¿Por qué se está hundiendo Bitcoin?

Cryptocrash of 2025: Causes and Consequences

Overview of Bitcoin's Recent Decline

• In the last two months, Bitcoin has lost over 25% of its value, marking what is referred to as the Cryptocrash of 2025.

• The price fluctuations are driven by speculative dynamics due to uncertainty about Bitcoin's future market value.

Factors Influencing Short-Term Price Movements

• Bitcoin's short-term price is influenced by investor risk appetite and liquidity availability; increased risk appetite leads to price rises, while decreased appetite results in sharp declines.

• Similar patterns are observed in growth stocks, where potential future value creates present uncertainty leading to aggressive price movements.

Historical Context and Recent Trends

• Since reaching an all-time high of around $15,000 on October 10th, Bitcoin has experienced a significant downward trend.

• The recent drop represents the largest decline since the "crypto winter" of 2022 when the entire crypto ecosystem faced severe challenges.

Economic Factors Contributing to Price Drop

• Increased liquidity tensions in short-term dollar financing have raised borrowing costs for speculative investments in Bitcoin.

• If Bitcoin’s price stagnates or reverses, leveraged investors may be forced to liquidate their positions due to higher financial costs associated with their leverage.

Trigger Events Leading to Market Reaction

• Negative economic news can trigger a semi-violent deleveraging process among investors holding leveraged positions in Bitcoin.

• On October 10th, Trump announced potential escalations in trade tariffs against China, causing widespread asset price declines including Bitcoin.

Impact on Futures Market and Current Status

• Following the announcement on October 10th, futures contracts worth $20 billion were liquidated within a day; current open positions have dropped significantly from over $90 billion to around $60 billion.

• It remains uncertain whether Bitcoin has hit its bottom during this Cryptocrash; however, it is clear that lasting damage has been inflicted on the ecosystem.

Overview of a Spanish Crypto Platform

Introduction to the Platform

• The platform is recognized by the Spanish regulator as safe and reliable, offering simplicity and user-friendliness compared to other crypto exchanges.

• Users receive a European IBAN upon registration, allowing for easy fund transfers similar to any European bank account.

• Designed in native Spanish, the platform aims to simplify operations for users unfamiliar with cryptocurrency investments.

Customer Support and Accessibility

• Customer support is provided by real Spanish representatives rather than automated bots, enhancing user experience and trust.

Market Dynamics Post-Crypto Crisis

• Recent declines in Bitcoin prices have impacted the financial ecosystem surrounding it, raising concerns about market stability.

Role of Market Makers in Financial Stability

Functionality of Market Makers

• Market makers are essential for reducing price volatility by providing counterparty services for buying or selling assets like Bitcoin.

• They buy assets at an offered price without negotiation, accumulating inventories that help stabilize market fluctuations.

Risks Involved with Market Making

• The market maker's role carries risks; they may incur losses if asset prices drop significantly after purchase.

• For example, if a market maker buys Bitcoin at $10,000 but the price collapses afterward, they face potential losses impacting their capital.

Impact of October 10th Events on Bitcoin Volatility

Consequences of Losses Among Market Makers

• On October 10th, major market makers experienced significant losses leading them to reduce their exposure to Bitcoin.

• A decrease in market maker participation results in increased short-term volatility due to less capacity to stabilize prices.

Observations on Price Fluctuations

• Following these events, there was a notable increase in the spread between bid and ask prices among market makers as they adjusted strategies to mitigate risk.

Long-Term Implications for Investors

Investor Behavior Changes Due to Volatility

• Increased volatility tends to attract risk-seeking investors while deterring conservative ones who prefer stability. This shift can alter overall investment dynamics within the cryptocurrency space.

Investment Dynamics and Bitcoin's Value Proposition

Current Market Situation

• The attraction of risk-prone investors is expected to gradually stabilize Bitcoin's value in the future, which will subsequently draw market makers and conservative investors back into the ecosystem.

• The current situation can be perceived as both a risk and an opportunity for future growth, highlighting the dual nature of market dynamics.

Long-term vs Short-term Perspectives

• In the long term, Bitcoin's value proposition as a pure asset that is confiscation-proof by governments remains strong.

• However, in the short term, any damage to the financial ecosystem built around Bitcoin could lead to destabilization of its value.

• This potential short-term destabilization may be interpreted negatively by some investors, affecting their confidence in Bitcoin.