Today, bitcoin crashed again, worsening an already tough week for the crypto market, which still can’t find a bottom. By noon, the price plunged from $111,000 to below $109,000 — traders are massively exiting positions under constant pressure.
Ether followed, holding just above $3,900. XRP dropped to $2.36, despite Ripple announcing a $1 billion deal to buy GT Treasury, which should help advance the Ripple blockchain in corporate finance.
But if you look at the charts, things aren’t as chaotic as they seem. Analysts believe the crash is the result of aggressive selling by miners.
Since October 9, they have moved about 51,000 BTC to Binance — that’s about $5.6 billion. Lower network fees have hit revenues, and many miners had to urgently sell reserves to stay afloat.
The drop in profits is linked to the 2024 halving: the block reward was halved, while computational load, on the contrary, increased. All this intensified the pressure on an already tense situation. Anxiety reigns in the market — investors fear the wave of sell-offs isn’t over yet.
Paxos glitch and BlackRock fund changes heighten market anxiety
The problems didn’t start with bitcoin. The issuer of the stablecoin PYUSD company Paxos accidentally issued tokens worth $300 trillion — all due to a ‘technical error’.
According to Paxos, the error occurred during an internal transfer, and the extra tokens were quickly identified and burned. The company emphasized that the incident was not related to a hack and that client funds are safe. But the absurd scale — an amount twice the global GDP — instantly became a viral topic in the crypto community.
At the same time, BlackRock made regulatory changes to its Select Treasury Liquidity fund to comply with the Genius Act — the stablecoin law signed back under Trump.
Now the fund’s structure allows it to be used as a reserve asset for stablecoin issuers. All assets are held exclusively in cash and US Treasury bonds. BlackRock CEO Larry Fink on CNBC again called tokenization one of the company’s strategic priorities. According to him, it could radically change the way finance is managed.
But despite such statements, the market remains unstable. The $19 billion sell-off that hit the market this week, combined with the inflow of BTC from miners, has heightened fear on almost every chart. Analysts note that in previous cycles, aggressive sell-offs by miners often marked the final stage of a crash. But now, no relief is in sight. The crypto community continues to watch the charts — the question is how much deeper the market can fall.
