Key Takeaways
How did crypto-mining stocks perform?
Mining stocks slumped, with Cipher Mining down 12.14%, Bitfarms down by 9.74%, Riot Platforms down by 8.59%, and MARA Holdings down by 6.83%.
Was there any positive news in the crypto market?
Yes, Bitcoin ETFs saw $239.9 million in inflows after a week of outflows, signaling renewed investor confidence.
The crypto market has slipped into a bearish phase, sending fresh waves of caution across investors.
Crypto tokens see a downturn
After weeks of volatility and mounting warning signs, Bitcoin [BTC] has finally dipped below the $101K mark, trading at $100,176.85, down 3.01% in the past 24 hours and 8.66% over the week.
Meanwhile, Etehreum [ETH] was trading at $3,260.62 after a drop of 4.09% in the past 24 hours and 15.84% in the past week as per CoinMarketCap.
The broader market followed suit, with the global crypto capitalization falling to $3.33 trillion after a 2.81% decline in a day.
Reflecting the mood, the crypto fear and greed index has once again dropped into the “fear” zone, signaling growing uncertainty among traders.
Crypto mining stocks decline
Adding to the market gloom, crypto-mining stocks also took a hit. Cipher Mining Inc. led the losses, plunging 12.14% and was trading at $21.71, as of writing.
Bitfarms Ltd. followed, dropping 9.74% to $5.19, while Riot Platforms Inc. slipped 8.59% to $17.34.
MARA Holdings Inc. wasn’t spared either, falling 6.83% to $15.96, according to Google Finance data.
ETF market sees inflows
However, amid the broader sell-off, there was a glimmer of optimism in the ETF market.
After a week of outflows, Bitcoin ETFs flipped back to inflows, recording $239.9 million in new investments, at press time. Ethereum ETFs, on the other hand, continued to struggle, with $12.5 million in outflows, as per Farside Investors.
All this happened because the macroeconomic backdrop added further complexity to the market’s sentiment.
What’s behind this?
The U.S.announced 153,074 job cuts in October, marking the highest total for that month since 2003, according to Challenger Gray.
This figure represents a 183% increase from September and a 175% rise year-over-year, pushing total layoffs in 2025 to over 1.1 million.
As a result, the surge in job cuts has renewed expectations of a potential Federal Reserve rate cut in December, with businesses citing cost pressures and AI-driven efficiency gains as key factors.
Meanwhile, the ongoing U.S. government shutdown, now approaching a record duration, has intensified political divisions.
Democrats, once unified against Republican demands, are now split—some advocating for negotiations to end the stalemate, while others remain steadfast.
The shutdown’s impact is spreading, from air travel delays to disruptions in food aid, compounding the economic strain.
Together, these political tensions, economic headwinds, and uncertainty in the crypto sector have contributed to a broader market downturn.
