- Current Price & Recent Moves: Bitcoin hovers around $106–$107K on November 4, 2025, after dipping near $105K in the past 24 hours [1]. It’s down from a yearly peak of ~$126K in early October [2], with volatility surging in recent days amid global market jitters.
- Volatility Drivers: A 15% October plunge broke Bitcoin’s seven-year “Uptober” winning streak [3]. Analysts blame macro storms – from U.S.-China trade wars to a hawkish Federal Reserve – that strengthened the dollar and spurred $1+ billion in crypto liquidations [4] [5]. Rising Treasury yields and a major DeFi hack have further shaken market confidence [6] [7].
- Fear & Sentiment:Fear is rampant – the Crypto Fear & Greed Index sank to “extreme fear” levels (21/100), its lowest since April [8]. Crypto spot ETFs saw four straight days of outflows (>$320M combined from Bitcoin and Ether funds on Nov. 3 alone) as investors turned risk-averse [9]. Yet on-chain data shows long-term holders unmoved, with 209,000 BTC pulled off exchanges in 6 months (signaling strong “HODLing”) [10].
- News Shaping the Market: A surprise U.S.–China trade truce on Oct. 30 offered brief relief by dialing back tariffs, but economic headwinds persist [11] [12]. The Fed’s latest signals – no more 2025 rate cuts likely – bolstered the dollar, hurting non-yielding assets like Bitcoin [13]. And on Nov. 3, a $128M exploit of Balancer (an Ethereum DeFi protocol) rattled crypto confidence, contributing to sell-offs in Ethereum-linked tokens [14].
- Related Crypto Performance: Major altcoins are sliding alongside Bitcoin – e.g. Ethereum fell to ~$3,500 (down ~6% on the day) [15], and Solana dropped to ~$157 after a 22% weekly plunge [16]. Still, select altcoins shine: privacy coins Decred and Dash inexplicably surged +141% and +52% respectively [17], showing speculative pockets. Solana remains a standout story in 2025, up massively YTD despite the pullback, and even attracting strong ETF inflows (~$70M in a week) when Bitcoin and Ether funds bled capital [18].
- Crypto Stocks & Institutional Moves:Crypto-related stocks have soared in 2025. Coinbase (COIN) trades around $330 [19] after posting a blockbuster Q3 profit of $433M [20]. MicroStrategy (MSTR) accumulated another 397 BTC last week [21] (now holding 641,205 BTC worth ~$69B) [22], but its stock slid to ~$265 amid Bitcoin’s dip. Bitcoin miners like Riot and Marathon rallied hard – Riot Platforms’ stock doubled in 2025 [23] – though they’ve pulled back ~10–20% in the past week. Tesla still holds ~11,500 BTC (worth $1.3B) and booked an $80M gain last quarter as Bitcoin’s price rose [24].
- Big Predictions Ahead: Despite short-term jitters, experts remain bullish. Fundstrat’s Tom Lee still targets $150K–$200Kby end of 2025 [25], citing a potential year-end rally. Veteran traders warn of volatility (one even sees a brief dip below $100K as possible before a rebound) [26]. Looking further out, Cathie Wood’s ARK Invest projects $500K (base case) to $1–2.4 million (bull case) by 2030 [27], underpinned by increasing institutional adoption and Bitcoin’s digital-gold narrative. In the near term, $105K remains a key support – a floor that bulls are eager to defend [28] – as the market watches whether November can flip back to its historically positive trend.
Bitcoin Price Snapshot: Early November 2025
Bitcoin enters November 2025 on a shaky footing yet remarkable footing: prices are holding around $106,000–$107,000 as of November 4, after a volatile start to the month that saw BTC briefly plunge under $105K [29]. Just days ago, Bitcoin was changing hands above $110K; the swift drop has erased roughly 14% from its recent local high [30] [31]. This volatility comes on the heels of an explosive October: Bitcoin rallied to a record ~$126,000 on Oct. 6 during a late-year surge, before a sharp reversal set in [32]. In fact, BTC has now lost ~17% from that peak [33], snapping what had been a seven-year pattern of price gains every October (the famed “Uptober”) [34]. Instead, October 2025 closed down ~4%, the first negative October since 2018 [35].
Short-term price action has been choppy: over the past 72 hours, Bitcoin slid from the high $110Ks to about $105,200 at its lowest on Nov. 3 [36], then clawed back above $106K. Daily trading ranges are wide – on Nov. 4 alone, BTC fluctuated between roughly $104,178 and $108,286 [37]. Trading volumes remain high ( ~$80B+ in 24h turnover [38] ), indicating active markets as both dip-buyers and sellers react to news. While Bitcoin is still up significantly year-to-date (having started 2025 well below its current six-figure levels), the abrupt drawdowns have put traders on edge. The psychological $100,000 level looms large below as a line that bulls are determined to defend in any further downswings.
Market sentiment, unsurprisingly, has taken a hit with Bitcoin’s pullback. The Crypto Fear & Greed Index – a composite sentiment gauge – plunged deep into “fear” territory this week. It dropped by 21 points in a day to a reading of 21 (on a 0–100 scale) on Nov. 4 [39], signaling “extreme fear” among market participants. (Just a week or two prior, sentiment was neutral to slightly greedy when prices were climbing.) In summary, Bitcoin in early November 2025 finds itself at a crossroads: cooling off from a record high, testing key support levels, and contending with a wave of caution in the air.
Why the Recent Volatility? Key Drivers
Several converging factors turned the crypto market’s momentum from bullish to shaky as November began:
- Global Macroeconomic Tensions: Geopolitics delivered an unexpected shock in late October. The U.S.–China trade conflict escalated rapidly when Washington imposed 100% tariffs on Chinese goods and tightened tech export controls, prompting Beijing to retaliate [40]. This standoff spooked financial markets and triggered “heavy liquidations across crypto markets” [41] as traders rushed to reduce risk. Bitcoin, often viewed as a risk-sensitive asset nowadays, was no exception – the sudden trade war escalation helped yank BTC down from its highs. By early November, a diplomatic bright spot emerged: President Trump and President Xi struck a trade truce on October 30, agreeing to dial back tariffs and ease restrictions on critical exports [42] [43]. The deal included China pausing new bans on rare earth metals and pledging large U.S. soybean purchases, while the U.S. cut some tariffs by 10 percentage points [44]. This “historic” agreement [45] temporarily improved market sentiment and injected hopes that global economic pressure might lessen. However, despite this truce, the damage to investor confidence was already done – and data shows China’s economy still sluggish (manufacturing in contraction), keeping a cloud over global growth expectations.
- Federal Reserve & Dollar Strength: The monetary backdrop has also turned less crypto-friendly. In late October, the U.S. Federal Reserve hinted that its latest interest rate cut (a 25 bps trim to ~3.75–4.00% on Oct. 29) could be the last rate cut for a while [46]. Fed Chair Jerome Powell struck a hawkish tone, downplaying chances of further easing in December [47]. These signals fueled a rally in the U.S. dollar and an uptick in Treasury yields [48]. For Bitcoin, a stronger dollar is a headwind – it makes USD-priced assets relatively more expensive and diminishes the appeal of non-yielding stores of value. As one analyst noted, “the Fed’s comments have increased uncertainty… leading to profit-booking across the board” [49] in crypto. In the 24 hours following Powell’s stance, over $1.1B in crypto long positions were liquidated as leveraged traders got squeezed out [50] [51]. In short, tighter financial conditions and the prospect of “higher for longer” interest rates have put Bitcoin bulls on the defensive [52].
- Risk-Off Market Moves: Beyond those headline events, there’s a general risk-off shift hitting both stocks and crypto. Global equities wobbled in late October amid Middle East geopolitical tensions and mixed earnings, adding to the risk aversion. Within crypto specifically, the new U.S. spot Bitcoin and Ethereum ETFs – which launched to much fanfare earlier – have seen net outflows four days in a row leading into Nov. 4 [53]. Data from SoSoValue shows about $186.5M exited Bitcoin ETFs and $135.7M left Ethereum ETFs on Nov. 3 alone [54]. This suggests even institutional-oriented holders were taking chips off the table during the downturn. Analysts tie these outflows to the same macro worries: “tightening macro conditions and ongoing ETF outflows have combined to push crypto below key support” [55]. The implication is that Bitcoin’s price is now more entwined with traditional finance trends – unlike past retail-driven cycles, institutional flows (via ETFs, funds, etc.) are now a dominant force, amplifying sensitivity to broader market trends [56] [57]. When big money sneezes, Bitcoin catches a cold.
- Technical Factors & Liquidations: Bitcoin’s rapid drop also had a self-reinforcing aspect. Once BTC started falling from $110K toward the mid-$100Ks, it breached certain technical support levels that algorithms and traders watch. Notably, BTC fell below its 200-day moving average (~$109,800) – a key long-term trend indicator – which turned the technical outlook bearish in the short term [58]. This break of the 200-day MA likely triggered further systematic selling. Research analysts pointed out that $107,000 is a critical support zone now; a clean break below that could “trigger deeper losses” given the already fragile Q4 sentiment [59]. Indeed, on Nov. 3 when prices fell under $107K, it unleashed a wave of stop-loss orders and forced liquidations. In a 24-hour span, an estimated $1.18B of crypto positions were liquidated across exchanges [60], as margin calls cascaded. These liquidations can create a cascade effect, temporarily overshooting prices to the downside – evident when BTC wick-down to the ~$104K range in a flash. The good news: Bitcoin found bids around $105K and quickly rebounded, indicating there are dip-buyers waiting at those levels (for now).
- Crypto-Specific Shocks: While macro forces grab the headlines, the crypto industry had its own shock event that contributed to volatility: a major hack. On November 3, decentralized finance platform Balancer was exploited for around $128 million [61] – one of the larger DeFi hacks of the year. This incident sent a chill through the Ethereum ecosystem, since Balancer had undergone audits (raising concerns about smart contract risks even on “safe” protocols). The hack triggered sell-offs in Ethereum and related DeFi tokens [62], exacerbating Ether’s price drop and by extension putting pressure on Bitcoin (via overall market sentiment). It’s a reminder that crypto-specific events (exchange failures, hacks, regulatory crackdowns, etc.) can suddenly change risk perception. In this case, the Balancer exploit, coming on top of macro woes, fed into the extreme fear narrative and likely caused some investors to trim exposure.
Bottom line: Bitcoin’s recent rollercoaster is a product of both external headwinds and internal market dynamics. Tighter liquidity, a bracing for economic turbulence, and a few nasty surprises (tariffs, Fed stance, a hack) all hit at once, knocking BTC off its highs. The result has been heightened volatility and a market that’s extremely sensitive to news – both good and bad. As we’ll see next, however, the news hasn’t been all bad, and many in the crypto world are already looking past this volatility to what they believe is a brighter horizon.
News Roundup: Developments Impacting Bitcoin
In the past week (late October to early November 2025), several notable news stories have shaped Bitcoin’s price and the broader crypto sentiment:
- End of “Uptober” Streak: First, the simple fact that October 2025 ended negatively for Bitcoin was news in itself. For the last six years, BTC had reliably posted gains in October – fostering the meme of “Up-tober.” This year broke that streak [63]. Bitcoin closed October ~3.6% lower [64], defying seasonal bulls. Many analysts flagged this as a sentiment shift: a historically strong period turned weak, causing traders to question if the late-year rally had run out of steam. It set the tone of caution moving into November.
- U.S.–China Trade War Escalation and Truce: As mentioned, the flare-up in U.S.–China trade tensions in October caught markets off guard. Crypto pundits noted how this geopolitical risk directly impacted Bitcoin: the tariff escalation around Oct. 10 coincided with Bitcoin’s fall from $126K to near $104K [65]. Conversely, the subsequent trade truce announcement on Oct. 30 gave a short-lived boost. The agreement, finalized in South Korea, saw China agree to curb fentanyl chemicals and ease tech export bans, while the U.S. cut some tariffs and paused new trade actions [66] [67]. This was hailed as a “historic” trade deal by the White House [68], and for crypto it meant one less macro worry (for the moment). Bitcoin’s stabilization above $107K in early November can be partly attributed to relief that the world’s two largest economies stepped back from the brink. Still, analysts remain wary – citing China’s ongoing economic struggles (e.g. a manufacturing PMI stuck below 50) as a drag on global demand, and noting that institutional crypto investors now track such geopolitical moves closely as Bitcoin integrates further with traditional finance [69].
- Federal Reserve’s Stance: The outcome of the Fed’s late-October meeting and Powell’s commentary have been critical news. Essentially, the Fed moved from cutting rates to a wait-and-see mode, emphasizing it might pause further easing. Powell’s hawkish tone (signaling concern about inflation and a robust jobs market) was widely covered in financial media and led to a spike in the U.S. Dollar Index. Crypto outlets reported how this dampened the mood in Bitcoin, as hopes for easier money faded [70]. One tangible result: U.S. spot ETF flows reversed; after seeing inflows during Bitcoin’s October rise (anticipating a Fed pivot), funds like BlackRock’s iShares Bitcoin Trust saw investors pulling money out in early November [71]. The Fed’s stance will continue to be a key news item as the year closes – any hint of dovishness or surprise economic weakness could swing Bitcoin upward, while persistent hawkishness is a headwind.
- Crypto ETF Watch: A positive development within crypto was the launch of several new ETFs in the past month – including the first U.S. Ether futures ETFs and, notably, some Solana funds. While Bitcoin ETFs grabbing headlines isn’t new (the first U.S. futures ETF launched in 2021, and the first spot ETFs finally arrived in 2025), what’s newsworthy now is how these products are behaving. In a striking twist, Solana ETFs have been inundated with inflows even as Bitcoin and Ether ETFs see outflows [72]. Over the last week of October, the debut of U.S. Solana ETFs drew about $70 million in fresh capital [73] – a very strong start. One Solana ETF (Bitwise’s $BSOL) launched with $223M in seed funding and swelled to $421M AUM after a week [74], outpacing even BlackRock’s Bitcoin fund in growth. This niche news illustrates a couple of things: investors are diversifying into top altcoins, and some see Solana’s upside as particularly attractive (perhaps viewing it as “Ethereum’s fast cousin” in the Layer-1 space). It’s also a sign that institutional adoption of crypto is broadening beyond just Bitcoin. The flip side of the ETF news is what we noted earlier – existing Bitcoin ETFs bleeding assets amid price dips, reflecting short-term cautious sentiment.
- Security Breach – Balancer Hack: On Nov. 3, the crypto community was rocked by the news of a $128 million hack on Balancer, a major decentralized exchange/liquidity protocol on Ethereum [75]. This made headlines on crypto news sites and even some mainstream tech outlets. The timing couldn’t have been worse: it injected additional fear right when the market was already reeling. The hack raised concerns about the safety of DeFi platforms (despite audits, Balancer was exploited), and led traders to temporarily flee some DeFi tokens. Ethereum’s price dip to ~$3.5K was partly attributed to this event, as Balancer’s issues cast doubt on the broader DeFi ecosystem that Ethereum underpins. The story is still unfolding, but as of Nov. 4, Balancer’s team had paused certain pools and was working on a fix. For Bitcoin, this was more of an indirect effect – it didn’t suffer a protocol issue, but any blow to crypto confidence tends to weigh on BTC sentiment. The news underscores that technological and security risks remain on the radar.
- MicroStrategy Keeps Buying: On a more bullish note, one piece of news that cheered Bitcoin supporters was MicroStrategy’s continued accumulation. In the week leading up to Nov. 3, MicroStrategy – the software-turned-bitcoin-treasury company led by Michael Saylor – bought an additional 397 BTC for about $45.6 million [76]. The purchase, at an average price of ~$114,771 per coin [77], brings MicroStrategy’s total hoard to 641,205 BTC (worth roughly $69 billion at current prices) [78]. This news was highlighted in the company’s Q3 earnings report and was widely circulated on crypto Twitter. It sends a strong signal: institutional believers are buying the dip. MicroStrategy did fund this buy by selling some stock (diluting shareholders slightly) [79], and notably, Saylor mentioned they’d refrain from more stock sales unless their valuation improves (their stock slid recently along with BTC). Nonetheless, many see MicroStrategy’s unwavering accumulation as a vote of confidence in Bitcoin’s long-term value. Headlines like “MicroStrategy adds more Bitcoin” have almost become routine, but in times of market stress it’s a reassuring narrative for the crypto community.
- Corporate Bitcoin Holdings Updates: Another news bit in the traditional markets was Tesla’s quarterly earnings, which indirectly gave an update on its Bitcoin holdings. Tesla has not bought or sold Bitcoin since 2022, but thanks to new accounting rules, it marked up the value of its BTC on the balance sheet in Q3 2025. With Bitcoin’s price surge, Tesla’s 11,509 BTC stash ballooned to about $1.31 billion in value (up from $1.23B in Q2), letting Tesla book an $80 million gain for the quarter [80]. This made a few headlines (“Tesla profits from Bitcoin rebound”) and reminded investors that Elon Musk’s firm quietly remains one of the larger corporate BTC holders. Tesla’s CFO noted the company currently has no plans to sell or add to its crypto, treating it as a long-term treasury asset. The news here is subtle but positive: it demonstrates how Bitcoin’s price recovery directly bolsters corporate balance sheets of BTC holders, potentially encouraging other firms to consider holding crypto. It also shows Musk’s infamous Bitcoin play from 2021 is back in the black by a wide margin.
All told, the past week’s news cycle has been mixed for Bitcoin. Every negative (macro risks, hacks, outflows) seems tempered by a positive (trade peace, institutional buying, corporate hodling). It’s a tug-of-war between fear and optimism, which is exactly what we see playing out in prices. Next, let’s turn to how other parts of the crypto market – like Ethereum and altcoins – are faring amid this turbulence.
Ethereum, Solana, and the Altcoin Roundup
The broader crypto market often takes cues from Bitcoin, and indeed most major altcoins have mirrored BTC’s recent pullback. However, each has its own story in 2025, with some outperforming dramatically and others lagging. Here’s a snapshot:
Ethereum (ETH): Bitcoin’s closest rival, Ethereum, has been on a similar rollercoaster. As of Nov. 4, ETH trades around $3,500 [81], down ~6% in the past day and roughly 29% below its all-time high of ~$4,953 (reached in late August 2025) [82]. Like BTC, Ethereum saw a huge run-up earlier in the year – buoyed by the success of its shift to proof-of-stake and increasing institutional interest in its DeFi and NFT ecosystems. In fact, Ethereum hit a nearly $5K peak this August, a record that came as its network activity soared (stablecoin volumes hit all-time highs and a frenzy of NFT trading on its Layer-2 networks) [83] [84]. The recent slide to the mid-$3Ks, however, has ETH bulls a bit uneasy.
Several factors are pressuring ETH: first, the aforementioned Balancer hack delivered a blow to confidence in DeFi on Nov. 3. The exploit, valued at $128M, not only tanked BAL (Balancer’s token) but also caused contagion selling in other DeFi-related assets on Ethereum [85]. Ethereum itself fell more sharply than Bitcoin on that news, given its direct exposure to the DeFi sector. Additionally, Ethereum faces a technical overhang; it broke below a key support around $3,600, which analysts warn could open the door to further declines if not quickly reclaimed [86].
On the brighter side, Ethereum’s fundamentals remain robust. Network usage is high, Layer-2 scaling solutions (like Arbitrum and Base) are thriving, and importantly, upgrades are on the horizon. An upcoming Ethereum protocol upgrade – code-named “Fusaka” – is highly anticipated as it promises to dramatically improve transaction speed and efficiency on the network [87]. This has large stakeholders excited; even BlackRock has reportedly rekindled interest in Ethereum, eyeing it as a critical backbone for decentralized finance [88]. Moreover, on-chain data paints a bullish picture: Ether continues to flow out of exchanges, hinting that long-term holders are storing it off-platform (often a precursor to lower sell pressure). And despite the recent fear, many analysts forecast Ethereum could rebound to test the $4K level again if the broader market stabilizes [89]. In summary, Ethereum’s short-term fortunes are tied to Bitcoin and risk sentiment, but its long-term narrative – as the “world computer” enabling DeFi, stablecoins, and dApps – remains compelling. It just needs to navigate the current minefield of market fear and technical resistance around $3.6K.
Solana (SOL): If any major altcoin can rival Bitcoin’s headlines in 2025, it’s Solana. Often dubbed “Ethereum’s biggest rival”, Solana has had a stellar year – until this week’s stumble. Solana’s price rallied from under $20 at the depths of the 2022–2023 bear market to an astonishing peak around $205 in late October 2025 [90]. The rally was fueled by Solana’s fast and cheap transactions gaining favor (even Visa began using Solana for stablecoin settlements in 2025), and a resurgence of developers and users after a rough previous year. However, Solana has proven it isn’t immune to sell-offs. In the last few days, SOL tumbled from about $180+ down to roughly $156–$160 [91] [92]. That’s an 11% drop in 24 hours and ~22% down over the week [93], underperforming even Bitcoin in this pullback. The swift decline erased some of Solana’s recent gains – for perspective, SOL is now ~20% off its recent multi-month high.
What’s driving Solana’s dip? Part of it is simple correlation with the broader market: when Bitcoin sneezes, altcoins catch a cold (often a flu). Solana had also run up very quickly; some technical analysts note it needed a healthy correction after nearly doubling in a few months. There were also profit-taking events around Solana’s big developer conference (Breakpoint 2025) and after news of new Solana ETFs launching – a “buy the rumor, sell the news” effect. Speaking of ETFs, here lies a very interesting bullish sign for Solana: while BTC and ETH funds saw outflows, Solana’s new ETFs have seen strong inflows [94]. Over about five consecutive trading days, Solana investment vehicles added $70 million in new capital [95]. One fund (Bitwise’s) attracted nearly $200M in its debut week, making it one of the most successful crypto ETF launches ever [96]. Analysts from K33 Research called this “exceptionally strong” performance, highlighting how notable it is amid a weak tape for other assets [97]. This implies institutional investors are eager for Solana exposure, possibly viewing it as an oversold, high-upside play.
From a technical standpoint, Solana’s correction has brought it to a crucial support zone around $150–$156, which corresponds to a 61.8% Fibonacci retracement of its latest rally [98]. Traders are watching this zone closely: it’s where SOL might stabilize. If the bulls defend $150, Solana could consolidate and aim for the next resistance near ~$197 (its monthly pivot) [99]. If $150 fails, there could be a deeper pullback, but so far buyers seem to be stepping up. Importantly, nothing in Solana’s fundamentals has deteriorated – its network continues to operate quickly (recently handling over 100 million daily transactions), and developments like Solana Pay and new consumer apps are forging ahead. The network’s strong developer ecosystem and a series of upcoming upgrades (focused on reliability and scaling) keep long-term investors optimistic. In essence, Solana’s recent slump appears to be a macro-driven setback, not a change in its story. Many analysts still rank SOL as one of the best-performing major altcoins of 2025, and with institutional money now flowing in via ETFs, its trajectory will be fascinating to watch into 2026.
Other Altcoins & Emerging Tokens: Beyond ETH and SOL, the altcoin landscape is a mixed bag:
- Several large-cap altcoins have echoed Bitcoin’s ~10–15% weekly drop. For example, BNB (Binance Coin) fell about 8% over the last day to ~$945 [100]. Ripple’s XRP slid ~7% to around $2.24 [101], still digesting legal developments from its partial SEC victory earlier in the year. Cardano (ADA) and Polygon (POL) each dropped around 9–10% this week [102]. Many of these platform coins simply mirrored the risk-off sentiment with no coin-specific news.
- Notable outperformers in the altcoin space illustrate that crypto markets never lose their speculative streak, even in downturns. Over the past week, privacy-focused coin Decred (DCR) skyrocketed +141% and Dash jumped +52% [103], making them unlikely top gainers. Observers believe these moves may be driven by whales or rotation plays; for instance, privacy coins sometimes catch a bid when there are regulatory rumblings or simply as short-squeeze targets. Other mid-cap coins like Internet Computer (ICP) (+31%) and Zcash (ZEC) (+19%) also saw big pops [104]. Meanwhile, an army of lesser-known altcoins and meme tokens have been bleeding. Everything from Aptos (APT) to Worldcoin (WLD) to Pepe (PEPE) is down, in many cases by double-digit percentages over the week [105]. This divergence – a few big winners amid a sea of red – suggests that crypto remains a highly fragmented market, with traders chasing idiosyncratic narratives on smaller coins even as the majors slump.
- Emerging projects and resilience: Interestingly, some emerging altcoin projects are showing resilience not through price, but through growth metrics. A prime example is Pi Network, a novel mobile-mining crypto project that hasn’t even fully launched its mainnet to the public yet. While Pi’s tradable IOU token price languishes under $0.30 [106], the project reported significant community growth in Q4 2025 – its userbase expanding steadily despite the bear trend [107]. Analysts note that Pi’s emphasis on building a grassroots network (with over 50 million users mining on their phones) could yield a future payoff if/when its blockchain and DEX go live [108]. In other words, some niche projects are leveraging the downturn to build and grow, rather than focusing on short-term price. This was also seen with development-focused chains like Cardano, which, though its price is only around $0.75, continues to push out upgrades and grow its community, betting on long-term value.
- Meme Coins and NFTs: It’s worth noting that the froth has come out of the ultra-speculative corners. Meme coins that were hot earlier in 2025 (e.g. PEPE, FLOKI) are down over 10% this week [109], showing how risk appetite has cooled – retail investors aren’t chasing joke coins as fervently when fear is high. The NFT market, too, has seen volumes dip in recent weeks (blue-chip NFT prices are off their highs), which tends to correlate with Ethereum’s price action.
In summary, altcoins are in a consolidation phase, with most following Bitcoin’s lead. The market rotation is evident: during Bitcoin’s strong rally to $100K+, many alts underperformed (BTC dominance climbed, crossing 55%). If Bitcoin stabilizes or slows down, we could see a rotation back into altcoins (“altseason” tendencies), especially with positive catalysts like Ethereum’s upgrade or Solana’s institutional adoption. For now, though, the entire crypto complex is watching Bitcoin for cues – where BTC goes next will likely determine if altcoins resume their 2025 uptrend or continue to cool off. And as always in crypto, surprises are around every corner – an unexpected tech breakthrough, regulatory decision, or social media craze can flip the script for a given coin overnight.
Crypto-Linked Stocks and Institutional Adoption
The influence of crypto’s fortunes isn’t limited to tokens alone – it’s vividly reflected in the stock market, particularly in companies tied to the crypto industry. As Bitcoin soared through 2025, crypto-related equities have enjoyed a renaissance. Let’s take a look at how some of the prominent names have performed and what they’ve been up to:
Coinbase (COIN): The largest U.S. crypto exchange has seen its stock price rebound strongly this year. As of early November, Coinbase shares trade around $330–$340 [110], which is more than quadruple their lows from the 2022 bear market. The recent dip in crypto prices knocked COIN down from about $360 in late October to ~$330 now [111], but overall it remains on a solid uptrend in 2025. The fundamentals justify it: Coinbase posted a stellar Q3 2025 earnings report that blew away expectations. The company earned $433 million in net profit for Q3 on $1.9 billion in revenue [112] – a huge turnaround from the losses of the prior year. Trading volumes on the platform surged nearly 60% YoY, with retail and institutional activity both up sharply [113]. Notably, Coinbase’s subscription and services revenue (things like staking fees, custody, and interest on USDC holdings) hit $747M, indicating a more diversified income stream beyond just trading [114] [115]. One eye-popping stat: Coinbase’s transaction revenue from Ethereum trading jumped to 22% of volume (Bitcoin’s share dipped as ETH gained ground in Q3) [116]. The exchange also made strategic moves – acquiring a stake in derivatives exchange Deribit, which added $52M to revenue in just 47 days [117] [118], and continuing to build out its Layer-2 network Base (which became profitable with strong user adoption) [119]. These achievements have rejuvenated investor confidence. Coinbase stock, which debuted in 2021 around $380, is now back in the same ballpark, closing at $343.78 on Oct. 31, 2025 [120] before the slight recent dip. In short, Coinbase is riding the crypto wave – both benefiting from higher crypto prices/trading and contributing to the ecosystem’s growth (e.g. by adding new assets, expanding globally, and even increasing its own Bitcoin holdings by 2,772 BTC in Q3 [121]). It’s a far cry from the dark days of late 2022, and showcases how quickly fortunes can change in this sector.
MicroStrategy (MSTR): The original “Bitcoin stock”, MicroStrategy remains a bellwether for institutional Bitcoin adoption. Its stock performance in 2025 has been choppy but undeniably tied to Bitcoin’s price. MSTR traded as high as ~$400+ when BTC was at its peak, but has since pulled back to around $264 per share as of Nov. 3 [122]. Still, that’s up from roughly $140 at the start of the year – a substantial gain. MicroStrategy’s value is largely a direct reflection of its massive Bitcoin holdings, which, as mentioned, now exceed 641,000 BTC [123]. As Bitcoin’s price went up, the company’s trove (the largest of any public company) swelled in dollar terms. The company also kept accumulating through 2025; CEO Michael Saylor famously remains ultra-bullish on BTC. In its latest SEC filing, MicroStrategy disclosed the purchase of 397 more bitcoins last week at ~$114k each [124], using proceeds from selling new shares. This brought their total BTC stash to a value of about $69 billion (at current market prices) [125] – which is multiples of MicroStrategy’s own market capitalization (around $3.5B). The strategy (no pun intended) is clear: MicroStrategy is effectively a spot Bitcoin ETF in disguise, offering investors exposure to BTC via a corporate vehicle. One new twist: MicroStrategy indicated it would pause raising more capital to buy BTC unless its stock valuation improves (to keep a healthy ratio of enterprise value to Bitcoin holdings) [126]. This suggests the firm might not aggressively buy more in the immediate term unless Bitcoin surges again or its stock climbs. Nonetheless, the signal MicroStrategy sends is powerful – their persistent buying and holding demonstrates unwavering institutional conviction. As analyst Edul Patel noted, “the fact that institutional investors are still active…shows strong appetite at current levels” [127], referencing MicroStrategy’s $45M dip-buy as evidence that big players see sub-$110K BTC as opportunity, not peril. For as long as Saylor holds firm, MicroStrategy remains a cornerstone of the Bitcoin institutional narrative.
Tesla (TSLA): While Tesla is not a “crypto stock” in the traditional sense (its core business is electric vehicles), it’s worth mentioning due to its Bitcoin holdings and the Elon Musk factor. Tesla’s stock in 2025 has been driven mostly by EV sales, AI, and other tech fundamentals, but its Bitcoin position (roughly 10–11k BTC) quietly sits on the balance sheet adding a bit of spice. When Bitcoin’s price skyrocketed this year, Tesla’s holdings appreciated significantly. By Q3 2025, Tesla’s 11,509 BTC were valued at ~$1.31 billion [128], up from around $500M when they first bought in 2021 and ~$184M after their partial sale in 2022. Under new accounting standards, Tesla can now mark this to market each quarter (instead of only impairing for losses). Thus in Q3, Tesla recorded an $80 million gain thanks to Bitcoin’s price rise [129]. While $80M is small relative to Tesla’s multi-billion quarterly profits from car sales, it’s not nothing – and it made headlines in crypto circles. Tesla hasn’t bought Bitcoin since early 2021 (aside from that brief allowance and halt of BTC payments for cars) and they sold 75% of their original holdings in mid-2022. But Musk has hinted at being a long-term believer, and Tesla holding onto that remaining ~11k BTC through thick and thin suggests it views Bitcoin as a strategic asset. For Tesla, the Bitcoin story is mostly in the background now, but if BTC were to explode further (say to $200K+), Tesla’s stake would become a multi-billion-dollar “hidden” asset, potentially influencing its stock or treasury strategy. In sum, Tesla’s involvement is a symbolic reminder that even S&P 500 giants have dabbled in crypto, and some, like Tesla, continue to indirectly benefit from Bitcoin’s success.
Bitcoin Miners (Riot, Marathon, etc.): The crypto mining sector has been on fire in 2025. With Bitcoin’s price well above $100K, mining profitability is high, and miners have been scaling operations and revenues. Two of the largest publicly traded miners are Riot Platforms (RIOT) and Marathon Digital Holdings (MARA), and both have had remarkable (if volatile) stock runs:
- Riot Platforms: Riot’s stock started 2025 around $10 and climbed to over $20 by November, roughly doubling year-to-date (+101%) [130]. It hit a 52-week high of ~$23.94 during Bitcoin’s October peak [131]. As of Nov. 4, RIOT trades near $20.72 [132], giving it a market cap around $7.7B [133] [134]. Riot’s recent Q3 earnings on Oct. 30 showed strong results: about $180M in quarterly revenue, slightly above forecasts [135], and an impressive EPS beat (they turned profitable with $0.26 EPS vs. an expected loss) [136]. Analysts have a Strong Buy consensus on Riot, with an average price target of $26 ( ~28% upside) [137] – reflecting optimism that as one of the lowest-cost miners, Riot can thrive even if BTC fluctuates. Riot has expanded its hash rate and is benefiting from cheaper energy contracts in Texas, while also earning income from selling power back to the grid during peak times. Essentially, high Bitcoin prices plus savvy energy management have put Riot in a sweet spot. Of course, if Bitcoin were to sharply correct, miners are often hit hardest, so the recent pullback in BTC to $105K did knock Riot down from the low $20s to high teens (it’s rebounded a bit). Over the past week, RIOT is down about 10%, tracking Bitcoin’s dip. But it’s still up ~82% year-over-year [138], making it one of the stock market’s star performers in the tech sector for 2025.
- Marathon Digital: Marathon’s trajectory has been similar to Riot’s, with some differences. MARA stock had already run up in late 2024, so its 2025 year-to-date gain is a more modest ~6% [139] (starting near $16 and now around $17–$18). Over a one-year span, though, it’s up ~10% [140] and from its bear-market lows, it’s multiples higher. Marathon recently traded around $17.8 per share [141], after peaking near $24 earlier in the year. Its market capitalization and enterprise value (EV ~$9.3B) slightly exceed Riot’s, as Marathon has aggressively grown its mining capacity. The company is set to report Q3 earnings on Nov. 5, and expectations are high: revenue is forecast around $245 million for Q3, which would be +86% year-on-year [142]. This huge growth reflects Marathon’s installation of thousands of new mining rigs and the richer Bitcoin price environment. If they hit those numbers, it underscores that even at $100K+ BTC, miners are making money hand over fist (since their cost to mine 1 BTC might be in the ~$30K range, the profit margin is large). Marathon did face some unique challenges – earlier in 2025 it dealt with a regulatory subpoena (since resolved without issue) and had to curtail operations during a summer heatwave. But overall, it has increased its hash rate to one of the highest in the industry, and like Riot, it’s achieving economies of scale. Investors consider Marathon and Riot as proxies for Bitcoin’s leverage: when BTC goes up 10%, these stocks can go up 15–20%, and vice versa on the downside. Indeed, their beta to Bitcoin is high, which we saw this week with Marathon sliding from ~$20 to $17 (roughly -15%) when BTC fell ~10%. Still, the broader trend for miners in 2025 is positive, helped by the fact that the Bitcoin “halving” is coming in 2024 – miners are racing to mine as much as possible before their new coin rewards halve, and also hoping that the price will rise to compensate thereafter (historically, post-halving years have seen bull markets, which would benefit miners enormously).
Other crypto-exposed stocks include Block, Inc. (SQ) – Jack Dorsey’s fintech which has Bitcoin revenue via Cash App, NVIDIA (NVDA) – which sells GPUs for certain crypto operations (though mining has shifted to ASICs, NVDA benefits from AI now more), and smaller mining or blockchain companies like Hive, Hut 8, Galaxy Digital, etc. By and large, all have seen their stock prices recover or rally in 2025 in tandem with crypto’s resurgence. There’s also the burgeoning field of crypto mining ETFs and blockchain ETFs that bundle these equities, which have likewise climbed.
Finally, traditional finance’s crypto forays deserve a note: For instance, BlackRock, the world’s largest asset manager, not only filed for a Bitcoin ETF (launched in 2025) but also has been reportedly exploring Ethereum products. Fidelity, Invesco, and others followed suit. This indicates a deepening institutional embrace of crypto – and while it’s not a “stock” per se, the success of these offerings (or lack thereof) can influence publicly traded asset managers’ stocks. So far, the uptake of crypto ETFs has been promising but also underscores one theme: when crypto rallies, it is increasingly pulling in Wall Street along with it. Conversely, when crypto falters, it can dent the fortunes of companies like Coinbase or crypto-heavy hedge funds, making crypto a bigger factor in the overall financial market mosaic.
In summary, crypto-linked stocks have mirrored crypto’s volatility but on an amplified scale. 2025 has been kind to them because Bitcoin and friends have mostly trended up. Coinbase is minting profits again, MicroStrategy is doubling down, miners are expanding, and even Tesla quietly gained from hodling. This symbiotic relationship means anyone watching the crypto market now has to keep an eye on equities too (and vice versa). It’s all part of the growing integration of crypto with the broader financial world.
Forward-Looking: What’s Next for Bitcoin?
With Bitcoin standing around $106K and the year drawing to a close, all eyes are on what comes next. Will Bitcoin regain its upward momentum and potentially shoot for new highs? Or will this correction deepen into a longer pullback? While no one can predict the future with certainty (especially in crypto), we can examine the key factors and forecasts shaping the short- to medium-term outlook:
Key Levels to Watch: Virtually every analyst agrees that the $100,000 level is vital – not just psychologically, but technically. Right now, support in the $105K–$107K range is being fiercely defended [143]. This corresponds to prior consolidation zones and the vicinity of Bitcoin’s 200-day moving average. If Bitcoin stays above ~$105K, bulls can argue the uptrend remains intact (albeit shaken). A break below $105K, and especially a daily close under $100K, however, could trigger another leg down as stop-losses cascade. James Wynn, a veteran trader, warned this week that we may see “one of the most volatile weeks in a long time,” predicting Bitcoin might “briefly dip below $100,000” before finding a stronger base [144]. That scenario envisions a quick flush-out of leverage (perhaps towards $95K or even $90K) followed by a v-shaped recovery. On the flip side, if bulls manage to push BTC back above $110K (a key resistance now) and especially $114K–$115K (where on-chain realized price metrics sit [145]), it would signal that the correction is over and the uptrend could resume. In short, $100K is the line in the sand – holding above it keeps the bullish structure alive, falling below it could extend bearish sentiment for weeks or months.
Market Sentiment & Seasonality: Despite the recent fear, there’s historical reason for optimism: November and Q4 are often strong for Bitcoin. In fact, apart from 2022’s bear market, Bitcoin has traditionally seen some of its largest gains in the final quarter of the year. November specifically has averaged +25% returns in past cycles [146]. Riya Sehgal, a research analyst, noted that “Historically, November has been a strong month for Bitcoin”, and expressed hope that the pattern could still hold if certain catalysts align [147]. Those potential catalysts include a weaker dollar (should inflation data allow the Fed to pause or if rate cuts bets move up) and renewed liquidity – interestingly, Sehgal pointed out factors like U.S. government spending and corporate stock buybacks possibly injecting liquidity that could “spark a rebound later this month” [148]. Additionally, the specter of a U.S. government shutdown was cleared in late October with a funding extension, removing one risk factor. The popular adage “Buy when there’s blood in the streets” might be on crypto investors’ minds – extreme fear readings often precede market bottoms. If the Fear & Greed Index starts ticking up from extreme fear, that could indicate capitulation has passed. Traders will also watch for a slowdown in ETF outflows; continued large outflows would be bearish, but if outflows stabilize (or turn to inflows again) it means institutions are dipping back in, potentially marking a bottom.
Analyst and Investor Forecasts: The range of forecasts is wide – reflecting crypto’s high uncertainty – but many prominent analysts remain resolutely bullish for the medium term. Here are a few perspectives:
- Fundstrat’s Tom Lee remains one of Wall Street’s biggest crypto bulls. Even after this pullback, he reiterated a year-end 2025 target as high as $150K–$200K for Bitcoin [149]. Lee’s thesis is that a spot Bitcoin ETF approval (which happened) and increasing institutional adoption would drive a parabolic move. While time is running short for 2025, hitting $150K by December is not impossible if a strong rally resumes (Bitcoin was ~$125K just a month ago). Lee is basically saying: don’t count out Bitcoin roaring into year-end, given how previous Q4 rallies (2017, 2020, 2021) have been explosive. It’s an optimistic take, but notable that he hasn’t backpedaled even as BTC is off its highs.
- ARK Invest (Cathie Wood’s team) is extremely bullish on the long-term trajectory. In April 2025, ARK updated its famed 2030 forecast to project Bitcoin’s price at $1.2 million in their base case, and up to $2.4 million in a bull case [150]. That aggressive scenario assumes about a 72% annual growth from now through 2030 [151], fueled by factors like more corporations putting Bitcoin in treasury, Bitcoin capturing a share of gold’s market, greater adoption in emerging markets, and even use in financial services and ETFs. ARK’s model also noted that exchange balances of BTC have hit a six-year low (only 2.6M BTC left on exchanges vs 3M a year ago) [152] [153], indicating a lot of Bitcoin is being socked away by long-term holders – a bullish sign for scarcity. While 2030 seems far away, ARK’s nearer term expectation was that Bitcoin could reach $100–$120K by end of 2024 [154] (which it already did a bit early), and then continue on an upward glide path with volatility. Cathie Wood herself frequently cites a $1 million+ per BTC target by 2030, underscoring her view that we’re only in the early innings of mainstream adoption. For everyday observers, these lofty figures are both exciting and hard to fathom, but they do influence sentiment by keeping the “moon” narrative alive during dips.
- Banks and Institutional Analysts: We’ve seen an interesting shift – some traditional finance analysts who were once skeptical have turned more positive. For instance, Standard Chartered earlier in 2025 upgraded their Bitcoin outlook to target ~$120K by end-2024 and ~$150K by end-2025, citing the end of the Fed tightening cycle and increased miner profitability. With BTC already crossing $100K, those targets don’t seem far-fetched (Bitcoin overshot the $120K mark a month ago). JPMorgan analysts, while still cautious, have mentioned a theoretical “fair value” in six figures if volatility keeps declining and institutional allocation rises. Meanwhile, BlackRock CEO Larry Fink made waves in late 2024 by calling Bitcoin “international” and a potential alternative asset that can “transcend” currencies – a stark contrast to his earlier stance. Such comments, along with the rush of Bitcoin ETF filings, suggest mainstream acceptance is growing, which bodes well for future demand.
- Short-Term Bearish Cases: It’s important to acknowledge there are also cautious voices. Some analysts warn that after such a large year-to-date run (Bitcoin started 2025 around $50K and more than doubled), a deeper correction to $80K or even $70K is possible if multiple negative events coincide. For example, if the economy tips into recession (hurting all risk assets), or if some crypto-specific blowups occur (e.g., a major exchange issue or regulatory crackdown), Bitcoin could retrace more of its gains. There’s also technical analysis concern: if BTC fails to reclaim ~$110K soon, it might form a “head and shoulders” pattern with a neckline around $105K – a bearish formation that could target lower levels [155]. In fact, some trading desks already noted a possible head-and-shoulders and even a nascent “death cross” on short-term moving averages [156]. Those patterns, if confirmed, could invite algorithmic selling. So bears argue that caution is warranted until Bitcoin either convincingly resumes its uptrend or drops to more “value” levels to attract big buyers again.
Catalysts Ahead: Looking forward, a few catalysts could sway Bitcoin’s course:
- Bitcoin Halving 2024: Though it’s now less than six months away (expected around April 2024), the impact of the halving might be felt in late 2024 and 2025. Typically, the year after a halving has seen bull markets (2013, 2017, 2021 followed the 2012, 2016, 2020 halvings). If that pattern holds, 2025 could indeed be the blow-off top year. It’s possible the rally to $126K was just an appetizer, with a bigger move in store later in 2025 as the halving’s supply shock (new BTC issuance halving from 6.25 to 3.125 BTC per block) works through the system. Many bulls are positioning with that thesis, which is one reason they buy dips like this one.
- ETF Developments: The launch of spot Bitcoin ETFs in the U.S. in 2025 is a game-changer, but we haven’t yet seen massive retail inflows – possibly due to the timing of the market pullback. A renewed rally could bring a surge of mainstream money via these ETFs. Additionally, a spot Ethereum ETF approval (rumored to be under SEC consideration) would be a big deal for ETH and could lift the whole market. Europe already has some spot crypto ETFs, but U.S. approval of more products (like maybe a Bitcoin ETF that can short, or other crypto baskets) might increase accessibility. Keep an eye on regulatory approvals or decisions in early 2026.
- Macro Turns: If inflation notably cools or if the economy shows cracks, the Fed could signal rate cuts or liquidity injections sooner than expected. Any hint of easier monetary policy tends to ignite Bitcoin as a hard-asset play (the “money printer go brr, buy BTC” meme). Conversely, if inflation re-accelerates and central banks tighten more, it could be a drag. Also, the trajectory of the U.S. dollar will be key: a reversal of the dollar’s recent strength (perhaps due to other countries raising rates or due to U.S. twin deficits) could boost BTC, which often moves inversely to USD strength.
- Geopolitical or Systemic Events: Bitcoin has sometimes rallied during geopolitical crises (as an alternative asset) – e.g., during certain conflict scares or when specific countries face currency issues (there was anecdotal evidence of rising BTC demand in some emerging markets during 2025 currency volatility). If any major country’s financial system wobbles (like a banking issue), Bitcoin might see a bid as a hedge. On the flip side, any major regulatory crackdown (e.g. a sudden ban in a large economy, or aggressive new U.S. crypto laws without clarity) could temporarily spook markets.
- Network Upgrades and Adoption: Technological progress could also buoy Bitcoin. Developments like the Bitcoin Lightning Network continuing to grow (for faster payments) or advancements in sidechains and smart contract layers for Bitcoin could add fundamental value. Additionally, if more corporations or public figures announce Bitcoin investments (similar to how MicroStrategy and Tesla did), those adoption headlines can trigger rallies. The same goes for any nation-state adoption – El Salvador was the first to adopt BTC as legal tender; rumors swirl about others possibly following or adding BTC to reserves in the future.
The Median Expectation: Synthesis of analyst views suggests that in the short term (next 1–3 months), Bitcoin may trade in a broad range, perhaps $100K on the low end to $125K on the high end, as it digests this year’s gains and navigates macro conditions. Many expect choppiness and high volatility to persist in the weeks ahead – which is typical around market trend inflection points. In the medium term (6–12 months), sentiment skews bullish – a number of analysts see Bitcoin making a run to new all-time highs (surpassing ~$126K and potentially heading to the $150K–$180K zone) by late 2025, especially if the halving supply shock and an ETF-fueled demand wave coincide. The wild card is how strong any potential recession might be in 2026; a severe recession could momentarily hurt Bitcoin along with other assets, whereas a mild one or a soft landing could allow Bitcoin to shine as an uncorrelated asset.
One prominent analyst quipped that “Bitcoin is now entering its ‘show-me’ phase – it needs to prove that six figures is the new floor, not the ceiling.” To do that, holding above $100K in the coming weeks is step one. If it does, confidence will grow and we could see sidelined capital flowing back in. And if not, well, Bitcoin has been through dozens of 20-30% drawdowns on its way up over the years – often emerging stronger. As crypto veteran Andreas Antonopoulos famously said, “Bitcoin’s died a hundred deaths in the media, yet here it is.”
In conclusion, the state of Bitcoin as of November 4, 2025 is one of cautious optimism amid volatility. The asset has achieved a milestone by firmly establishing itself in the 6-digit price realm, and despite a rough patch, the overarching trajectory of adoption, integration into finance, and technological maturation is intact. Short-term traders may fret about support levels and fear gauges, but long-term believers point to Bitcoin’s 2025 successes – from ETF rollouts to corporations embracing it – as evidence that this is more than just a passing fad.
As we move forward, keep an eye on whether Bitcoin can stabilize and regain its upward stride. If history is any guide, after every shake-out and consolidation, Bitcoin has gone on to reach new heights. Time will tell if 2025 will mark another launchpad for the next leg up. For now, buckle up – the final chapters of this year in crypto are likely to be eventful. Even in its maturity, Bitcoin hasn’t lost its penchant for drama. As the saying goes: high risk, high reward – and never a dull moment in crypto-land. 🚀
Sources:
- Bitcoin Magazine – “Bitcoin Price Crashes to $106,000 as Bulls Eye Strong November” (Nov. 3, 2025) [157] [158]
- Crypto.news – “Crypto Prices Today (Nov. 4): BTC, ETH, XRP, BNB Dip Below Key Levels Amid Extreme Fear” [159] [160] [161] [162] [163]
- AInvest News – “Bitcoin’s Q4 Plunge vs. Niche Projects’ Resilience” (Nov. 4, 2025) [164] [165]
- Crypto.news – “Is the Bitcoin Price Heading for its Worst Q4 since 2022?” (Nov. 3, 2025) [166] [167] [168]
- Business Standard – “BTC gives up $105k; ETH at $3.5k: Will bulls fight back or selloff deepen?” (Nov. 4, 2025) [169] [170] [171] [172]
- CoinDesk – “Michael Saylor’s Strategy Added $45M in Bitcoin…Now 641,205 BTC” (Nov. 3, 2025) [173] [174]
- Yahoo Finance / Nasdaq Data – Coinbase (COIN) and MicroStrategy (MSTR) historical prices [175] [176]
- CoinLaw.io – “Coinbase Posts $433M Profit as Trading and Subscriptions Surge in Q3” (Oct. 31, 2025) [177] [178] [179]
- Coinpaper – “Solana ETFs Add $70M… as Bitcoin, Ethereum Drop” (Nov. 4, 2025) [180] [181]
- CoinDesk – “Ark Invest Raises 2030 Bitcoin Price Target to $2.4M (Bull Case)” (Apr. 25, 2025) [182] [183]
- CoinDesk – “Tesla Made $80M Profit on Bitcoin in Q3, Didn’t Sell Any” (Oct. 2025) [184]
- MarketBeat / Investing.com – Riot Platforms and Marathon Digital stock info (Nov. 2025) [185] [186] [187]
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