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Bitcoin Sinks Below $113K as Stocks Hit Records; Sell-Off Could Have Room to Run, Says Bitfinex
Nvidia closed in on a $5 trillion market cap amid CEO Jensen Huang's keynote speech at a tech conference, seemingly sucking capital out of crypto on Tuesday afternoon.
Updated Oct 29, 2025, 11:41 a.m. Published Oct 28, 2025, 8:29 p.m.
What to know:
- A quiet decline sped up late in the U.S. session Tuesday, leaving crypto prices sharply lower as U.S. stocks set new record highs.
- The drop occurred alongside a 5% rally in tech and AI bellwether Nvidia as its CEO Jensen Huang addressed the GPU Technology Conference.
Bitcoin’s rally attempt stalled again on Tuesday, with prices once more failing to hold above $116,000.
Sellers stepped in during the U.S. afternoon hours, dragging BTC back below $113,000, nearly identical to Monday’s reversal. The largest crypto changed hands at $112,700, down just shy of 2% over the past 24 hours.
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Ether fell 4%, dropping back below the $4,000 level. The broader crypto market saw mostly red, with little reaction to three new spot ETF listings in the U.S. Solana and each fell nearly 4%, while Hedera (HBAR) gave back half of its initial ETF-related gains.
The crypto action is all the more lackluster as U.S. stocks climbed higher, with the S&P hitting 6,900 for the first time ever and the Nasdaq also clinching a new record high. Leading was tech giant Nvidia, gaining 5% to a new record and just shy of a $5 trillion market cap as its CEO Jensen Huang addressed the GPU Technology Conference.
Mostly in the green early in the session, crypto-related stocks also faded sharply into the red by the day's end. Miners turned AI infrastructure bets Bitfarms (BITF), CleanSpark (CLSK), and IREN closed the session 4%-5% lower, while Galaxy (GLXY) fell 8% amid a $1.15 billion capital raise. Strategy (MSTR), the world's largest corporate BTC owner, sank 3.7%.
Bitcoin at risk of deeper pullback
Bitcoin managed to rebound from the trough of the October 10-11 crash, but the correction may not be over, Bitfinex analysts warned in a fresh report.
For that, BTC needs to hold above the short-term holder cost basis at $113,600, which is "now pivotal for confirming a constructive shift," they said.
"Trading above this level has historically marked the transition from corrective to accumulation phases," the report said.
Meanwhile, failing to sustain above that level poses risk of a deeper retracement to near $97,500, the likely lower bound of the current consolidation range, the analysts added.
UPDATE (Oct. 28, 20:38 UTC): Adds analyst comment from Bitfinex report.
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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