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Bitcoin has once again fallen to around $107,000, following a brief stabilization period after last week’s sharp correction. This decline, which triggered the liquidation of numerous leveraged positions, is now seen not as a structural collapse but rather as a “market cleanup” phase. Glassnode data supports this interpretation: funding rates and open interest on futures contracts have dropped, while realized losses indicate a cautious reduction in risk exposure rather than a mass investor exodus.
However, several analysts believe Bitcoin remains locked in a bearish trend, characterized by a series of lower highs and lower lows. According to Samer Hasn of XS.com, the key level to watch is around $111,000: only a sustained recovery above this threshold would restore confidence and confirm a true trend reversal. Until then, market rebounds are likely to be viewed as short-lived corrections within an overall unfavorable context.
Despite this caution, some institutional players are taking advantage of current weakness to reposition themselves. The BitMine fund, led by Fundstrat’s Tom Lee, injected an additional $800 million into its ether reserves. Meanwhile, Blockchain.com is reportedly exploring a SPAC merger to go public, and Evernorth Holdings — backed by Ripple — is preparing a Nasdaq listing aimed at creating the world’s largest publicly held XRP reserve, valued at over $1 billion.
On the macroeconomic front, conditions have eased slightly: the softening of U.S.–China trade tensions and fading concerns over regional U.S. banks are supporting risk assets. Stock markets are rebounding while gold has fallen more than 2% to $4,265, signaling a rotation back into riskier assets. In the background, investors are awaiting the imminent release of the U.S. Consumer Price Index (CPI), a key inflation gauge, in hopes of further monetary easing. According to CME’s FedWatch Tool, there is a 98.9% probability that the Federal Reserve will cut rates by 0.25 percentage points at its next meeting.
Analysts at TD Cowen argue that the recent panic episode in the crypto market highlights not only the sector’s inherent volatility but also its resilience to major shocks without systemic breakdowns. The “flash crash,” which triggered nearly $19 billion in liquidations, stress-tested market infrastructure, yet most exchanges continued to operate normally without major interruptions — a sign of growing maturity for an industry still in its youth. The plunge was sparked by U.S. President Donald Trump’s announcement of a 100% tariff on Chinese imports, which wiped out more than 10% of total crypto market capitalization. Leveraged positions were heavily liquidated, but unlike many smaller tokens that collapsed, Bitcoin and Ethereum held up relatively well. BTC, for instance, plunged 15% at its low but recovered to close down about 8%, underscoring the relative strength of leading cryptocurrencies amid panic.
Despite the volatility, TD Cowen remains optimistic about Bitcoin’s outlook, forecasting a price near $141,000 by December. The analysts contend that market corrections strengthen the sector’s structural resilience and purge speculative excesses, paving the way for a more stable investor base. In their view, such episodes test trading infrastructure and confirm the system’s ability to stabilize quickly.
Finally, the firm notes that global Bitcoin adoption continues to grow steadily. Japan offers a striking example: the number of registered digital-asset accounts there has quadrupled in five years, now exceeding 7.9 million. This expansion is even prompting Japanese regulators to consider lifting the ban that previously prevented banks from investing directly in cryptocurrencies — further proof that, despite turbulence, adoption momentum remains intact.
Coinbase continues its aggressive expansion within the crypto ecosystem, announcing the acquisition of on-chain investment platform Echo for approximately $375 million, according to the Wall Street Journal. The deal, financed in both cash and stock, marks the exchange’s eighth acquisition this year, confirming its intention to expand beyond simple asset trading. Echo founder Jordan Fish, better known as “Cobie,” confirmed the sale on X (formerly Twitter), expressing surprise at Coinbase’s acquisition of his company. He added that Echo will initially continue operating under its own brand, but its flagship product, Sonar — a public token sale platform — will gradually be integrated into Coinbase’s infrastructure, strengthening the group’s decentralized investment capabilities. This move fits into Coinbase’s broader expansion strategy, which has already seen the acquisition of Deribit and LiquiFi this year, as well as a $25 million investment to relaunch the legendary UpOnly crypto podcast as an NFT series. These initiatives underscore Coinbase’s intent to diversify its revenue streams and cement its role as a cornerstone of integrated digital finance.
According to data from Arkham Intelligence, SpaceX — the aerospace company founded by Elon Musk — transferred roughly 2,495 bitcoins (worth about $268.5 million) to two anonymous addresses on Tuesday. It marks the first major movement of its BTC holdings since July and the first material change in its reserves since June 2022. Until now, these funds, totaling around 8,285 BTC, had remained untouched for over two years. The reasons for the transfer haven’t been publicly disclosed, though analysts suspect it may simply represent an internal wallet reorganization. Crypto analyst “Aunt Ai” noted that similar past transactions were later linked to custodial transfers to Coinbase Prime addresses, suggesting a logistical adjustment rather than a sale.
Historically, SpaceX reduced its Bitcoin holdings by about 70% in mid-2022, following the collapse of Terra-Luna, FTX’s bankruptcy, and the subsequent market turmoil. Since then, Arkham data shows no new purchases by the company, implying that Musk has adopted an observational stance rather than increasing exposure to market volatility. By comparison, Tesla — also led by Musk — still holds about 11,509 BTC, worth an estimated $1.24 billion. It, too, sold a large portion of its holdings in 2022, reflecting a more conservative approach toward digital assets. Collectively, these movements indicate a measured “buy and hold” strategy by Musk’s companies — discreet but still significant in scale.
The province of British Columbia announced plans to impose a permanent ban on any new cryptocurrency mining projects seeking to connect to the public BC Hydro power grid. The move aims to preserve provincial energy capacity and redirect power toward industries deemed more strategic for the local economy, such as traditional mining, natural gas, and low-emission LNG. The provincial government has introduced a bill amending energy regulations to create a new framework for electricity allocation, prioritizing job-creating and revenue-generating industries while reducing grid pressure. Officials note that in other parts of the world, excessive energy use by emerging sectors such as crypto mining has led to significant rate hikes for taxpayers. Starting in fall 2025, British Columbia will implement several policy adjustments: reduced energy allocations for data centers and AI operations, and a complete ban on new electrical connections for crypto-mining farms. The decision follows a moratorium in place since 2022, now set to become permanent. The stated goal is to ensure the province’s clean energy primarily supports projects that contribute directly to sustainable growth and local employment.
Strategy (formerly MicroStrategy) continues its ambitious Bitcoin accumulation strategy with a new purchase of 168 BTC, valued at approximately $18.8 million, at an average price of $112,051 per coin. According to a regulatory filing with the SEC, these acquisitions occurred between October 13 and 19, bringing the company’s total holdings to 640,418 BTC — representing over 3% of Bitcoin’s total global supply. At current prices, this reserve is worth roughly $71.1 billion, reflecting an unrealized gain of about $23.7 billion on an estimated acquisition cost of $47.4 billion. Despite its share price dropping 36% since summer, Strategy remains the world’s largest corporate Bitcoin holder, far ahead of Marathon Digital (53,250 BTC), Tether-backed Twenty One (43,514 BTC), Metaplanet (30,823 BTC), and Coinbase (11,776 BTC). Interest in “Bitcoin treasuries” continues to rise: nearly 190 publicly traded companies now pursue similar accumulation strategies, though their stock performances vary widely. Michael Saylor, Strategy’s co-founder and executive chairman, remains steadfastly optimistic. He recently reiterated that the company is structured to withstand a 90% Bitcoin price drop for several years, thanks to its blend of equity, convertible debt, and preferred stock. While acknowledging that shareholders would suffer in such a scenario, he repeated his signature mantra: “The most important orange point is always the next one,” emphasizing that for Strategy, Bitcoin accumulation is a long-term mission immune to short-term turbulence.
From a technical standpoint, chart patterns suggest bullish “flag” formations pointing to impressive price targets. The first pattern, formed between September 2023 and October 2024, projects a theoretical target around $192,000; a second, formed between September and December 2024, points to about $186,000. A third, more recent formation has been developing since March 2025 and would be confirmed if Bitcoin breaks above the $115,000 zone, potentially paving the way for a rally toward the same $190,000 range. Some analysts go even further: Mags envisions a scenario in which Bitcoin trades within an ascending channel leading to $250,000–$290,000, while Aksel Kibar takes a more cautious stance, citing an inverted head-and-shoulders pattern targeting $141,300. In any case, a weekly close above $108,000 is seen as a strong signal: buyers appear to have regained control, and the long-term bullish momentum could soon resume if technical and macroeconomic conditions continue to align.
The presented information is as of October 21st, 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
