Bitcoin slumps below $109K as signals point to market exhaustion
Bitcoin recently dipped under the $109,000 mark, reaching a four-week low, amidst mounting evidence that the current rally may be losing steam. Long-term holders have realized sizable profits, cumulative profits have surged, and inflows into Bitcoin ETFs have slowed — all suggestive of a market entering a phase of exhaustion.
Key price action & support levels
Bitcoin’s slide took it below key technical support around $112,000, with a low of ~$108,700 recorded on Coinbase. Although it has not yet revisited the September 1 low of $107,500, analysts warn a repeat is possible. Markus Thielen of 10x Research noted the recent rebound lost momentum fast, making the market vulnerable to another wave of stop-loss selling.
On-chain metrics & profit taking
On-chain data from Glassnode reveals that long-term holders have realized around 3.4 million BTC in profits — pushing realized profit levels to ranges seen in prior cycle peaks. These historic peaks often align with top formations in market cycles, implying that a cooling period may be ahead.
Other metrics are flashing caution too. The Spent Output Profit Ratio (SOPR) hovers near 1.01, indicating that some participants are starting to sell at or near cost — a sign of weakening conviction. Meanwhile, the Short-Term Holder Net Unrealized Profit/Loss (NUPL) is approaching zero, raising the risk that newer entrants may liquidate if losses mount.
Outlook & risks
Glassnode analysts argue that without renewed demand from institutions or a return of strong buying pressure, the risk of “deeper cooling” remains elevated.
In their view, the current macro structure is increasingly reflecting signs of exhaustion.
Thielen remains neutral unless Bitcoin can reclaim $115,000 (a level that could reinvigorate bullish momentum). On the more bullish side, Michael Saylor expects gains in Q4 — though he sees those hinging on easing macro headwinds.
At the time of the report, Bitcoin was trading near $109,645, having lost about 6.5% over the past week.
Source: Cointelegraph
Institutions quietly accumulating Solana: Is a SOL eruption imminent?
Despite Bitcoin and Ethereum still dominating crypto headlines, Solana (SOL) is gradually drawing attention from institutional investors who seem to be positioning for a major breakout. In September 2025, multiple developments suggest that capital is flowing quietly into SOL beyond mere retail speculation.
One of the most eye-catching signals: Brera Holdings, a company listed on Nasdaq, announced a strategic pivot. It rebranded itself as Solmate and committed $300 million toward Solana as part of its corporate treasury strategy. This publicly disclosed allocation is one of the largest known corporate bets on SOL to date, signaling serious conviction.
At the same time, Solana exchange-traded funds (ETFs) are gaining traction. A notable example is the REX-Osprey Solana + Staking ETF (ticker: SSK), launched in July 2025 on the Cboe BZX exchange. These ETFs offer institutions and wealth managers exposure to SOL (and its staking yield) without the need to self-custody, lowering the barrier to entry for large players. As ETF assets under management grow, they reduce the liquid supply of SOL, which can exert upward pressure on price.
Analysts argue that this wave of institutional interest is altering the supply dynamics of SOL. Treasuries and ETFs tend to lock up coins, reducing immediate sell pressure and tightening float for speculators. Additionally, regulatory developments could accelerate the introduction of more SOL-based institutional products.
However, whether this accumulation leads to a dramatic price breakout depends on the pace and scale of inflows in the coming months. If expectations are met, SOL could shift from niche altcoin to a core holding in institutional crypto portfolios.
In summary, the Solana narrative in 2025 is increasingly being shaped behind the scenes. A $300M treasury shift, rising ETF adoption, and the evolving regulatory environment are signs that institutions are building structural demand for SOL. While a “eruption” is not guaranteed, the groundwork seems to be quietly underway.
Source: ZyCrypto
Ethereum whales amass $1.19B in ETH as price dips: whale accumulation intensifies
In a striking display of confidence, Ethereum’s largest holders — the so-called whales — have recently accumulated nearly 295,861 ETH, equivalent to $1.19 billion, as they take advantage of price corrections and volatility. These purchases reflect some of the largest single-day on-chain transfers seen this year.
The accumulation spree was traced to 11 wallets, which received ETH transferred from multiple sources including Kraken, Galaxy Digital OTC, BitGo, and FalconX.
The largest individual inflow was 41,039 ETH (~$165 million) from FalconX. Several wallets acquired between 34,000 and 35,000 ETH each — aggregating to over $420 million in combined inflows.
This accumulation occurred amid a slide in ETH’s price below $4,000, triggered by leveraged liquidations and broader market pressure. Over $100 million in leveraged positions were liquidated in the same time frame, intensifying volatility.
Interestingly, exchange reserves of ETH have dropped to multi-year lows, suggesting that large holders are withdrawing tokens from exchanges and placing them into private reserves or staking operations. Lower exchange balances reduce immediate sell pressure, which can support price stability or rebound potential.
However, the accumulation wave came with some casualties. Whale addresses holding leveraged long positions incurred forced liquidations amid the downturn. For example, one address lost 9,152 ETH (~$36.4 million) when its position was wiped out as prices fell. Another trader named “Machi” saw nearly $30 million of previously realized profits evaporate over a few days due to market turbulence.
Over the past week, ETH failed several attempts to break resistance levels between $4,500 and $4,600, instead dipping under $4,000. Roughly $500 million worth of ETH long positions were liquidated within 24 hours during the peak of the correction, and over $1.6 billion of liquidations occurred across crypto markets.
In conclusion, despite recent volatility and massive liquidations, whale accumulation in ETH is surging at scale. This behavior underscores the belief among large investors in Ethereum’s long-term fundamentals and resilience. If this structural accumulation continues, it could build a support foundation beneath ETH that supports the next upward phase.
Source: Cryptopolitan