Bitcoin and Ethereum Critical Levels

Corporate data shows that K33 Research reports the average cost basis of spot Bitcoin (BTC) ETFs in the US at roughly $89,613, about 11% below the current price. Investors view this as a critical technical support zone. (Sources: Bloomberg, K33 Research) BTC dropped to $98,944 during intraday trading, losing over 7% in 24 hours. This move tests key technical support levels.

Ethereum (ETH) fell about 14% to $3,089, marking its lowest level in four months. This highlights the volatility in the crypto market and investors’ withdrawal from risky assets.

Historic Drop in the US Stock Market

The US equity market lost roughly $730 billion in total market value today. The S&P 500 and Nasdaq saw sharp declines. The federal government shutdown, which began on October 1, has created market uncertainty. Combined with liquidity concerns and investor anxiety, this intensified selling pressure in both stocks and crypto markets.

Bitcoin and Altcoin Market Overview

According to CoinMarketCap, the global crypto market started at $4.3 trillion on October 6, dropped to $3.9 trillion around October 10–12, and fell again to $3.35 trillion by November 1. The 24-hour trading volume reached $280.73 billion.

The Fear & Greed Index reads 27, indicating “Fear.” The Altcoin Season Index shows 25/100, with Bitcoin dominating altcoins. The CoinMarketCap 20 Index at 210.95 mirrors the general market trend, showing that major cryptocurrencies are moving in line with the overall market decline.

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With its latest acquisition, Metaplanet now holds 6,796 BTC, exceeding the official Bitcoin reserves of El Salvador. At current market value, this stash is worth approximately $707 million.

From Bold Moves to Global Rankings

On May 12, the Tokyo-listed company announced it had purchased an additional 1,241 BTC at a unit price of 14.8 million yen (about $101,843), marking its highest per-coin acquisition to date.

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CEO Simon Gerovich stated on X, “From humble beginnings to rivaling nation-states, we’re just getting started,” signaling the company’s growing ambition in the crypto space.

Asia’s Largest Bitcoin Holder

With these moves, Metaplanet has become the largest Bitcoin holder in Asia and the tenth largest globally. The firm bought 5,555 BTC on May 7 alone, following four purchases in April totaling 18,586 BTC and six in March totaling 18,925 BTC.

Metaplanet also reported a quarterly BTC Yield of 38%, following a 95.6% yield in Q1 2025 — a metric that reflects the growth of Bitcoin holdings per fully diluted share.

Meanwhile, Michael Saylor hinted at another possible acquisition by his firm with a cryptic “Connect the dots” message accompanied by a screenshot of the “Saylor Tracker.” Historically, such posts have preceded major BTC purchases.

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The Surge Continues

After the approval of spot ETFs in the U.S. and the U.S. elections in December, Bitcoin surged to $108,000. Following this significant rally, expectations for further price increases are strong. In H.C. Wainwright’s latest report, it is noted that increasing regulatory clarity in the U.S., accelerating institutional adoption, and rising global demand are expected to drive Bitcoin prices higher in 2025.

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The report also highlights that the “Financial Innovation and Technology Act of the 21st Century” (FIT21) is expected to resolve uncertainties in digital asset classifications. This law aims to clarify whether digital assets should be classified as commodities or securities.

Bitcoin’s Market Value Could Reach $4.5 Trillion

According to H.C. Wainwright’s report, Bitcoin could reach a market value of $4.5 trillion by the end of 2025, approximately 25% of the market capitalization of gold. One of the key reasons for this rise is the reduction in Bitcoin’s supply distribution, with the upcoming halving expected to further limit the available supply.

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