CryptoQuant Research Director Julio Moreno analyzed the selling behavior of long-term Bitcoin holders, noting that selling during a bull market is normal. Although recent holder selling has increased, the accompanying demand has shrunk, leading to an inability to absorb supply at higher prices.

Rachel Lin, the CEO of SynFutures, believes that the fall in October lays the foundation for a Bitcoin bull run and points out that historical data shows Bitcoin performs strongly in November. She expects Bitcoin to trade sideways and potentially rebound when policy changes occur, and in the long term, Bitcoin could rise to between $120,000 and $150,000 by the end of 2025.

The introduction of policies has triggered a more intense Bull vs Bear Battle in the gold market, and rising tax costs may lead to increased short-term selling pressure. Investors should be cautious; holding long-term or using gold ETFs can help avoid some tax burdens. The policy aims to regulate investment paths, which is beneficial for deflating the market bubble, and funds will be more concentrated in high Liquidity standard gold and gold ETFs.

According to a report by Golden Finance, data from River shows that since 2020, the frequency of Bitcoin's price fluctuations has been significantly higher than that of gold and the S&P 500 Index. The data indicates that Bitcoin has experienced approximately 20 instances of a 5% fall, 13 instances of a 10% fall, and 8 instances of a 20% fall; in contrast, the number of pullbacks for gold and the S&P 500 is noticeably lower. It is worth noting that the price of Bitcoin at the beginning of 2020 was only $7,100, after which it experienced intense bull and bear cycles and market growth.

The market performance of Bitcoin during the Halving period is significantly different from the past, with the current volatility below 2%, reaching a historic low. Analysts believe that this phenomenon marks the collapse of the rule of thumb, suggesting that a steady bull run may continue.

The American fast-food chain Steak n Shake has announced the establishment of a Bitcoin reserve, with all Bitcoin payments being deposited into this reserve, and for every transaction made in the next 12 months, 210 Satoshis will be donated to Open Sats Initiative, Inc. The brand has supported Bitcoin payments this year and launched the "Bitcoin Bull Burger."

Recently, the crypto market has continued to fall, and investors have raised doubts about DAT company. Major stocks such as MSTR and various alts have all hit new lows, with declines of over 80% from the bull run peak. Several companies have performed poorly in stock prices, and the investment outlook is concerning.

According to data from The Block, although the price of Bitcoin has reached a new high in the current crypto bull run, the total trading volume of centralized trading platforms has not yet reached the levels of 2021. The current total trading volume is $2.05 trillion, far lower than the $4.16 trillion in April 2021.

Encryption analyst Murphy pointed out that as of October 26, the price of Bitcoin exceeded the average cost of short-term holders at $113,200, indicating that the current period is not the end of the bull run cycle, but rather a new macro-driven cycle, emphasizing that the recent Bear Market is merely a phase of sentiment.

Jin10 data reported on October 26 that Huaxi Securities research report pointed out that the "slow bull" trend is returning, and the global technology AI market is resonating. Short-term risk appetite is expected to be boosted, and the A-share "slow bull" market will continue. Structurally, "big technology" remains the main line in the medium to long term. Next week, the financial reports of A-share listed companies and US technology giants will be released intensively, and against the backdrop of the accelerating global AI arms race, the capital expenditure guidance of technology giants in AI will become the focus, ushering in a window period for the global technology AI market.

Alex Thorn, Head of Research at Galaxy Digital, stated that the Bitcoin bull run remains solid, but market sentiment could shift quickly. He warned that if Bitcoin falls below $100,000, it could raise concerns and shake the foundations of the bull run. Although the recent adjustments are influenced by macro sentiment, in the long term, institutional demand will support the market, indicating that Bitcoin is entering the "post $100,000 era."

Golden Finance reports that Cryptoquant analyst Axel Adler Jr has released a market analysis indicating that the Bitcoin Heat Macro Phase has entered the bottom / accumulation zone, with speculative pressure easing. This indicator status, in the context of a bull market, usually corresponds to the accumulation phase of positions before a new round of price increase. To achieve a rebound, two key conditions must be met: first, a decrease in market volatility; second, no negative triggering events globally in the coming week.

Golden Finance reports that CryptoQuant data shows that "dolphin" investors holding 100–1000 Bitcoins have continued to maintain above their one-year moving average and increased their holdings by 681,000 Bitcoins in 2025, indicating that the bull run cycle may not yet be over.

The fourth phase of the "Red Bull Trading Tour" launched by Gate in collaboration with the F1 Red Bull Racing Team has started on October 23, with no registration threshold. Users participating in trading can compete for a total prize pool of 20,000 GT rewards. The leaderboard champion will receive live viewing tickets for the F1 Grand Prix and a limited edition model, while new users can receive a 50 USDT experience voucher.

PANews reported on October 23 that Cryptoquant analyst Axel Adler Jr released a market analysis stating that Bitcoin (BTC) and the S&P 500 are currently in the late stages of a bull run. The S&P 500 has a return of +13% over the past 52 weeks, indicating that the market is still in a risk-on mode. The correlation between BTC and the S&P 500 is 0.26, suggesting that the two have a moderate positive correlation, with Bitcoin tending to move in the same direction as the stock market, but not entirely reliant on it. In addition, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market cooling may quickly affect BTC prices. In the fourth quarter of 2025, market attention will shift to corporate earnings performance. During the third quarter earnings season, 58 companies that have reported their results have all exceeded expectations, with an average beat of 571 basis points. Earnings growth is expected to rise from 7% to 8%, in line with typical performance in the late bull run.

Analyst Axel Adler Jr pointed out that Bitcoin and the S&P 500 index are in the late stage of a bull run, with a correlation of 0.26, indicating that the two are moving in tandem but are not completely dependent on each other. The current market risk appetite is strong, and corporate earnings are exceeding expectations, supporting the continuation of the bull run.

BlockBeats news, on October 21, after Bitcoin reached the peak of the bull run in November 2021, it quickly pulled back, alerting investors. In 2025, the price of Bitcoin broke through the 120,000 USD mark, but market sentiment and technical analysis indicate that there may be a risk of price topping in November. The technical analysis shows that the price of Bitcoin is pulling back around 107,983 USD, and the MACD indicator suggests that market momentum is weakening, indicating a possible adjustment in the short term. According to Alternative's Crypto Fear & Greed Index, market sentiment has experienced significant fluctuations since the end of September 2025, especially at the beginning of October when sentiment rapidly rose to 'Extreme Greed', then quickly fell back to 'Panic'. The current index is 29, indicating that market sentiment is leaning towards panic.

Encryption KOL Ansem pointed out that the weekly charts of XRP, SOL, and ETH show SFP patterns, suggesting that market momentum may be ending and the likelihood of a bull run is decreasing. He believes that the current market structure is weak, and BTC needs to reclaim $112,000 to change the bearish trend.

Golden Finance reports that Alex Thorn, research director at Galaxy Digital, believes that the current structural bull run remains intact for both crypto assets and the stock market. He pointed out that the three forces driving the next phase of the rise are artificial intelligence capital expenditure, stablecoins, and tokenization.

Coinbase conducted a survey of investors from September 17 to October 3, finding that 67% of institutional and 62% of non-institutional investors have a bullish outlook on Bitcoin's prospects, while there is a significant divergence in views between institutional and non-institutional investors during the market cycle phase. The macro environment is considered the biggest risk for the future.

Pepperstone analyst Ahmad Assiri stated that gold is experiencing a strong bull run, having risen about 15% over the past month. Concerns over the high valuations of the US stock market and the tech bubble have pushed gold to become a core component of diversified investments and a safe haven for anxious investors.

Matt Hougan, Chief Investment Officer at Bitwise, believes that the 1011 flash crash will not have a lasting impact, mainly because market participants were not harmed, blockchain technology is sound, and professional investors have low interest in the event. He pointed out that the long-term driving forces in the market still exist, and a future bull run in crypto assets is expected to continue.

Golden Finance reported that Wang Xiaoqi, CEO of New Fire Technology, stated to the media today that after the big dump on the early morning of October 11, BTC, ETH and other mainstream tokens experienced a rapid rebound, with some coins even reaching new highs. A bull run often features sharp falls followed by quick rebounds, which is a standard characteristic of a bull market. In contrast, the hallmark of a bear market is a continuous downward movement. Against the backdrop of ongoing interest rate cuts and the release of liquidity, the fundamentals of the industry have not reversed. At the same time, Weng Xiaoqi believes that the real scale of this big dump liquidation far exceeds 20 billion USD, with many institutions and large holders facing liquidation, leading the industry into a short-term liquidity crisis. In the short term, considerable volatility cannot be ruled out, and historically, after a big dump, a second bottom confirmation is also not excluded. Non-professionals are discouraged from using leverage; one must always respect the market. On the other hand, Weng Xiaoqi believes that there is no need to be overly pessimistic. Liquidation also brings opportunities to the industry, meaning that the forces engaged in repeated battles on the market are weakened. In the market consolidation

Binance Wallet responded to feedback from encryption KOL AB Kuai.Dong, stating that they are addressing the page flooding issue caused by bull-related memes. The official has blocked related keywords, but relevant images still frequently appear on the new coin page, affecting normal browsing.

The crypto market has seen some recovery after the "10.11 flash crash", but the effects will take time to manifest. Industry insiders warn of potential fund liquidations, and if Bitcoin falls below the support level of 100,000 USD, it will end the bull run. The big dump is attributed to tariff concerns and excessive leverage by institutions.

On October 11, the crypto market experienced the largest liquidation event in history, with approximately $19.3 billion in positions being liquidated, impacting 1.66 million traders. This flash crash was similar in magnitude to the onset of the bear market at the end of 2021, with a similar market environment, reminding traders to respond cautiously and strictly manage risks.

ING predicts that the gold bull run still has room for rise, expecting the average gold price to reach $4000/ounce in the fourth quarter and $4100 in the first quarter of 2026. The report emphasizes the Central Bank's continued buying and geopolitical risks, while also mentioning that the market may force investors to sell gold due to dumping.

Jin10 reported on October 9th that Bull Group announced that as of the date of this announcement, Ruan Xueping holds 256 million shares, accounting for 14.13%; together with concerted parties, they hold a total of 1.533 billion shares, accounting for 84.76%. Ruan Xueping plans to reduce holdings of no more than 36.1718 million shares through Block Trading from October 31, 2025 to January 30, 2026, which does not exceed 2% of the company's total share capital, and all reduced shares were acquired before the IPO, with the reason for the reduction being personal funding needs.

Legendary investor Paul Tudor Jones pointed out that the Fed's loose policies and fiscal deficits could lead to a sharp rise in the US stock market. Although market momentum is strong, risks are increasing, especially in the speculative atmosphere around AI and tech stocks. In the crypto market, BTC price fluctuations will significantly increase, and key support and resistance levels need to be followed. Investors should be wary of times when risks outweigh returns.

SunPump will hold a roundtable discussion on "altcoin ETF" at 8 PM on October 7th in X Space, focusing on the ETF application progress of public chains such as Solana, Avalanche, and Polygon, and discussing the impact of altcoin ETFs on market Compliance and regulatory attitudes.

BlockBeats news, on October 6, in response to Andrew Kang's comment that "the bull run argument made by Tom Lee, a leading figure in the current ETH long positions, is very foolish," Tom Lee publicly replied at the Token 2049 forum, stating, "In the encryption field, being foolish is a good thing, so I take it as a compliment."

On-chain analyst Murphy pointed out that Bitcoin's unrealized PNL ratio (UPUL) is abnormal, with a lower UPUL when prices are high, indicating that the market's pump relies on new funds. It is necessary to follow the net inflow of ETFs; once it slows down, short-term rises will be limited, and swing traders should take profit reasonably, but the bull run has not significantly turned bearish.

According to a report by Jinse Finance, Matrixport's daily chart analysis states that the current cryptocurrency cycle is markedly different from previous ones, with funds shifting from early project bets to mature companies that meet IPO conditions. Altcoins, venture capital funds, and hedge funds are all underperforming compared to Bitcoin, reinforcing the "winner takes all" dynamic—where the strongest participants continue to capture market share. Retail investors largely remain on the sidelines, while institutional funds are concentrated in companies that can access the public market and have the capacity for scalable operations. On-chain data shows that the continuous selling by miners and early holders has almost offset the inflows from ETFs and treasury funds, which has not only reduced market volatility but also weakened Bitcoin's appeal to risk-seeking investors. However, Wall Street has strong incentives to extend the bull market: the potential IPOs in the crypto assets space could reach up to $226 billion, which is expected to raise.

Bitcoin demand is rising at a rate of about 62,000 coins per month, primarily driven by Whales and ETFs, with large holder balances increasing by 331,000 coins annually. If the price breaks through $116,000, it may re-enter a bull run and open a valuation range of $160,000 to $200,000 in the fourth quarter.

CryptoQuant data shows that since July, Bitcoin market demand driven by Whales and ETFs has risen by approximately 62,000 coins per month. The Bitcoin price has surpassed $116,000, possibly signaling a bull run restart, with a target price for the fourth quarter reaching $160,000-$200,000.

The Gate trading platform will launch the third phase of the "IN THE MOMENT" digital collectibles on October 3, 2025, covering six iconic F1 events from the Red Bull Racing team. The event will last for three days, during which users can receive limited free NFTs, and the platform will subsidize the Gas fees to encourage user participation.

Golden Finance reported that Grayscale Research recently published an article stating that the crypto bull run is driven by macro demand for scarce digital assets and regulatory clarity that supports adoption. These two factors are likely to become the focus of investor attention again in the fourth quarter of 2025. Currently, the fundamentals still point in a positive direction, as the Fed restarted interest rate cuts in September and hinted at one or two more cuts before the end of the year. Other positive market catalysts include: the potential introduction of Staking features in crypto ETPs, the listing of more alts ETPs, and the Senate passing the market structure bill. Grayscale believes that before these factors change, the September market pullback is only temporary, and the crypto market may be heading towards new highs.

According to Jinse Finance, Liquid Capital founder Yi Lihua stated on the X platform: "Trend investing belongs to Beta returns, suitable for most ordinary investors, while fluctuation trading belongs to Alpha returns, only suitable for a few professionals. This is not a conflict; both aim to hold more ETH and ultimately gain returns. The short-term market pullback and fluctuations provide opportunities for buying the dip and trading, but as the interest rate cut in October approaches, it may be the last bottom opportunity recently. The long bull market will continue, with ETH's target for the next year still being over $10,000, and the long-term target over $40,000."

XWIN Research Japan points out in its analysis that the Bitcoin bull run is not over, and the current pullback is a "digestion period" for the market. Despite the market cooling down, investors are still gaining healthy returns, with the MVRV ratio dropping to 2, indicating that the market may enter an expansion phase.

PANews September 27 news, according to Cointelegraph report, Galaxy Digital CEO Mike Novogratz stated during an interview with Kyle Chasse on YouTube on Friday that if the next candidate for the Fed chairman to succeed Jerome Powell takes an extremely dovish stance, Bitcoin prices could rise significantly. "This could be the biggest bull run catalyst for Bitcoin and other Crypto Assets."

On the anniversary of its IPO, Wireless Media's stock price fell sharply, with a maximum decline of 13%, and a closing drop of 10.82%. The recent unlocking of 117 million shares significantly increased the supply of circulating shares, and the company has noted this but cannot force shareholders to sell.

ChainCatcher news, Matrixport released an analysis chart indicating that the current fifth round of Bitcoin bull run exhibits unique characteristics: it is led by institutions and has seen three phases of rises, which is significantly different from the two obvious rises in 2020-2021. Currently, the 21-week moving average is at $109,899, regarded as the dividing line between bull and bear markets. The analysis points out that if Bitcoin can maintain above this moving average, the bull market trend is likely to continue; conversely, if it falls below this position, it may enter a more challenging market phase.

Jin10 data reported on September 22, that this round of bull run, starting on September 24, 2024, has lasted for about a year, and the performance of the A-share market is encouraging. Wind data shows that as of the close on September 19, 2025, the major indices of A-shares have all seen significant rises since the "924" rally, with the Shanghai Composite Index up approximately 39% and the ChiNext Index up approximately 102%. More than 3,000 stocks in the entire market have risen over 50%, with more than 1,400 stocks rising over 100%. The latest total market capitalization of A-shares has reached 104 trillion yuan, with a rise of about 36 trillion yuan over the past year.

PANews, September 21st - Binance co-founder CZ posted on the X platform, saying: "I have a stupid question about the X platform. During the Bear Market, the number of fans rapidly rose from 9 million to 10 million. Then, even in this bull run, the number of fans has stagnated after reaching 10 million. In the previous bull runs, fan growth was very fast. Has it lost correlation now? Is this normal? Or is there something wrong with X itself? Or am I too 'KOL'? Or, have we not yet entered a real bull run?"

Golden Finance reports that Citibank expects the gold bull run to continue in the short term and has raised its three-month price target to $3,800/ounce (up from $3,600/ounce).

Goldman Sachs stated that it maintains an overweight rating on A-shares and H-shares, suggesting to buy low, and is optimistic about investment themes such as leading private enterprises, artificial intelligence, anti-involution, and shareholder returns. Analysts Kinger Lau and others pointed out in the report that earnings are necessary for the continued market performance, but liquidity is also a necessary condition. Currently, the "slow bull" pattern of A-shares seems to be more stable than ever before.

BlockBeats news, on September 16, glassnode stated that during the Crypto Assets bull run, the realized price of short-term holders of Bitcoin (BTC) actually serves as a support Benchmark. As long as the price remains above this level, the overall trend remains bullish; once it falls below this support, it is often accompanied by a market contraction or pullback phase.