After weeks of consolidation, the cryptocurrency market is finally ablaze. Bitcoin breaks through a key level, Ethereum is making a comeback, and altcoins are seeing double-digit increases. However, powerful macro and technical catalysts underlie this excitement, suggesting a potential continuation of the movement.
The crypto market is showing mixed performance this Thursday, October 23, 2025. The global market capitalization increased by 1.3% to reach $3.8 trillion. However, technical signals and investment flows tell a very different story. 80 of the top 100 cryptocurrencies are up over 24 hours, driven by a daily trading volume of $190 billion.
Bitcoin is trading at $109,789, up 1.7%, while Ethereum is slightly up 0.3% at $3,875. This apparent strength, however, masks concerning structural weaknesses. Leveraged positions recently suffered a massive liquidation of $19 billion, making investors significantly more cautious.
Binance Coin (BNB) leads the top 10 with an increase of 3.2% to $1,103, followed by Solana (SOL) which gained 1.3% to $186. Among the top 100 cryptocurrencies by market cap, three tokens show double-digit gains: ChainOpera AI (COAI) surged 70.4% to $13.96, Hyperliquid (HYPE) climbed 11.8% to $38.81, and Kinetiq Staked HYPE (KHYPE) increased by 11.6%. Conversely, Zcash (ZEC) suffered the heaviest correction with a 9.8% drop to $243.46, while Provenance Blockchain (HASH) declined 6% to $0.03614.
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Glassnode’s on-chain analysis is sounding the alarm. Bitcoin is currently trading below the short-term holder cost basis set at approximately $113,100. This is a level historically associated with the beginning of a medium-term bearish phase. This technical configuration suggests a weakening bullish momentum and increasing market fatigue.
Repeated failures to reclaim key resistance levels significantly increase the risk of prolonged consolidation. According to Glassnode, the market might require “a longer consolidation phase to rebuild confidence and absorb spent supply.” Long-term holders (LTH) are actively selling their positions, creating structural downward pressure.
Implied volatility remains elevated and realized volatility has caught up, ending the previously prevailing calm regime. The options market also displays a defensive tone: despite record open interest levels, the put curve remains high and volatility sellers are experiencing increased pressure.
All eyes are on the upcoming release of the US Consumer Price Index (CPI) scheduled for Friday. Originally scheduled for October 15, this report is being nervously anticipated by traders. The consensus forecasts inflation at 3.1%, but the upward trend over six consecutive months is concerning, especially as the Fed has already begun its rate-cutting cycle.
The last three CPI releases have coincided with local peaks in the crypto market, fueling fears of a repeat scenario. Exceeding the 3.1% forecast could trigger a significant correction, while a downside surprise could potentially revive bullish momentum.
Meanwhile, US spot Bitcoin ETFs recorded net outflows of $101.29 million on Wednesday, following just one day of inflows. BlackRock limited the damage with inflows of $73.63 million, but Grayscale suffered massive outflows of $56.63 million.
Ethereum ETFs follow the same trend with net outflows of $18.77 million. BlackRock stands out with $110.71 million in inflows, partially offsetting outflows from Fidelity and Grayscale. The Fear & Greed Index remains stagnant at 28, anchored in the fear zone for an entire week, dangerously approaching “extreme fear” territory.
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