search for a singular reason for falling asset prices and Bitcoin’s descent below $100,000.
The crypto “Fear and Greed” index, a metric tracking investor sentiment, is at 22, signaling investor caution and hovering just above “extreme fear” territory — its lowest level since March, according to CoinMarketCap
“This dip has been the smallest of this cycle, 25% vs 31% and 32%, but it feels so, so much worse. Sentiment cooked,” market analyst Nic Puckrin wrote.
The Crypto Fear & Greed Index sits at 22, signaling investor fear and trending toward “extreme fear.” Source: CoinMarketCap
Over 70% of Polymarket traders now expect Bitcoin to dip below $90,000, a trend that market analysts have attributed to older Bitcoin whales cashing out. Long-term Bitcoin holders dumped over 400,000 BTC on the market in October.
Market analysts, investors and traders are debating whether the latest dip signals the start of the next prolonged crypto bear market or if cryptocurrencies will form new all-time highs in 2026 if interest rates continue to drop and liquidity flows into assets.
Crypto market investors search for a singular cause for BTC crashing below critical support
Bitcoin dipped below its 365-day moving average, a critical support level, several times in November and continued to move lower on Friday, trading well below its 365-day average.
Bitcoin is trading well below its 365-day moving average. Source: TradingView
Senior Bloomberg exchange-traded fund (ETF) analyst Eric Balchunas rebuffed the idea that heavy outflows from BTC ETFs were the primary cause of the continued price decline and said that ETF investors held strong, despite a 20% price shock.
ETFs saw about $1 billion in outflows over the last month, despite October’s historic market crash, which saw about $19 billion in leveraged bets wiped away from the market within 24 hours — the worst crypto liquidation event in history, Balchunas said.
Alex Thorn, head of firmwide research at investment firm Galaxy, lowered his 2025 BTC price forecast from $180,000 to $120,000 due to several factors, including investor rotation into competing narratives like gold and AI.
Thorn also said that leveraged liquidations in crypto derivatives markets are also one of the main culprits behind falling asset prices.
Binance has begun accepting BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) as off-exchange collateral, giving institutions a way to trade on the exchange while keeping their assets with custodians.
The integration combines BlackRock’s onchain money market fund with Binance’s custody systems, enabling traders to earn yield on BUIDL while using it to support trading positions on the exchange.
A new BUIDL asset class will also launch on BNB Chain, expanding the token’s reach beyond Ethereum and opening it to a wider set of onchain applications, according to a blog post by Binance on Friday.
With the addition of BUIDL, Binance supports multiple yield-bearing tokenized assets, including Circle’s USYC and OpenEden’s cUSDO.
BUIDL is BlackRock’s first onchain liquidity fund — a tokenized, interest-bearing USD vehicle issued through Securitize. BlackRock, the world’s largest asset manager, oversaw roughly $13.4 trillion in assets as of Q3 2025.
As tokenized money-market funds shift from simple yield products to mainstream trading collateral, Binance joins a growing group of exchanges allowing qualified clients to post Treasury-backed tokens to back their positions.
In September, Bybit followed with support for QCDT, a Dubai Financial Services Authority (DFSA)-approved tokenized money-market fund backed by US Treasurys.
The trend echoes traditional finance, where companies often pledge Treasurys and money-market funds as collateral through bank-run triparty systems rather than keeping assets on a trading venue.
Tokenized US Treasurys have become the second-largest real-world assets (RWA) beyond stablecoins, with a current market cap of $8.57 billion, according to RWA.xyz data.
The funds are led by BlackRock’s BUIDL, with about $2.52 billion in total value, Circle’s USYC with $1.06 billion and Franklin Templeton’s BENJI, with $850 million.
Satoshi’s 1.1-million-BTC wallet is increasingly viewed as a potential quantum vulnerability as researchers assess how advancing computing power could affect early Bitcoin addresses.
Satoshi Nakamoto’s estimated 1.1 million Bitcoin (BTC) is often described as the crypto world’s ultimate “lost treasure.” It sits on the blockchain like a dormant volcano, a digital ghost ship that has not seen an onchain transaction since its creation. This massive stash, worth approximately $67 billion-$124 billion at current market rates, has become a legend.
But for a growing number of cryptographers and physicists, it is also viewed as a multibillion-dollar security risk. The threat is not a hacker, a server breach or a lost password; it is the emergence of an entirely new form of computation: quantum computing.
As quantum machines move from theoretical research labs to powerful working prototypes, they pose a potential threat to existing cryptographic systems. This includes the encryption that protects Satoshi’s coins, the wider Bitcoin network and parts of the global financial infrastructure.
This is not a distant “what if.” The race to build both a quantum computer and a quantum-resistant defense is one of the most critical and well-funded technological efforts of our time. Here is what you need to know.
Why Satoshi’s early wallets are easy quantum targets
Most modern Bitcoin wallets hide the public key until a transaction occurs. Satoshi’s legacy pay-to-public-key (P2PK) addresses do not, and their public keys are permanently exposed onchain.
To understand the threat, it is important to recognize that not all Bitcoin addresses are created equal. The vulnerability lies in the type of address Satoshi used in 2009 and 2010.
Most Bitcoin today is held in pay-to-public-key-hash (P2PKH) addresses, which start with “1,” or in newer SegWit addresses that begin with “bc1.” In these address types, the blockchain does not store the full public key when coins are received; it stores only a hash of the public key, and the actual public key is revealed only when the coins are spent.
Think of it like a bank’s drop box. The address hash is the mail slot; anyone can see it and drop money in. The public key is the locked metal door behind the slot. No one can see the lock or its mechanism. The public key (the “lock”) is only revealed to the network at the one and only moment you decide to spend the coins, at which point your private key “unlocks” it.
Satoshi’s coins, however, are stored in much older P2PK addresses. In this legacy format, there is no hash. The public key itself, the lock in our analogy, is visibly and permanently recorded on the blockchain for everyone to see.
For a classical computer, this does not matter. It is still practically impossible to reverse-engineer a public key to find the corresponding private key. But for a quantum computer, that exposed public key is a detailed blueprint. It is an open invitation to come and pick the lock.
How Shor’s algorithm lets quantum machines break Bitcoin
Bitcoin’s security, Elliptic Curve Digital Signature Algorithm (ECDSA), relies on math that is computationally infeasible for classical computers to reverse. Shor’s algorithm, if run on a sufficiently powerful quantum computer, is designed to break that math.
Bitcoin’s security model is built on ECDSA. Its strength comes from a one-way mathematical assumption. It is easy to multiply a private key by a point on a curve to derive a public key, but it is essentially impossible to take that public key and reverse the process to find the private key. This is known as the Elliptic Curve Discrete Logarithm Problem.
A classical computer has no known way to “divide” this operation. Its only option is brute force, guessing every possible key. The number of possible keys is 2256, a number so vast it exceeds the number of atoms in the known universe. This is why Bitcoin is safe from all classical supercomputers on Earth, now and in the future.
A quantum computer would not guess. It would calculate.
The tool for this is Shor’s algorithm, a theoretical process developed in 1994. On a sufficiently powerful quantum computer, the algorithm can use quantum superposition to find the mathematical patterns, specifically the period, hidden within the elliptic curve problem. It can take an exposed public key and, in a matter of hours or days, reverse-engineer it to find the single private key that created it.
An attacker would not need to hack a server. They could simply harvest the exposed P2PK public keys from the blockchain, feed them into a quantum machine, and wait for the private keys to be returned. Then they could sign a transaction and move Satoshi’s 1.1 million coins.
Did you know? It is estimated that breaking Bitcoin’s encryption would require a machine with about 2,330 stable logical qubits. Because current qubits are noisy and error-prone, experts believe a fault-tolerant system would need to combine more than 1 million physical qubits just to create those 2,330 stable ones.
How close are we to a Q-Day?
Firms like Rigetti and Quantinuum are racing to build a cryptographically relevant quantum computer, and the timeline is shrinking from decades to years.
“Q-Day” is the hypothetical moment when a quantum computer becomes capable of breaking current encryption. For years, it was considered a distant “10-20-year” problem, but that timeline is now rapidly compressing.
The reason we need 1 million physical qubits to get 2,330 logical ones is quantum error correction. Qubits are incredibly fragile. They are noisy and sensitive to even slight vibrations, temperature changes or radiation, which can cause them to decohere and lose their quantum state, leading to errors in calculation.
To perform a calculation as complex as breaking ECDSA, you need stable logical qubits. To create a single logical qubit, you may need to combine hundreds or even thousands of physical qubits into an error-correcting code. This is the system’s overhead for maintaining stability.
We are in a rapidly accelerating quantum race.
Companies such as Quantinuum, Rigetti and IonQ, along with tech giants such as Google and IBM, are publicly pursuing aggressive quantum roadmaps.
Rigetti, for example, remains on track to reach a 1,000-plus qubit system by 2027.
This public-facing progress does not account for classified state-level research. The first nation to reach Q-Day could theoretically hold a master key to global financial and intelligence data.
The defense, therefore, must be built and deployed before the attack becomes possible.
Why millions of Bitcoin are exposed to quantum attacks
A 2025 Human Rights Foundation report found that 6.51 million BTC is in vulnerable addresses, with 1.72 million of it, including Satoshi’s, considered lost and unmovable.
Satoshi’s wallet is the biggest prize, but it is not the only one. An October 2025 report from the Human Rights Foundation analyzed the entire blockchain for quantum vulnerability.
The findings were stark:
6.51 million BTC is vulnerable to long-range quantum attacks.
This includes 1.72 million BTC in very early address types that are believed to be dormant or potentially lost, including Satoshi’s estimated 1.1 million BTC, many of which is in P2PK addresses.
An additional 4.49 million BTC is vulnerable but could be secured by migration, suggesting their owners are likely still able to act.
This 4.49 million BTC stash belongs to users who made a critical mistake: address reuse. They used modern P2PKH addresses, but after spending from them (which reveals the public key), they received new funds back to that same address. This was common practice in the early 2010s. By reusing the address, they permanently exposed their public key onchain, turning their modern wallet into a target just as vulnerable as Satoshi’s.
If a hostile actor were the first to reach Q-Day, the simple act of moving Satoshi’s coins would serve as proof of a successful attack. It would instantly show that Bitcoin’s fundamental security had been broken, triggering market-wide panic, a bank run on exchanges and an existential crisis for the entire crypto ecosystem.
Did you know? A common tactic being discussed is “harvest now, decrypt later.” Malicious actors are already recording encrypted data, such as internet traffic and blockchain public keys, with the intention of decrypting it years from now once they have a quantum computer.
How Bitcoin could switch to quantum-safe protection
The entire tech world is moving to new quantum-resistant standards. For Bitcoin, this would require a major network upgrade, or fork, to a new algorithm.
The cryptographic community is not waiting for this to happen. The solution is post-quantum cryptography (PQC), a new generation of encryption algorithms built on different and more complex mathematical problems that are believed to be secure against both classical and quantum computers.
Instead of elliptic curves, many PQC algorithms rely on structures such as lattice-based cryptography. The US National Institute of Standards and Technology has been leading this effort.
In August 2024, the National Institute of Standards and Technology published the first finalized PQC standards.
The key one for this discussion is ML-DSA (Module-Lattice-based Digital Signature Algorithm), part of the CRYSTALS-Dilithium standard.
The wider tech world is already adopting it. By late 2025, OpenSSH 10.0 had made a PQC algorithm its default, and Cloudflare reported that a majority of its web traffic is now PQC-protected.
For Bitcoin, the path forward would be a network-wide software update, almost certainly implemented as a soft fork. This upgrade would introduce new quantum-resistant address types, such as proposed “P2PQC” addresses. It would not force anyone to move. Instead, users could voluntarily send their funds from older, vulnerable addresses, such as P2PKH or SegWit, to these new secure ones. This approach would be similar to how the SegWit upgrade was rolled out.
Bitcoin (BTC) broke below its June support near $98,000 on Thursday, marking its first clear lower high–lower low structure on the daily chart since February. The decline deepened on Friday as BTC slid to $94,500, bringing it within striking distance of the $93,500 yearly open, a level that would fully erase its gains for 2025.
Key takeaways:
Bitcoin is at risk of its first weekly close below the 50-week SMA since 2023, breaking a two-year uptrend.
Data shows all major short-term realized price bands have flipped into resistance.
Short-term holders are showing near-capitulation losses of 12.79%.
A two-year Bitcoin trend is at risk
After defending the 50-week simple moving average (SMA) last week with a sharp weekend rebound, Bitcoin is once again on track to close below the indicator, unless the price climbs back above $101,000 by Sunday.
This level has acted as a structural support since September 2023, defining a two-year uptrend. A confirmed weekly close beneath it would not only invalidate that trend but also suggest that BTC’s bullish momentum has weakened enough for a broader correction to take shape.
Bitcoin researcher Axel Adler Jr noted the severity of the breakdown, saying, “there is no support left in the market, all key metrics have flipped into resistance,” after BTC lost $100,000 on Nov. 14.
Data shows multiple short-term holder (STH) realized price bands, once reliable bounce zones, now forming overhead barriers. The STH 1W–1M realized price near $102,400, and the STH 1M–3M band around $98,000 have both inverted following more than $1.1 billion in liquidations.
Bitcoin support and resistance based on short-term realized price levels. Source: X
However, CryptoQuant CEO Ki-Young Ju highlighted a possible stabilizing zone: the six-to-12 month holder cost basis near $94,000. A bounce from this level could mark a technical floor, but a decisive higher-timeframe close below it risks accelerating losses and confirming a bear market.
Can short-term pain fasten the capitulation clock?
Data from CryptoQuant showed that the drop below $98,000 triggered acute stress among new and short-term participants. New investors are down 3.46%, while those who bought in the past month sit at a 7.71% loss. Most importantly, the core short-term holder cohort, buyers within the past six months, is now facing a steep 12.79% loss.
This magnitude of unrealized loss has historically aligned with capitulation phases, where reactive traders sell into fear, deepening corrections but also clearing the path for stronger long-term holders. With short-term realized profit and loss dropping 13%, data suggests that panic may be nearing exhaustion, often the final stage before a more stable recovery structure forms.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Publicly traded Bitcoin mining companies had a tough week, with nearly every major miner posting double-digit declines as the sector sharply underperformed Bitcoin itself.
Over the past five trading days, names like Cipher, Applied Digital, Core Scientific, CleanSpark and Bitdeer slid between 23% and 52%, while other operators such as Riot and Hut 8 saw mid-teens losses.
Bitcoin (BTC) was trading about $94,400 at the time of writing, down about 9% over the past seven days.
Zooming out, a Miner Mag report on Thursday showed public mining stocks have shed over $20 billion in market value in the past month, dropping about 25% since mid-October and sharply underperforming Bitcoin’s decline.
The decline came even as institutions such as Jane Street, Fidelity and Barclays have increased their positions across several major miners.
Despite recent losses, some mining companies have outperformed Bitcoin on a year-to-date basis.
IREN, the largest public Bitcoin miner by market capitalization, is up roughly 370% year-to-date, while Cipher Mining has gained about 210%. By comparison, Bitcoin itself is only up around 1.5% over the same period, according to TradingView.
Despite strong year-to-date gains for several Bitcoin mining stocks, mining remains an increasingly challenging business. With halvings cutting block rewards roughly every four years, several miners have adopted new strategies to diversify their income, while others are exiting altogether.
The biggest shift has been toward AI and high-performance computing (HPC), as miners repurpose their power-heavy data centers for steadier, higher-margin workloads. With existing infrastructure already optimized for energy and cooling, many miners now see HPC integration as an essential part of their business
On Friday, Bitfarms’ stock dropped sharply after the company said it would wind down its Bitcoin mining operations over the next two years, starting with the closure of its 18-megawatt site in Washington, as it plans to convert its facilities into AI and HPC data centers.
Other miners are opting for a hybrid approach rather than exiting Bitcoin mining entirely. In June, Core Scientific signed a $3.5 billion agreement with AI cloud provider CoreWeave to supply 200 megawatts of hosting capacity for HPC workloads.
BitMine Immersion Technologies has overhauled its leadership as it continues to amass one of the largest Ether treasuries across publicly traded companies.
In a Friday notice, BitMine announced that Chi Tsang would succeed Jonathan Bates as the company’s CEO, effective immediately. The Ether (ETH) treasury company reported holding more than 3.5 million tokens as of Monday, bringing its valuation to more than $11 billion at a price of $3,175.
“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” said Tsang.
The company announcement included the appointment of three independent board members. Initially launched as a cryptocurrency mining company and led by Chairman Tom Lee, BitMine has become the largest Ethereum treasury company, standing in contrast to Michael Saylor’s Strategy as the largest Bitcoin (BTC) holder.
ARK Invest, the asset management company founded by Cathie Wood, reported on Nov. 7 that it had purchased about $2 million worth of BitMine shares, increasing its ETFs’ exposure to Ether.
The share price of BitMine’s stock on the New York Stock Exchange has dropped about 35% in the previous 30 days, reaching $34.43 at the time of publication.
Crypto treasury strategies on the horizon?
Although BitMine and Strategy are leading the pack with their Ether and Bitcoin treasuries, respectively, other companies have adopted similar investment strategies for various digital assets.
Forward Industries holds the largest position on Solana (SOL), with an estimated 6.82 million tokens as of Tuesday. Leap Therapeutics, which recently rebranded to Cypherpunk Technologies, announced the adoption of a Zcash (ZEC) treasury strategy on Wednesday, purchasing $50 million worth of the privacy-focused blockchain’s native tokens.
