Crypto Market Slumps as Bitcoin and Ethereum Fall, Sentiment Turns to Fear

Bitcoin is stuck in a downward trend. The Ethereum company Bitmine Immersion plans to issue preferred shares.

Bitcoin was trading at around $64,000 on Thursday morning after a daily drop of 4.5 percent. Bitcoin ETFs reported a $397 million outflow of capital from Wednesday’s crypto trading session; the downward trend on the crypto markets continues.

Bitcoin and Ethereum Decline Amid Outflows, Risk Concerns, and Weak Crypto Market Sentiment

But elsewhere, someone had a lucky day with BTC. A so-called Casascius Bitcoin, with a face value of 25 BTC, was activated, as reported by Galaxy Research on X. The Casascius project, run by developer Mike Caldwell between 2011 and 2013, consists of coins bearing a Bitcoin address, with the corresponding private key hidden behind a hologram.

This allows the exact date when Casascius Bitcoin entered circulation to this day. In this particular case, it was 25 BTC with a market value of around $1.7 million. Given Bitcoin prices during the project’s heyday, the buyer likely only paid a few hundred dollars. However, it’s unknown whether this Casascius was discovered during a house clearance; a collector’s market still exists for these legendary physical Bitcoins.

Ethereum was trading at just under $1,800 on Thursday morning, a daily decline of approximately 4.4 percent. Ethereum ETFs saw a capital outflow of $53 million on Wednesday.

Amidst the ongoing Ethereum weakness, the news breaks that Bitmine Immersion plans to issue preferred shares, following the example of the Bitcoin company. According to the mandatory disclosure, Bitmine Immersion is offering a 9.5 percent dividend for shares with a nominal value of $100, traded under the ticker symbol BMNP. The proceeds are intended to be used for ongoing business operations and Ethereum acquisitions. Strategy is offering an even higher yield of 11.5 percent for its STRC preferred shares.

However, STRC’s shares are currently trading significantly below the $100 benchmark, due to the company’s Bitcoin sales. Bitmine Immersion currently owns just under 4.5 percent of all Ethereum and has accumulated approximately $9 billion in unrealized losses due to the ETH price weakness. Critics consider Strategy and Bitmine Immersion to be systemic risks for Bitcoin and Ethereum, respectively.

Altcoins also react to the events on the crypto market

Today’s winner is Audiera (BEAT) with a 19 percent increase. The crypto project launched in November 2025. Audiera is riding the wave that aims to bring AI agents and humans together.

The biggest loser of the day is JUST, down 20 percent. JUST is named after Tron founder Justin Sun and operates in the decentralized finance sector, which is under pressure due to a wave of crypto hacks .

The crypto sentiment barometer is currently hovering in the “fear” zone, with signs of a return to “extreme fear.” The Bitcoin price crash and the situation in Iran are dampening the mood.

A strange incident occurred with the privacy coin Zcash (ZEC) on Wednesday. Crypto observers noticed that no new blocks were generated on the Zcash blockchain for more than six hours. Such network outages indicate technological errors and, in the worst-case scenario, threaten billions of dollars in value for Zec.

Fortunately, it has since been revealed that the Zcash blockchain was not actually down. In reality, leading block explorers had missed an update and were therefore tracking a “dead” strand of the Zec blockchain. However, the scare was significant and temporarily plunged Zcash by almost ten percent, while its main competitor, Monero (XMR), saw gains.

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(Featured image by Pierre Borthiry – Peiobty via Unsplash)

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