BTC Drops Below $113,000 Even as Stocks Break Records — Bitfinex Analysts See More Selling Ahead

Bitcoin Drops Below $113K as Nvidia’s Record Run Draws Capital From Crypto; Bitfinex Flags Risk of Deeper Correction

October 29, 2025

Bitcoin fell below $113,000 on Tuesday as tech stocks surged to fresh records, led by Nvidia’s march toward a $5 trillion market capitalization.

After briefly climbing past $116,000, bitcoin’s rally lost steam in U.S. afternoon trading. The largest cryptocurrency slipped nearly 2% over 24 hours to around $112,700, marking its second straight session of failed breakout attempts.

Ether (ETH) slid 4% to $3,969, dropping back under the $4,000 threshold. Most major altcoins also traded in the red, with Solana (SOL) and Litecoin (LTC) each down roughly 4%, and Hedera (HBAR) giving up a large portion of its earlier ETF-driven gains.

The weakness in digital assets contrasted with strength across U.S. equities. The S&P 500 crossed 6,900 for the first time, while the Nasdaq Composite also posted new highs. Nvidia jumped 5% during CEO Jensen Huang’s GPU Technology Conference keynote, extending its leadership in the AI-fueled rally and drawing liquidity away from riskier corners of the market, including crypto.

Crypto Stocks Join Broader Sell-Off

Bitcoin-related equities reversed early-session gains to end sharply lower. Mining and AI infrastructure firms Bitfarms (BITF), CleanSpark (CLSK), HIVE, and IREN fell 4–5%, while Galaxy Digital (GLXY) dropped 8% following a $1.15 billion capital raise. Strategy (MSTR) — the largest corporate bitcoin holder — lost 3.7%.

Bitfinex Warns of Key Support at $113.6K

According to a new Bitfinex market report, bitcoin now faces an important technical test at $113,600, the estimated short-term holder cost basis. Analysts said holding above that threshold is crucial for confirming a constructive market shift.

“Trading above this level has historically marked the transition from corrective to accumulation phases,” Bitfinex wrote. “Failure to maintain support could open the door to a deeper pullback toward $97,500, the likely lower bound of the current range.”

Despite its rebound from the early-October selloff, the report cautioned that waning momentum and renewed flows into equities could pressure bitcoin further in the weeks ahead.

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