TLDR
- President Trump made an announcement today that did not mention tariffs against China, despite market expectations
- The crypto market dropped nearly 3% to $3.6 trillion, with Bitcoin facing selling pressure after reaching $111,000 earlier
- Bitcoin miners deposited 51,000 BTC to exchanges over seven days, the highest level since July when BTC fell to $110,000
- A whale known as the “Trump Insider” deposited $222 million in Bitcoin to Coinbase, suggesting they sold their holdings
- Gold may be taking momentum away from Bitcoin as the precious metal continues reaching new highs daily
The crypto market fell almost 3% today despite President Donald Trump’s announcement containing no mention of tariffs against China. Market participants had expected tariff-related news based on unusual whale activity before Trump spoke.
The total crypto market cap dropped to $3.6 trillion. Bitcoin declined from an intraday high near $111,000 after briefly hitting a new all-time high of $126,000 earlier this month.
A large trader called the “Trump Insider Whale” opened a $127 million short position on Bitcoin just before Trump’s announcement. This same whale previously opened a $735 million short position before Trump announced a 100% tariff on China last week.
The whale’s moves sparked speculation about tariff announcements. However, Trump did not discuss tariffs in his speech.
Miners Dump Bitcoin Holdings
Bitcoin miners have deposited 51,000 BTC into exchanges since October 9. This represents a clear shift from holding to selling their coins.
The miner inflows reached 14,000 BTC on October 11. This marked the highest level since last July when Bitcoin dropped to $110,000.
The 51,000 BTC deposited over seven days shows miners are offloading their holdings. These sales create selling pressure on Bitcoin’s price and the broader crypto market.
Bitcoin OG whales have also been selling at every new high. These longtime holders began selling again after BTC reached $126,000.
DID THE $10B HYPERUNIT WHALE JUST SELL $222M BTC?
The Hyperunit whale who made $200M shorting the market before the China tariff crash, just deposited $222M of $BTC to Coinbase.
Do you think he sold BTC right before the dump – again? pic.twitter.com/2qJSfSa1OY
— Arkham (@arkham) October 16, 2025
The “Trump Insider Whale” deposited $222 million in Bitcoin to Coinbase today. On-chain analytics platform Arkham tracked this transaction and confirmed the deposit.
Gold Takes Spotlight From Bitcoin
Crypto analyst Plur stated that gold has stolen momentum from Bitcoin this year. Wall Street previously suggested investors were buying both gold and Bitcoin as part of a “debasement trade.”
Plur believes this strategy now applies mainly to gold. Bitcoin has failed to show sufficient momentum despite being considered the ultimate momentum asset.
The analyst blamed Bitcoin OG whales for selling their holdings. Ownership remains fairly concentrated among these early holders.
Concerns about Bitcoin’s 4-year cycle persist. Some traders worry the crypto market may be topping out.
Plur predicts these whale sales will clear later this year. He believes a meaningful percentage have already sold.
Bitcoin’s price historically follows gold with a 60 to 90-day lag. Gold continues reaching new highs almost every day, suggesting Bitcoin may soon enter an uptrend.
Bitcoin currently trades at $109,075, holding above the critical $108,000 support level. Losing this support could push the price down to $105,000.
