Bitcoin’s (BTC) slide below the $65,000 mark this week has rippled far beyond the crypto market, dragging down mining stocks and weighing on Asian equities already under pressure from a global tech sell-off.
The world’s largest cryptocurrency briefly dipped just above $60,000, its lowest level in about 15 months, before attempting a modest rebound. Even with that recovery, sentiment across digital assets and related equities remains fragile as investors reassess risk in an uncertain macro environment.
The large Bitcoin holders have sold roughly 81,000 BTC over the past eight days, coinciding with Bitcoin’s drop from near $90,000 to the mid-$60,000 range.
Similarly, smaller investors have continued to accumulate. Wallets holding less than 0.1 BTC reached a 20-month high in their share of supply, suggesting retail buyers are stepping in as prices fall.
Historically, similar patterns, large holders selling into retail demand, have been associated with prolonged bear phases. Reflecting this shift, the Crypto Fear & Greed Index fell to 9 out of 100, its lowest level since mid-2022.
Mining Stocks Slide Amid Bitcoin WeaknessStrategy, one of the largest corporate Bitcoin holders, reported a sharply wider quarterly loss as falling prices weighed on the value of its holdings, adding to concerns about balance sheet risk if weakness persists.
Analysts note that the sell-off in miners has been largely macro-driven rather than tied to company-specific developments, reflecting their role as high-beta bets on Bitcoin’s price.
Asian Markets Feel The SpilloverMarket players cited a broader risk-off mood linked to concerns over U.S. monetary policy, particularly following President Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair, a move seen as less supportive of easy liquidity.
With Bitcoin now down roughly half from its October peak, investors remain cautious. While short-term rebounds are possible, continued selling by large holders and tightening financial conditions suggest volatility across crypto assets, mining stocks, and global markets is likely to persist.
Cover image from ChatGPT, BTCUSD chart on Tradingview
