Strategy’s market cap is dipping below the value of its BTC holdings.
The global crypto markets slipped back into defensive mode on Thursday as Bitcoin continues its decline. The ongoing dump has dragged the industry’s key sentiment index back into “extreme fear.” Data shows that the Fear and Greed Index fell to 15, its lowest reading in eight months. This turns out to be the first time since early spring that sentiment has flashed this level of stress.
The cumulative digital assets market dipped by around 1.5% over the last 24 hours to stand at $3.48 trillion. However, its 24-hour trading volume remained up 7% to hit $173 billion. Altcoin season index dropped to 29 points. This index was hovering around 78 points a few days back in September.
Altcoins bleed as bitcoin slips under $103k
Bitcoin’s move below $103,000 unsettled the market as traders who had spent the past week buying dips pulled back. This suggests that the market is once again questioning whether October’s record highs marked a near-term top. BTC price went on to hit its all-time high (ATH) of above $126 on October 7, 2025. The biggest crypto is running down almost 8% in the last 30 days and 11.30% over the past 60 days.
Ether held up slightly better as it traded around $3,500 with modest gains on the day. ETH price is down by 13% in the last 30 days. The industry-wide RSI remains stuck in neutral, giving neither bulls nor bears a decisive advantage. Its 24-hour trading volume jumped by 23% to hit $40 billion, suggesting that whales are moving their funds.
Other major altcoins saw more of the damage. AERO slid more than 19% in the last 24 hours. The dump followed its merger announcement with Velodrome. AERO is trading at an average price of $0.96 at the press time. Pump.fun price saw a drop of 12% in the same period. It is trading at an average price of $0.0038 at the press time.
One of the few bright spots was XRP, as it jumped 3.5%. This comes after renewed activity in the options market sparked short-covering flows. XRP price is up by over 7% in the last 7 days, while Bitcoin printed a red index. It is trading at an average price of $2.45 at the press time. Its 24-hour trading volume spiked by 48% to stand at $6 billion.
Bitcoin corporate holders feel the burn
Corporate Bitcoin holders are feeling the pressure as well. Japanese firm Metaplanet reported that its Q3 Bitcoin valuation gains fell 39% from the prior quarter. It dropped to 10.6 billion yen ($1.4B) amid October’s sharp sell-off. The company highlighted that its accumulation strategy isn’t driven by short-term price swings.
MicroStrategy, now known as Strategy, traded below the value of its Bitcoin holdings this week. It slipped to a market cap of $65 billion against its $66.6 billion BTC stash. It’s a rare moment when equity investors price the stock at a discount to its underlying assets.
Investors are now hunting for a catalyst, as a break below $98,000 would likely confirm a deeper downtrend for Bitcoin. However, a rebound through $109,000 could mark a short-term bottom. Despite the US government’s reopening, volatility remains high. Futures data shows traders continuing to pull back. Bitcoin open interest fell 3.6% to $66.1B. BTC also saw $186 million in liquidations in the last 24 hours. $157 million (86%) of the liquidated bets turned out to be long positions.
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