The cryptocurrency market fell below the $65,000 level in the Asian session, shaken by US President Trump’s decision to increase the global tariff rate from 10% to 15%. This sharp decline resulted in the liquidation of approximately $230 million long positions, while miners divested their Bitcoin assets under cost pressure, deepening the turbulence in the market. Overshadowed by geopolitical tensions and macroeconomic uncertainties, digital assets are going through one of the most difficult periods of recent years with a series of negative closings that has been continuing for five months.
Liquidity Impasse in the Mining Industry
The fact that the Bitcoin price remains well below the average mining cost, which is calculated around $ 87,000, forces operators in the sector to make a strategic change. With profit margins shrinking, mining companies abandoned the accumulation strategy and prioritized preserving cash flow. Bitdeer Technologies Group, one of the giants of the industry, liquidated its entire Bitcoin treasury in order to finance its transformation in the field of artificial intelligence and strengthen its balance sheet, was recorded as the most concrete example of this pressure.
This sales wave observed throughout the industry shows that miners not only cover their operational expenses but also turn to high-tech investments that are considered more profitable. Among investors, “Is Bitcoin dead?” The fact that calls have reached the levels of the FTX collapse period fuels the pessimism in the market. However, the softer reaction of the price to the news compared to the aggressive declines in the past is a weak but hopeful signal that the market has gained some resistance.
Options Market and Institutional Expectations
Data in derivatives markets reveal that investors are still buying protection against downside risks, but the panic atmosphere is not as intense as in the middle of the month. Although the trend towards put options continues in the options exchanges, the decrease in this imbalance proves that the positions in the market are on a cleaner ground. Large players holding assets are being more cautious about making an aggressive exit from current levels unless they are under margin pressure.
On the corporate front, the $316 million net outflow from the ETF wing is interpreted as a capital efficiency-oriented replacement rather than a surrender. Especially the fact that giant structures such as Brevan Howard reduced their IBIT ETF positions and switched to derivative products shows that corporate demand has not disappeared, but has only changed form to optimize balance sheet usage. A strong recovery of the $74,000 region is considered a critical threshold for a permanent sign of recovery in the market.
