bitcoin fell to a new six-month low on Monday, extending its multi-week pullback as crypto sentiment continued to deteriorate.
After a slight rebound from overnight lows, BTC, in what has become a familiar pattern, resumed its decline in the US session, falling to $92,500, down 2.4% over the past 24 hours and down almost 13% over the past week. The largest cryptocurrency has now erased all of its 2025 gains and is down 27% from its all-time high just over a month ago. Ether It was around $3,000, a 2% discount in the last 24 hours and a 15% discount over the past week.
The bearish sentiment spread to cryptocurrency-related stocks: Coinbase (COIN), Circle (CRCL), Gemini (GEMI), and Galaxy (GLXY) fell around 7%. Companies linked to digital asset treasuries continued their decline: Strategy (MSTR), the largest corporate holder of bitcoin, fell 4% to its lowest level since October 2024, while ether treasury companies BitMine (BMNR) and ETHZilla fell 8% and 14%, respectively. Solana-linked Upexi (UPXI) and Solana Company (HSDT) fell 10% and 7%, respectively.
Bitcoin miners linked to high-performance computing and artificial intelligence infrastructure fared better after weeks of declines. Hive Digital (HIVE) jumped 10% on news that its HPC subsidiary signed an AI cloud partnership with Dell Technologies. IREN (IREN) and Hut 8 (HUT) also posted modest gains.
Chances of Fed rate cut diminish
Thanks to the government shutdown, there haven’t been many official economic statistics for weeks, making otherwise little-followed reports grow in importance.
Namely, this morning’s Empire State Manufacturing Survey from the New York Fed. That gauge unexpectedly jumped eight points to 18.7, well above analysts’ forecasts for a drop to 6. The upside surprise is likely to add to growing arguments for the Federal Reserve to hold interest rates steady at its next meeting in December, rather than cutting them, as markets previously expected.
Polymarket traders now assign a 55% chance of the federal funds rate remaining unchanged at the December meeting, while the CME FedWatch tool puts the chance of a slightly higher pause at around 60%.
CoinDesk senior analyst James Van Straten also pointed to a technical headwind. Bitcoin futures on the Chicago Mercantile Exchange (CME) opened at $93,840 on Sunday, leaving a gap of $91,970 since April still unfilled, a level that may attract short-term downward pressure as bitcoin frequently revisits those gaps, he noted.
Meanwhile, Bitfinex analysts noted that the pace of realized losses is starting to stabilize, suggesting Bitcoin could be approaching a local low for at least a rebound.
“Over multiple historical cycles, sustainable funds have only formed after short-term holders have capitulated to losses and not before,” the analysts said in a note shared with CoinDesk. “The market appears to be approaching that threshold once again, and near-term resilience depends on whether this capitulation phase can exhaust the remaining selling pressure.”
They added that this is now the third-largest pullback since 2023, and the second-largest since spot bitcoin ETFs were launched in the US, arguing that a local fund could form “relatively soon.”
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