Bitcoin drops below $110,000, while treasuries slow down acquisitions

Glassnode analysts wrote that “the market is in a reset phase.”

10/16/25 10:40AM

Bitcoin is struggling to regain ground, and dropped below $110,000 early Thursday morning. The asset is down roughly 10% in the past week and 11.5% since its October 6 all-time high of just over $126,000. Tariff battles coupled with domestic and geopolitical uncertainty continue to put pressure on bitcoin, almost a week after the historic $19 billion wipeout.

Glassnode analysts wrote that, coupled with weak bitcoin ETF inflows and acute volatility, “the market is in a reset phase, characterized by flushed leverage, cautious sentiment, and recovery hinging on renewed demand.”

They continued, “Without a renewed catalyst to lift prices back above $117.1k, the market risks deeper contraction toward the lower boundary of this range.”

Bitcoin ETFs are also suffering and saw $104.1 million in outflows on Wednesday, while digital asset treasuries (DATs) are seeing a significant slowdown of bitcoin acquisitions.

CoinDesk reported that the seven-day moving average of net daily inflows into bitcoin DATs “recently dropped to 140 BTC, marking the lowest level since mid-June and a sharp decline from a July peak of 8,249 BTC.”

The latest two bitcoin acquisitions from Strategy, which with 640,250 bitcoin is the largest corporate bitcoin holder, were some of the smallest ones since it started accumulating bitcoin: 220 and 196 bitcoin.

DATs’ total bitcoin holdings have now crossed the 1 million mark, with 91% held in US companies. The holdings also represent almost 5% of the total supply. In a prescient August note, “How DATs die,” NYDIG flagged some warning signs.

“Where a DAT gets into trouble is when it cannot generate and sustain a sufficient premium to NAV [net asset value] — it loses its main avenue to increase its crypto per share. How does this happen? Either it fails to generate sufficient memetic premium or investors sell shares, forcing the premium to NAV to collapse,” according to NYDIG.

Indeed, following Nakamoto and several other DATs, Metaplanet is the latest one whose NAV has dropped below 1, as its enterprise value fell below its bitcoin holdings.

Sage D. Young20h

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

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Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.

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The rate of outflows puts the funds on track to far surpass May’s losses.

$389M

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US Attorney David Metcalf announced Thursday the arrests of Ruslan Igorevich Tkachuk and Alexander Vladimirovich Ledenev, alleged senior members of AudiA6, a cryptocurrency money-laundering service believed to be responsible for laundering over $389 million.

The arrests coincided with a coordinated international takedown of AudiA6 and its infrastructure, involving the search of three properties, the seizure of servers and domains connected to the organization, as well as freezing cryptocurrency assets, according to a Department of Justice press release.

Tkachuk and Ledenev were “charged by criminal complaint with one count of conspiracy to launder monetary instruments and one count of sting money laundering,” the DOJ said. If convicted, they face a maximum possible sentence of 20 years of incarceration.

Per the criminal complaint, AudiA6 offered services to conceal the origin of cryptocurrency linked to criminal activity, charging fees of up to 5% of the amount laundered.

The two defendants are in custody of Republic of Georgia authorities, and the US Attorney’s Office aims to seek their extradition to the Eastern District of Pennsylvania.

Bitcoin drops below $110,000, while treasuries slow down acquisitions

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Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

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