Today in crypto, some analysts think the Bitcoin bull cycle is coming to an end, Nvidia’s earnings beat lifted tech stocks and crypto, and Kraken submitted a confidential filing to go public in the US.
Bitcoin hits “most bearish” levels: Is the bull cycle ending?
Bitcoin is entering bearish territory as institutional demand dries up and key market indicators point to a downward phase, according to data from analytics platform CryptoQuant.
Bitcoin (BTC) market conditions have turned the “most bearish” within the current bull cycle that started in January 2023, CryptoQuant said in its latest crypto weekly report shared with Cointelegraph.
CryptoQuant’s Bull Score Index has declined to extreme bearish levels of 20/100, while the BTC price has fallen far below the 365-day moving average of $102,000 — a key technical level and the final bearish signal marking the start of the 2022 bear market.
The price drop comes amid weakening institutional demand, including reduced buying by Bitcoin treasury firms such as Michael Saylor’s Strategy, along with limited inflows into exchange-traded funds (ETFs).
Even with Strategy’s latest purchase of 8,178 BTC ($835 million) — its largest acquisition since July 2025 — the buy remains significantly smaller than many of its previous major purchases, CryptoQuant’s head of research Julio Moreno noted in an X post on Wednesday.
In addition to waning corporate buying, Bitcoin ETFs have also faced pressure, with year-to-date inflows dropping to $27.4 billion — 52% below last year’s total of $41.7 billion, according to data from CoinShares.
Nvidia’s blowout Q3 earnings lift crypto, tech stocks
Nvidia posted record third-quarter earnings on Wednesday, beating Wall Street expectations and allaying fears of an AI bubble, which helped to lift crypto and tech stocks in after-hours trading.
The chip maker reported record Q3 revenues of $57 billion, up 62% from a year ago, along with profits $31.9 billion, up 65% from last year. Both figures blew past analyst expectations and helped to arrest a weeks long slide in tech stocks over concerns of an AI bubble.
Nvidia (NVDA) jumped 5% after-hours to $196 after closing trading on Wednesday up 2.85%. Shares in crypto companies also got a boost, with Coinbase (COIN), Strategy (MSTR) and Circle Internet Group (CRCL) all seeing slight bumps after finishing the trading session down.
The earnings helped buoy Bitcoin (BTC), which has climbed to nearly $93,000 as of early trading on Thursday after Nvidia’s announcement, climbing from below $89,000, which it hit on Wednesday for the first time since April.
Kraken lays groundwork for US IPO
Cryptocurrency exchange Kraken has submitted a Form S-1 to the US Securities and Exchange Commission for a proposed IPO of its common stock, as digital asset companies continue to push toward public listings.
The potential offering is subject to SEC review following the 43-day US government shutdown, which ended last week.
Rumors about Kraken’s IPO ambitions have circulated for months, despite co-CEO Arjun Sethi saying just last week that the exchange was not rushing to go public.
Kraken’s filing comes less than 24 hours after it announced securing $800 million in new funding at a $20 billion valuation. The latest tranche included a $200 million investment from Citadel Securities.