Bitcoin Bulls Grapple With Whale Sales
yyc trader & Olivia Capozzalo
October 22, 2025
gm, Defiers!
Today’s big story:
- Long-term BTC holders are increasingly selling off their coins as Bitcoin struggles to recover from the Oct. 10 crash.
In other news:
- Coinbase acquires Cobie’s Echo
- The org behind L1 Kadena shuts down operations
- Aave and Maple announce strategic partnership
- Let’s build open highways, not railroads [SPONSORED]
Read more below! But first, please give our sponsors some love; they make this newsletter possible.
Reclaim the Cloud, Onchain
This week’s global AWS outage took down large parts of the internet — a reminder of just how fragile centralized infrastructure really is. A handful of tech giants now control the web’s backbone, deciding who gets access and when. From AI training to app hosting, our digital lives depend on systems we can’t see or verify.
In Reclaim the Cloud, Onchain, presented by Filecoin Foundation, Molly Mackinlay outlines a new path forward — a decentralized cloud that’s auditable, adaptable, and open by design. The next chapter of the internet should be built on infrastructure we can all trust.
The future of the cloud starts with all of us. Be first to know when Filecoin Onchain Cloud launches: filecoin.cloud
The biggest Ethereum event is coming to Buenos Aires, Nov. 17-22
Devconnect will transform the city into the first Ethereum World’s Fair. 75+ teams will showcase live apps you can use IRL: DeFi, gaming, privacy, social, AI, and more.
With 40+ events and workshops, it’s where the Ethereum ecosystem meets in person. Experience what’s being built at devconnect.org.
We’re back! Here’s what you need to know in web3 today
📈 Markets in the Past 24 Hours
| TICKER | VALUE | 24H | |
|---|---|---|---|
 | Bitcoin | $108,057 | -0.93 % |
 | Ethereum | $3,847.14 | -1.71 % |
 | BNB | $1,074.5 | -0.63 % |
 | XRP | $2.4 | -1.30 % |
 | Solana | $186.13 | -0.71 % |
Today’s Big Story
Bitcoin Bulls Grapple With Whale Sales
Until the flash crash of October 10, crypto bulls rejoiced as ‘Uptober’ kicked off with a scorching first week, with Bitcoin rallying to an all-time high of $126,000 on October 6.
Less than three weeks later, BTC is struggling to hold $108,000, and the altcoin market is in shambles, leading many investors to ask the question: Has the cycle topped?
The latest bout of volatility was triggered by renewed U.S.-China trade tensions and exacerbated by excessive leverage, resulting in a liquidation cascade that wiped out more than $20 billion — the highest single-day liquidations in crypto history.
Such a vicious selloff has naturally shaken the faith of even longtime crypto bulls, especially when many altcoins cratered by 50-80% or more in a matter of hours.
Consequently, the Fear and Greed Index sits at ‘Extreme Fear’ as traders remain wary of adding risk.
At the same time, long-term BTC holders have been offloading significant amounts above the psychologically important $100K mark, with Glassnode reporting that over 28,000 BTC ($3 billion) has been sold in the past seven days alone.
"Adding to the market’s inability to sustain its euphoric phase, the persistent Long-Term Holder (LTH) distribution since July 2025 has further constrained upside momentum," the analytics firm wrote yesterday.
Indeed, while crypto markets languish, other assets like stocks and gold have fully recovered their tariff-fueled losses and are challenging all-time highs, further dampening crypto sentiment.
Investors are now looking ahead to next week’s Fed meeting, with the U.S. central bank widely expected to cut interest rates by 25 basis points. Lower rates are generally considered beneficial for risk assets like stocks and crypto.
Historically, October and November have been Bitcoin’s best months, with median returns of 15% and 11%, respectively, according to CoinGlass.
So, while Uptober has turned out to be a bust so far, it’s still possible that the bulls turn things around going into the end of the year.
In the meantime, survival is key, so keep the leverage in check and stay safe out there.
yyctrader, degen in chief at The Defiant
Forwarded this newsletter? Subscribe for daily insights and curated news from The Defiant team, Monday-Saturday. It’s free.
🎬WATCH
Why Yat Siu Believes Altcoins Will Surpass Bitcoin
In the latest episode of The Defiant Podcast, Cami sat down with Animoca Brands co-founder Yat Siu. He reveals his vision for a trust layer built on zero-knowledge proofs, as well as plans for a Hong Kong dollar stablecoin, plus unpacks the Mocaverse ecosystem where staking power and airdrops build a verifiable, cross-chain identity.
Their conversation also explores the future of web3 gaming, the coming meta shift from GTA 6, and a bold thesis: why the entire altcoin market may one day eclipse Bitcoin.
Top News in the Past 24 Hours
- Coinbase Acquires Echo for $375 Million to Expand On-Chain Fundraising Coinbase, the largest U.S.-based centralized crypto exchange, announced that it has acquired blockchain fundraising platform Echo in a deal valued at approximately $375 million in cash and stock. Why it matters: Echo was co-founded by crypto investor Jordan “Cobie” Fish, who also co-founded DeFi protocol Lido.
- KDA Plummets as Kadena Organization Shuts Down Operations The Kadena Organization, the company that develops the eponymous Layer 1 blockchain, announced that it will be shutting down operations and ceasing its affiliation with Kadena immediately, sending the KDA token tumbling. Why it matters: The move comes despite a $50 million incentive program for devs, as well as general bull market conditions in 2025 — KDA was down nearly 80% this year, even before the announcement.
- Maple and Aave Team Up to Bring Institutional Assets to DeFi Lending Markets Maple Finance, an on-chain asset manager overseeing more than $3.1 billion, and Aave, the largest DeFi lending protocol, announced a strategic partnership to bring institutional-grade assets into Aave’s lending markets. Why it matters: The move aims to facilitate a deeper integration of institutional capital and on-chain markets.
- FEATURE: Is Institutional Adoption Ethereum’s ‘Worst Enemy’? This year, Ethereum firmly broke into the TradFi limelight, with more and more capital flowing into ETFs and DATs; Experts consider the question: is that a good thing for DeFi’s largest chain? Why it matters: Some commentators fear that traditional finance could tame the network’s open, cypherpunk spirit.
Trending on The Defiant
- KDA Plummets as Kadena Organization Shuts Down Operations
- BTC Jumps 5% as Fed Signals 'New Era' for Crypto
- Maple and Aave Team Up to Bring Institutional Assets to DeFi Lending Markets
- Meteora Trades at $1 Billion Pre-Market Valuation Ahead of TGE
- HumidiFi Tops Monthly Solana DEX Volumes and Teases Airdrop
- BitMine Accumulates $800 Million of ETH Amid Market Weakness
That’s it for today — if you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe
Free newsletters
Good reporting. Delivered.
Choose the newsletters you want in your inbox.
Free. Unsubscribe anytime.
