Bitcoin Hits Six-Month Low as Crypto Stocks Slide, Analysts Eye Potential Bottom
Bitcoin (BTC) tumbled to a six-month low on Monday, erasing all gains for 2025 amid ongoing market weakness. BTC fell to $92,500, down 2.4% in 24 hours and nearly 13% over the past week, marking a 27% drop from its recent peak. Ether (ETH) held just above $3,000, down 2% for the day and 15% for the week, reflecting broad crypto weakness.
Crypto Stocks and Treasury Firms Decline
The downturn extended to crypto-related equities. Coinbase (COIN), Circle (CRCL), Gemini (GEMI), and Galaxy (GLXY) fell about 7%. Corporate crypto holders also slid: Strategy (MSTR) dropped 4% to its lowest since October 2024, while BitMine (BMNR) and ETHZilla fell 8% and 14%, respectively. Solana-linked Upexi (UPXI) and Solana Company (HSDT) declined 10% and 7%.
Miners with AI and HPC exposure bucked the trend. Hive Digital (HIVE) jumped 10% after announcing an AI cloud partnership with Dell Technologies, while IREN (IREN) and Hut 8 (HUT) saw modest gains.
Macro Drivers and Fed Outlook
Monday’s New York Fed Empire State Manufacturing Survey surged eight points to 18.7, well above expectations for a decline to 6, bolstering the case for the Fed to hold rates steady in December. Polymarket assigns 55% odds of no change, with CME FedWatch Tool at 60%.
Technical Perspective
CME Bitcoin futures opened at $93,840 on Sunday, leaving an unfilled gap at $91,970 from April, potentially adding short-term downward pressure. Bitfinex analysts noted realized losses are stabilizing, suggesting Bitcoin could be approaching a local bottom. “Sustainable bottoms historically form after short-term holders capitulate into losses,” they said, noting this is the third-largest pullback since 2023 and the second-largest since U.S. spot BTC ETFs launched, hinting a rebound could be near
