Since August, the percentage of supply in profit has hovered around 60% when excluding BTC that haven't moved in over 10 years. These coins are deeply in profit and considered illiquid, with a large share of them possibly lost. Excluding them gives a more realistic view of the current state of the market. The market is therefore in a phase where most $BTC are back in profit and still far away from being overheated on a medium to long term basis. This forces investors to ask themselves whether to keep holding, or to exit in profit or at limited losses on positions held for nearly a year now. It is therefore not illogical to see BTC continue to consolidate around these levels. The interplay of supply and demand will determine the outcome of this battle.

CryptoQuant analyst Axel Adler Jr. posted that over approximately two hours in the early hours of October 7, BTC fell from $85,500 to $83,900. Its Taker Order Pressure Oscillator briefly dropped to -4.9, showing that aggressive market sell orders significantly outweighed buy orders; meanwhile, the Liquidation Pressure Oscillator fell from -11 to -78, indicating that the decline was accompanied by extensive long liquidations. As of 04:00 UTC, BTC had recovered to around $84,100, while the selling pressure indicator also rebounded to -3.1. Adler noted that a single deeply negative reading cannot confirm a trend reversal; more concerning would be BTC continuing to fall below $83,900 while the selling pressure and long liquidation indicators remain negative consecutively. Similar indicators had also quickly recovered after brief extremes in the past.

#BitmineAddsMoreETH,HoldingsTop6.01M #CryptoStocksSlipBMNRDownOver4% Crypto stocks slip as Bitcoin retreats BMNR falls over 4% Risk-off pressure returns Crypto-linked equities are moving lower as Bitcoin retreats from its recent September high and broader U.S. equities also come under pressure. On September 24, Bitcoin pulled back from the $87,000 area, while crypto-treasury and related stocks followed the move. BMNR was reported down about 4.52%, while Strategy (MSTR) fell roughly 3.07%. The important signal is the cross-market correlation: when BTC loses momentum, companies whose valuations are closely connected to digital-asset exposure can experience a larger percentage move because investors are repricing both the underlying crypto assets and the equity premium attached to them. BMNR: the Ethereum-beta factor BitMine Immersion Technologies (BMNR) is particularly sensitive to Ethereum because its balance sheet is dominated by ETH. Its latest September 21 disclosure showed 5,983,940 ETH, representing approximately 4.9% of the total ETH supply, alongside 212 BTC and $714,000,000 in cash and marketable securities. Its combined crypto, cash, securities and other holdings were reported at approximately $17,100,000,000. That makes a BMNR decline more than a simple stock-market move. Investors are effectively trading a listed equity whose asset value has substantial exposure to crypto prices, particularly ETH. When crypto momentum weakens, that exposure can translate into amplified equity volatility. Strategy shows the Bitcoin-equity transmission Strategy provides a similar transmission mechanism through Bitcoin. Recent reporting showed the company added 950 BTC for approximately $75,700,000, taking its holdings to around 846,000 BTC. Therefore, a BTC pullback can affect MSTR through several channels simultaneously: the value of its Bitcoin holdings, investor expectations for future purchases, financing conditions and the premium investors are willing to pay for its equity exposure. The market-cap and liquidity test The September rally pushed Bitcoin above $85,000 and then above $86,000, with crypto-linked stocks rallying alongside it. Earlier in the week, Strategy gained around 9%, while BMNR rose about 5.5% as BTC momentum accelerated. The reversal therefore needs to be viewed against that strong preceding move. A pullback after a sharp rally does not automatically establish a longer-term trend change. The more important variables now are BTC support, ETF flows, Treasury yields, equity-market breadth, crypto-stock trading volume and the premium/discount at which treasury companies trade relative to their underlying assets. Why the 10-year yield matters The current setup is also sensitive to macro liquidity. The September 24 market brief noted the 10-year Treasury yield above 5%, while higher yields can place additional pressure on long-duration and high-beta assets. For crypto-treasury companies, that matters because investors are comparing volatile crypto exposure with increasingly competitive risk-free yields. This creates a three-part transmission chain: BTC weakness → crypto-stock de-rating → higher sensitivity to rates and liquidity. If Bitcoin stabilizes and ETF demand returns, crypto equities can recover quickly because of their higher beta. If BTC continues losing key support while yields remain elevated, the same leverage can work in the opposite direction. The trading framework For BMNR, the immediate focus is whether the 4%+ decline develops into sustained selling or remains a single-session reaction. For MSTR and miners such as MARA, the same framework applies: compare each stock's percentage move with BTC, monitor relative volume and watch whether the equity begins underperforming even when Bitcoin stabilizes. The broader message is clear: crypto stocks are not simply following Bitcoin tick-for-tick. Their balance sheets, valuation premiums, financing conditions and crypto exposure can magnify the underlying market move. For traders tracking #CryptoStocksSlipBMNRDownOver4%, the critical data now is not the headline percentage alone it is whether BTC can regain momentum, crypto-equity volume confirms the sell-off, and treasury-stock valuations hold relative to their underlying crypto assets. [@Gate_Square](gt://mention/g1UZydKt-c9b1A62Hq)