Trading time: Bitcoin falls below 110,000, and market panic continues to spread

Bitcoin has fallen below the $110,000 mark, extending a sharp correction from the previous week. This drop triggered $700 million in liquidations over 24 hours, affecting over 200,000 traders, and pushed the market fear index to a six-month low of 22, indicating extreme panic.

Market Drivers: The sell-off is attributed to crypto-native investors, not institutional ETF holders. JPMorgan analysts note Bitcoin's performance is aligning more with US tech stocks than its safe-haven properties, especially as gold hits record highs.
ETF Outflows: Bitcoin spot ETFs saw a net outflow of $536 million, with no fund recording inflows. Ethereum ETFs also faced outflows, except for BlackRock's product.
Institutional Moves: Public companies now hold 4.63 million ETH, with 95% purchased in Q3 2025. BitMine is transitioning to a public vehicle focused on holding ETH.
Key Data: Bitcoin price is $108,744, with a 24-hour liquidation total of $720 million. The DePIN and GameFi sectors were among the biggest losers.
Regulatory & Event Watch: The US Treasury is seeking opinions on stablecoin regulations, and the SEC will hold a roundtable on financial regulation and privacy. Several tokens, including CRO and ERA, are undergoing significant unlocks.

Daily market key data review and trend analysis, produced by PANews.

1. Market Observation

As the US credit market meltdown fueled heightened risk aversion and expectations of a Federal Reserve rate cut grew, spot gold hit a record high for the fourth consecutive trading day, surging $115 to over $4,300 per ounce. Against this backdrop, Bitcoin's safe-haven properties were less apparent, with its performance more closely aligned with US tech stocks. Bitcoin fell below $110,000 overnight, extending the October 11th crash of the previous weekend. JPMorgan analysts suggest that last week's sharp correction in the crypto market, accompanied by large-scale liquidations, was likely driven by native cryptocurrency investors, rather than institutional or retail ETF holders.

Over the past 24 hours, margin calls totaled $700 million, involving over 200,000 participants, and the panic index plummeted to 22, indicating extreme panic. A Glassnode report indicates that without a new catalyst to propel prices back above $117,100, the market risks further contraction towards the lower bound of this range. Historically, failure to hold within this range has often signaled a prolonged mid- to long-term correction. Furthermore, recent increases in profit-taking by long-term holders may signal a drying up of demand.

According to SoSoValue data, yesterday (October 16), the total net outflow of Bitcoin spot ETFs was US$536 million, and none of the twelve ETFs had a net inflow, among which Ark Invest and 21Shares' ARKB had the largest outflows.

However, more and more sovereign nations are beginning to take notice of Bitcoin, and some are even starting to use it as an asset reserve. However, Ray Dalio, founder of Bridgewater Associates, believes that Bitcoin has shortcomings and that central banks will not hold it. He also believes that stablecoins are not a good means of storing wealth. Their essence is that they can be exchanged for corresponding currencies and cannot generate interest. Therefore, from a financial perspective, holding stablecoins is not as good as holding interest-bearing fiat assets. The advantage of stablecoins is that they are globally applicable and are equivalent to a clearing system that facilitates transactions. Therefore, they are suitable for those who do not care about interest. As for whether stablecoins can solve the problem of US debt, he believes that if the stablecoin buyers already hold US debt, it is equivalent to transferring US debt from one pocket to another. Whether it will increase demand for US debt can only be waited and seen.

Regarding institutional Ethereum holdings, according to Bitwise's latest report, publicly listed companies hold 4.63 million ETH (valued at $19.13 billion), representing approximately 4% of the total supply. Of all ETH currently held by these companies, 95% (approximately 4 million) were purchased in the third quarter of this year. SharpLink Gaming, an Ethereum treasury company, announced it raised $76.5 million through a stock offering at $17 per share (12% above the market) and is expected to raise approximately $79 million through the issuance of new 90-day premium purchase contracts at $17.50 per share (19% above the market). BitMine is also transitioning to a public vehicle primarily focused on holding ETH, with a market capitalization exceeding $15 billion and holding over 3 million ETH (approximately 2.5% of the total supply). The company aims to increase this to 5% through staking and inclusion in major indices. BitMine Chairman Tom Lee also warned that several DATs are trading below their net asset value, suggesting a potential bubble burst.

According to SoSoValue data, among all Ethereum spot ETFs, only BlackRock's ETHA saw net inflows yesterday, while all other products saw net outflows. Regarding technological developments, Christine Kim, Vice President of Galaxy Research, published a summary of the 167th Ethereum core developer consensus call. This week, developers tentatively finalized the mainnet activation schedule for the Fusaka upgrade.

2. Key Data (as of 13:00 HKT, October 10)

(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars)

Bitcoin: $108,744 (+16.25% YTD), daily spot trading volume $82.62 billion
Ethereum: $3,910 (+17.16% YTD), with a daily spot trading volume of $64.62 billion
Fear and Corruption Index: 22 (Extreme Fear)
Average GAS: BTC: 1sat/vB, ETH: 0.13Gwei
Market share: BTC 58.9%, ETH 12.8%
Upbit 24-hour trading volume rankings: XRP, BTC, ETH, SOL, DOGE
24-hour BTC long-short ratio: 48.82%/51.18%
Sector gains and losses: DePIN sector fell 5.88%, GameFi sector fell 5.35%
24-hour liquidation data: A total of 205,791 people were liquidated worldwide, with a total liquidation amount of US$720 million, including US$235 million in BTC, US$167 million in ETH, and US$72.97 million in SOL.
BTC medium- and long-term trend channel: upper channel line ($114,919.40), lower channel line ($112,663.37)
ETH medium- and long-term trend channel: upper channel line ($4158.11), lower channel line ($4075.77)

*Note: When the price is higher than the upper and lower edges, it is a medium- to long-term bullish trend; otherwise, it is a bearish trend. When the price is within the range or repeatedly passes through the cost range in the short term, it is in a bottoming or topping state.

3. ETF flows (as of October 16)

Bitcoin ETF: -$526 million
Ethereum ETF: -$56.88 million

4. Today's Outlook

The U.S. Treasury Department is soliciting opinions on innovative stablecoin regulations for the GENIUS Act.
The U.S. SEC Crypto Task Force will hold a roundtable on financial regulation and privacy on October 17.
ETHShanghai 2025 Hackathon will officially launch on October 18th
Cronos (CRO) unlocked approximately 1.017 billion tokens, representing 1.7% of the current circulating supply and valued at approximately $214 million.
Caldera (ERA) unlocked approximately 51.63 million tokens, representing 5.16% of the current circulating supply and valued at approximately $27.9 million.
Lombard (BARD) unlocked approximately 11.35 million tokens, representing 1.14% of the current circulating supply and valued at approximately $11.49 million.

The top 100 cryptocurrencies with the largest increases today are: PAXG up 3.9%, COAI up 3.5%, XAUT up 3.3%, BDX up 2.5%, and FTN up 2.5%.