Bitcoin Drops to $109,000 Today, But Bitwise Sees a Prime Opportunity for Accumulation

Jakarta, Pintu News – Bitcoin’s recent price weakness appears to have dampened market enthusiasm, as Google search interest in the asset has dropped to its lowest level in months.

The latest sentiment readings reflect the conditions that typically arise during bear market phases, where caution dominates general crypto market sentiment.

According to a report by Cointelegraph, the Crypto Fear and Greed Index dropped to a “Fear” level of 24 – the lowest level in a year – down dramatically from a “Greed” level of 71 the previous week.

This drop mirrors the level of sentiment that occurred in April, when the Bitcoin price briefly fell below $74,000, and shows a similar pattern to the market exhaustion cycle in 2018 and 2022.

Bitcoin Price Drops 1.92% in 24 Hours

On October 17, 2025, Bitcoin was trading at $109,076, equivalent to IDR 1,817,550,503 — marking a 1.92% decline over the past 24 hours. During that period, BTC hit a low of IDR 1,791,957,836 and peaked at IDR 1,863,395,649.

At the time of writing, Bitcoin’s market capitalization is approximately IDR 36,069 trillion, while its 24-hour trading volume has surged by 23% to reach IDR 1,394 trillion.

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Panic Can Be an Opportunity in Bitcoin: Bitwise

Despite the sharp decline in market sentiment, analysts from Bitwise believe that the current conditions favor accumulation rather than market withdrawal.

Director and head of research André Dragosch, together with senior researcher Max Shannon and research analyst Ayush Tripathi, explained that this latest correction was largely triggered by external factors, including the re-heating of trade tensions between the US and China leading to increased risk aversion in global markets.

In Bitwise’s weekly Crypto Market Compass report, it was mentioned that the correction was compounded by a wave of futures contract liquidations that reached record highs.Open interest in Bitcoin perpetual futures contracts plummeted by nearly $11 billion – the steepest decline ever recorded.

Dragosch explained that this forced liquidation event has “significantly reduced selling pressure,” and opened up buying opportunities for investors who dared to take a position against the market, similar to the Yen carry trade reversal event in August 2024.

“Our internal Crypto Asset Sentiment Index fell to its lowest level since the period,” Dragosch added. “Historically, these extremes are often favorable entry points ahead of the seasonal strengthening in the fourth quarter.”

Small Bitcoin Holders Rise as Pressure from Miners Mounts

On-chain data supports the market’s positive outlook. Reports from Glassnode show that holders of small amounts of Bitcoin, ranging from 1 to 1,000 BTC, have increased accumulation in recent days.

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This activity offset a decline in purchases from large holders, signaling renewed confidence from retail and middle-class investors, despite ongoing market volatility.

However, a number of other indicators point to a more complex picture. Data from CryptoQuant reveals that since last Thursday, miners have sent around 51,000 BTC (worth over $5.7 billion) to crypto exchanges – the largest inflow since July.

Such activity often signals selling pressure, as miners generally move holdings to exchanges for sale orhedging.

In addition, long-term holders also seem to be starting to offload their holdings. The data noted that a total of 265,715 BTC has been sold in the past 30 days, making it the largest monthly outflow since January 2025.

However, Bitcoin’s price stability around $110,000 suggests that demand from institutions or ETFs may have absorbed the excess supply. These conflicting currents suggest that the market is moving from a phase of capitulation to one of re-accumulation – a condition that Bitwise analysts consider to be the initial foundation for a bullish move in the fourth quarter.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Bitcoin fear index hits yearly low, but it’s time to accumulate, not panic: Bitwise. Accessed on October 17, 2025