On September 25, 2025, Bitcoin fell sharply below $109,000, continuing its decline that began earlier in the week. While its price exceeded $114,500 on September 22, by the end of the week, the asset was under pressure from a widespread correction. Against this backdrop, the cryptocurrency market was plunged into uncertainty.
Overall picture of the market
Altcoins are also showing negative dynamics: most of the top 10 assets by market capitalization are in the red. BNB has fallen particularly sharply, by 5.3%. Meanwhile, Bitcoin’s dominance has risen above 59%, reaching its highest level in the past month.
The total crypto market capitalization has declined by more than 5% and stood at approximately $3.7 trillion at the time of writing. Outflows from exchange-traded funds are adding to the pressure: over four days (September 22–25), $484 million and $547 million, respectively, left Bitcoin and Ethereum spot ETFs (SoSoValue data).
Expert opinions
Glassnode: Signs of Market Exhaustion
Glassnode analysts note that Bitcoin’s current decline following the Fed’s 0.25% rate cut is consistent with a classic “buy the rumor, sell the fact” scenario. However, in a broader context, market exhaustion is evident. In recent months, BTC’s realized market capitalization has increased by $678 billion—almost double the previous cycle.
Long-term holders have already realized profits on 3.4 million BTC, indicating the current rally is well advanced. Meanwhile, ETF inflows have slowed, and spot market volumes are growing due to forced selling. According to Glassnode, the market is running low on fuel, and without renewed institutional interest, the risk of a deep correction remains high.
Miles Deutscher: A reversal is unlikely anytime soon
Renowned analyst Miles Deutscher believes that both BTC and ETH are weak and a quick recovery is not expected. He believes that some liquidity has flowed into gold, which could be positive for the crypto market in the long term, but is currently holding back growth. He admits that the cycle peak may not be reached until 2026 and recommends using a direct-cost averaging (DCA) strategy for reliable assets and seeking out promising niches and projects.
Matrixport: Traders Expect a Major Move
Matrixport analysts note that derivatives market participants are bracing for a potential sharp move. On-chain levels and futures indicators are approaching historical thresholds, which typically trigger significant fluctuations. Meanwhile, the “crypto reserves” theme is losing popularity. New patterns in open positions and volatility are also being observed, which may indicate a difference between the current cycle and previous ones. Traders are already building positions around $110,000, but excessive leverage could lead to an early end to the cycle.
PlanB: Fiat Printing = BTC Growth
A prominent proponent of the stock-to-flow model, PlanB, emphasized that Bitcoin’s price is directly linked to its supply shortage. He believes that as long as central banks continue printing fiat money, the price of BTC will rise.
Santiment: “Buying the dip” isn’t the bottom yet
Santiment experts note that BTC’s 8.8% decline from its all-time high of $123,800 was disappointing, but the widespread interest of retail investors in “buying the dip” does not yet signal a bottom. Markets typically move against the general sentiment, and a significant rebound requires a prolonged predominance of short positions. However, a DCA strategy can be effective due to its risk distribution.
Peter Schiff: The Bitcoin Bubble Is Bursting at the Seams
Renowned skeptic Peter Schiff has declared Bitcoin to be underperforming. He claims BTC is 20% below its August high, signaling the start of a bear market. Ethereum has also fallen below $4,000, despite being included in corporate reserves, and is officially in a bear market. Schiff added that rising silver prices amid BTC’s decline could be a new factor that could burst the cryptocurrency bubble.
CoinDesk: A Traditionally Strong Q4
CoinDesk technical analyst Omkar Godbole noted that the fourth quarter is historically the strongest for Bitcoin, particularly October and November. Ethereum also traditionally performs well at the end of the year.
Whale movements against the backdrop of the fall
According to CryptoQuant, short-term BTC holders are taking losses en masse, with losses exceeding $2.2 billion in the past week. Ethereum is also experiencing strong selling pressure.
However, Santiment reports that large players (“whales”) continue to accumulate assets: they acquired approximately 30,000 BTC in the past week. Wallets with balances between 10 and 10,000 BTC have increased their holdings by 56,000 BTC since August 27. The BTC supply on exchanges has decreased by 31,000 coins, limiting the potential for further sales.
Other significant movements include:
- An OTC whale bought 60,333 ETH (~$238.7 million) at an average price of $4,230, but is now suffering a loss of $16 million;
- In two days, 15 wallets received 406,117 ETH (~$1.6 billion) from Kraken, Galaxy Digital, BitGo and FalconX;
- A new wallet has withdrawn 1,524 BTC (~$171 million) from exchanges in the last three days.
Thus, despite the current correction, expert opinions are divided: some see signs of exhaustion and the risk of a deep decline, while others see opportunities for accumulation and potential for growth in the second half of the year.
