EthereumPoW price

Written by ChandlerZ, Foresight News In the early morning of October 30, the Federal Reserve announced its latest interest rate decision, cutting interest rates by 25 basis points as scheduled, lowering the federal funds rate range to 3.75% – 4.00%, and announcing that it would stop balance sheet reduction from December 1. The moment the news was announced, the market reaction was flat, with the S&P 500 and Nasdaq 100 rising slightly, and gold and Bitcoin narrowing their losses for a while. But a few minutes later, Fed Chairman Powell said at a press conference that it was "not a certainty" whether to continue cutting interest rates in December, and there were clear differences within the committee. This statement quickly changed market sentiment. The four major asset categories of U.S. stocks, gold, bitcoin, and U.S. Treasuries fell simultaneously, and the dollar rose alone. This sentiment continued to spread on the 31st, with Bitcoin diving from around $111,500 to $106,000, Ethereum falling deeper, with a low below $3,700 and SOL falling below $180. According to CoinAnk data, in the past 24 hours, the entire network has liquidated $1.035 billion, long orders have liquidated $923 million, and short orders have liquidated $111 million. Among them, Bitcoin liquidated $416 million and Ethereum liquidated $193 million. On the other hand, as of the close of the U.S. stock market, the three major U.S. stock indexes fell across the board, with the Nasdaq leading the decline. Cryptocurrency-related stocks fell by 5.77%, Circle (CRCL) by 6.85%, Strategy (MSTR) by 7.55%, Bitmine (BMNR) by 10.47%, SharpLink Gaming (SBET) by 6.17%, American Bitcoin (ABTC) by 6.02%, and so on. After experiencing the excitement at the beginning of the month, the market switched from "rising" to "correcting" mode. Capital expectations have been released, the narrative has not been continued, and the arbitrage space has decreased. For most coin holders, this rhythm means that the gains are cashed out and the logic of defense takes precedence. The crypto market suffered a series of setbacks, and the shadow of the black swan has not dissipated In fact, there are signs of this round of shocks. Since the "black swan plunge" on October 11, Bitcoin's trend has not been fully repaired. In just 72 hours, the market value evaporated by nearly $40 billion, the scale of liquidation on the entire network exceeded $11 billion, and the panic index fell to 22 at one point. The rally in the following days was blocked at $116,000 until Powell's speech sparked a new round of panic this week. In terms of ETF capital flow, according to SoSoValue data, the total net outflow of Bitcoin spot ETFs yesterday was $488 million, and none of the twelve ETFs had a net inflow. The Bitcoin spot ETF with the largest single-day net outflow is Blackrock ETF IBIT, with a single-day net outflow of $291 million, and the total historical net inflow of IBIT is currently $65.052 billion. This is followed by Ark Invest and 21Shares' ETF ARKB, with a single-day net outflow of $65.6193 million, and the current total historical net inflow of ARKB is $2.053 billion. Ethereum spot ETFs had a total net outflow of $184 million, and none of the nine ETFs had a net inflow. The Ethereum spot ETF with the largest net outflow in a single day is Blackrock ETF ETHA, with a net outflow of $118 million in a single day, and the total historical net inflow of ETHA is currently $14.206 billion. This is followed by Bitwise ETF ETHW, with a single-day net outflow of $31.1443 million, and the current total historical net inflow of ETHW has reached $399 million. According to Glassnode analysis, since mid-July, long-term Bitcoin holders have maintained steady selling pressure, exerting sustained selling pressure that limits the market below $126,000. The data shows that the average daily sell-off by long-term holders has increased from about $1 billion (7-day moving average) in mid-July to $20-3 billion in early October. Unlike the previous high selling phases in this bull market, the current distribution model is gradual and sustained, rather than a sharp short-term sell-off. Further analysis by holding time shows that investors with a holding period of 6-12 months contribute more than 50% of the recent selling pressure, especially in the later stages of price top formation. Near Bitcoin's all-time high of $126,000, the average daily sell-off of this group reached $648 million (7-day moving average), more than 5x more than the early 2025 benchmark. The data also reveals that these investors mainly accumulated Bitcoin in large quantities between October 2024 (during the U.S. election) and April 2025, with a cost basis between $70,000 and $96,000, averaging around $93,000. Analysts point out that if the price of Bitcoin falls below the range of $93,000-$96,000, it will put the most pressure on this group to lose money. Some in the market believe that the October 11 plunge and its subsequent pullback have constituted a "small cycle top", and Powell's speech this week strengthened the short-term defensive logic. Liquidity repricing After the black swan plummeted, the crypto market entered a period of deep restructuring. In the past few years, the two main lines that have supported the prosperity of altcoins, the high-frequency game of retail investors and the speculation of institutions are collapsing at the same time. Market makers are deleveraging, VCs are suspending the primary market, retail investors have withdrawn from the market after continuous liquidations, and the living water of the market has almost dried up. Bitcoin and Ethereum have regained the dominant assets in liquidity, the price discovery mechanism of long-tail tokens has failed, and market capitalization and narratives have been forced to exit. Except for a very small number of infrastructure projects with real cash flow and user base, such as stablecoin issuance, RWA asset mapping, or payment settlement systems, the rest of the altcoins are in a state of long-term chip dilution and buying depletion. Behind the ebb of the tide of copycats is the contraction of the entire capital logic. The market transitioned from story pricing to cash flow pricing, and capital no longer paid for concepts. The token's value loses its justification for continued growth, and the narrative becomes the exclusive prerogative of a few core projects. In addition, the DAT model that prevailed in the first half of this year is essentially a structured financing of currency for shares. Its feasibility depends on the premise that someone in the secondary market is willing to undertake. When incremental liquidity is depleted, this closed loop collapses. The project team still wants to raise funds, and the FA is still matching the deal, but the buyer disappears. Strategy Announces Third Quarter 2025 Financial Results. of which net profit was $2.8 billion; BTC holdings increased from 597,325 to 640,031; But the stock price fell nearly 14% over the same period, and its market premium relative to BTC holdings narrowed. Long-tail DAT is almost non-transactional, and new financing has become a hedge between on-chain currency rights and book equity. For example, Lite Strategy, a Nasdaq-listed Litecoin treasury company, announced that its board of directors has approved a $25 million share buyback program, and the timing and specific number of shares to be repurchased will depend on market conditions. For project parties and early investors, this means that short-term fundraising can still be completed; For investors in the secondary market, it means that there is almost no exit path. DAT, which lacks cash flow support, audit custody, and repurchase mechanism, is gradually exposing the characteristics of idling and circulating staking. On a deeper level, the bursting of this bubble is a credit rupture between the primary and secondary markets of crypto. Without real buying, the so-called on-chain treasury valuation has lost its meaning. The patience of capital is being consumed, the token no longer has a financing function, and DAT has shifted from innovation to risk. Short-term shocks, long-term easing patterns are difficult to change The volatility of the crypto market is in the process of repricing. Powell's speech caused a sharp turn in short-term market sentiment, but the shock was more like an expected correction than a trend reversal. Barclays' latest report also confirms this judgment: Powell's real intention is to break the market's excessive expectations of inevitable interest rate cuts, rather than return to a hawkish stance. Macro data is in fact still providing the conditions for continued easing, labor demand continues to slow, core inflation has fallen close to the 2% target, and economic momentum has cooled down. From a cyclical perspective, the Fed's policy space is reopening. The current interest rate range of 3.75%–4.00% is significantly higher than the core inflation level, which means that monetary policy is still tight; Against the backdrop of a general global economic slowdown, the marginal return on maintaining excessively high interest rates is weakening. The next question is not whether to cut interest rates, but when to resume stronger easing. As balance sheet reduction officially ends in December, the likelihood of the Fed returning to quantitative easing will gradually increase. For the crypto market, this means that the liquidity environment remains friendly in the medium term. Although the short-term volatility is sharp, the liquidity anchor of the market is still pointing to looseness. Improved US dollar liquidity will boost risk appetite, and asset pricing will revise upwards again. Historical experience shows that after each round of easing cycle, Bitcoin usually ushers in a trend recovery after a lag of 1 to 2 quarters. The current adjustment is more likely to accumulate space for the next period of the market. From the perspective of capital structure, institutions are still waiting for macro confirmation, that is, inflation is stable in the target range, employment has cooled significantly, and the Fed has released a signal of interest rate cuts. Once this combination emerges, the rhythm of ETF inflows and futures bull rebuilding will be restarted. For retail investors and small and medium-sized funds, the real opportunity is not in the short-term panic, but in the second wave of inflows after the establishment of the easing cycle. Both the Fed's policy focus and the institution's asset allocation logic are transitioning from the end of interest rate hikes to the early stage of easing. Short-term shocks are inevitable, but long-term liquidity return has become the general trend. For investors who remain in the market, the most important thing is not to predict the bottom, but to make sure they can survive until the day when quantitative easing resumes. At that time, Bitcoin and the entire crypto asset market will usher in a new round of pricing cycle in the recovery of liquidity.