geniusact

#Bitcoin’s inability to reclaim $90,000 exposes a deep structural fracture that could trap investors during the next unwind

Bitcoin’s inability to reclaim $90,000 is looking less like a debate about narratives and more like a test of market plumbing.
For the better part of 2025, the surface story was institutional momentum. The US moved toward a workable regulatory perimeter, capped by President Donald Trump signing the #GENIUSAct to federalize payment stablecoins.
At the same time, spot Bitcoin #ETFs. normalized exposure within brokerage channels, and the broader crypto economy traded as if it had finally graduated into the asset-class mainstream.
This resulted in a rally that drove Bitcoin to a new all-time high of $126,223 in early October.
However, by Oct. 10, the microstructure deteriorated as a violent unwind erased roughly $20 billion in leveraged positions across crypto venues. This forced BTC's price down by 30% from its 2025 highs, and the asset registered its first red October in several years.
Since then, the Bitcoin market has ground lower thanks to thinned liquidity, lower trading volumes, and larger holders selling into rebounds.
These dynamics go a long way toward explaining why Bitcoin is currently struggling below $90,000, rather than treating that level as a staging point for new highs.
The Oct. 10 hangover
The liquidation event mattered because it fundamentally altered the risk appetite of the marginal liquidity provider.
In a deep market, volatility is painful but tradable. Market makers quote size near the mid-price, arbitrage desks keep venues aligned, and large flows clear without forcing price gaps.
After Oct. 10, the incentives flipped. Dealers tightened risk limits, and the market began to trade with significantly reduced shock absorption.
That brittleness is evident in the behavior of larger holders. CryptoSlate previously reported how BTC whales have continued offloading the top crypto, thereby dampening market momentum even after the leverage purge.
Moreover, the market shift is also evident in data on Bitcoin's volumes and depth.
CoinDesk Data’s November exchange review indicates centralized exchange activity has retreated to its lowest level since June.
According to the firm, the combined spot and derivatives volumes across centralized exchanges dropped 24.7% month over month to $7.74 trillion, the sharpest monthly decline since April 2024.

Spot volumes slid 21.1% to $2.13 trillion, while derivatives volumes fell 26.0% to $5.61 trillion. Notably, the derivatives market share slipped to 72.5%, the lowest since February 2025.
A market can print high prices on low turnover, but the dynamic changes immediately when participants need to move size.
Depth is down
The clearest warning signal for Bitcoin is its current market depth, which measures the visible buy and sell interest near the mid-price.
This is where the “trillion-dollar illusion” becomes tangible. Market capitalization is merely a mark-to-market calculation; liquidity is the ability to convert intent into execution without paying a hidden tax in slippage.
When order books are thick and spreads are predictable, institutional strategies, rebalancing on schedule, hedging without slippage shocks, are feasible. Liquidity compounds: dense flow invites tighter quoting from market makers, lowering costs and pulling in more participation.
The reverse, however, is self-fulfilling. Thin liquidity drives up trading costs, forces participants to step back, and ensures the next shock leaves a deeper scar.
Data from Kaiko shows Bitcoin’s aggregated 2% market depth has fallen roughly 30% from its 2025 high. In practical terms, this is the difference between a market that can absorb a fund rebalancing without drama and one that gaps through levels when that same flow hits.
A snapshot from Binance, the largest crypto exchange by trading volume, illustrates the point.
According to Kaiko, both 0.1% and 1% market depth on BTC pairs have risen significantly over the past few years, eclipsing pre-2022 crash highs.
#BTC☀️ $BTC #bullish

The bipartisan bill for stablecoin payments is making progress! The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the Senate with overwhelming bipartisan support (68-30) in June 2025. This landmark bill aims to regulate payment stablecoins, ensuring consumer protection and fostering innovation in real-time payments .
the GENIUS Act :#GENIUSAct
Allows banks and nonbank financial institutions to issue stablecoins with stringent requirements. Mandates 1-to-1 backing with high-quality liquid assets (US Treasury securities, cash).$ETH Monthly reporting on outstanding stablecoins and reserves.Segregation of customer assets and anti-money laundering provisions .$BTC
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The House is deciding whether to adopt the Senate text or reconcile differences with their own Stablecoin Transparency and Accountability for a Better Ledger Economy Act. #stablecoin #WriteToEarnUpgrade
A separate Digital Asset PARITY Act proposes tax exemptions for stablecoin transactions under $200 and 5-year deferral for staking/mining rewards .$XRP

Các thay đổi quy định lịch sử và cơ sở hạ tầng thể chế
Năm 2025 đã đánh dấu một thời điểm then chốt cho #bitcoin ($BTC ), khi mà các thay đổi quy định và những tiến bộ trong cơ sở hạ tầng thể chế đã thúc đẩy đáng kể việc áp dụng của nó ra công chúng. Việc áp dụng #GeniusAct ở Hoa Kỳ và sự phê duyệt các quỹ ETF Bitcoin giao ngay đã tạo ra một khung pháp lý liên kết tài chính truyền thống với ngành công nghiệp tiền điện tử đang bùng nổ. Trên quy mô toàn cầu, sự hài hòa quy định đã tiếp tục thu hút động lực, với các khung như chế độ MiCA của EU góp phần tạo ra các môi trường an toàn hơn cho sự tham gia của thể chế. Các thị trường mới nổi đã tận dụng những tiến bộ này để tiếp cận các tài sản kỹ thuật số thông qua stablecoins, từ đó mở đường cho việc áp dụng rộng rãi hơn.