Bitcoin plunged below $108,000 today, continuing a brutal week for crypto markets that refuse to find a floor. By noon, the token had collapsed from $111,000 to under $109,000 as traders dumped positions amid relentless pressure.
Ether followed the same path, slipping just above $3,900, while XRP fell to $2.36 even after Ripple announced a $1 billion deal to acquire GT Treasury, a treasury management firm meant to help push its blockchain infrastructure into corporate finance.
After watching the charts, Cryptopolitan doesn’t think the pressure is random. Bitcoin miners have been unloading their holdings at a record pace.
Roughly 51,000 Bitcoin, worth around $5.6 billion, moved from miner wallets to Binance since October 9. The decline in daily transaction fees on Bitcoin’s network has slashed miner income, forcing many to liquidate.
Revenue shortfalls follow the 2024 halving, which cut block rewards in half and raised the computing demand needed to stay profitable. The sell-off has left investors on edge, fearing that more unloading could extend the slump.
Paxos glitch and BlackRock fund revamp deepen market unease
The bad news didn’t start with Bitcoin though. Cryptopolitan reported that Paxos, the issuer of PayPal’s PYUSD stablecoin, had accidentally minted $300 trillion worth of tokens during what it called a “technical error.”
The company said the minting happened during an internal transfer, claiming it quickly spotted the mistake and burned the excess tokens.
Paxos stressed that there was no security breach and that customer funds were safe, but the absurd size of the error, more than double the world’s total GDP, became a viral talking point across the crypto community.
At the same time, BlackRock made regulatory adjustments to its Select Treasury Liquidity Fund, turning it into a Genius Act–compliant product, which means it follows the Trump-signed stablecoin regulations in the United States.
The new structure allows the fund to serve as a reserve asset for stablecoin issuers, with holdings strictly in cash and U.S. Treasuries. Speaking on CNBC earlier this week, Larry Fink, BlackRock’s CEO, described tokenization as a continuing strategic priority, saying it could reshape how financial assets are handled.
The market, though, remains shaky. The $19 billion rout this week, paired with the flood of miner deposits, has pushed fear back into every chart. Analysts say miner sell-offs have often marked the final stages of previous market cycles. But for now, there’s no sign of relief. Cryptopolitan will be watching the screens and waiting to see just how much deeper the drop can go.
Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.
