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Bitcoin, ether slide as U.S.-China tensions reignite, wiping out earlier gains

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Bitcoin and ether fell sharply on Tuesday as rising U.S.-China trade tensions erased the previous day’s rebound, underscoring the crypto market’s fragility following last week’s record liquidation event.

Bitcoin dropped as low as $110,023.78 before recovering slightly to $113,129, down 2.3%, while ether slid 3.7% to $4,128.47 after hitting an intraday low of $3,900.80. The world’s largest cryptocurrency has fallen more than 12% since reaching a record $126,000 on October 6.

The renewed decline came as both the U.S. and China imposed new port fees on ocean shipping companies, escalating their trade dispute and disrupting global supply chains. Analysts said the move transformed maritime trade into a new battleground in the ongoing economic conflict between the world’s two biggest economies.

Altcoins bore the brunt of the sell-off, with some tokens plunging as much as 80% on certain exchanges. Analysts said automated liquidations on leveraged platforms further amplified volatility as margin calls forced traders to unwind positions.

“As long as U.S.-China relations remain tense and equities are heavily concentrated in tech, crypto will struggle,” said Juan Perez, director of trading at Monex USA. “When fundamentals weaken, bitcoin and ether lose their footing because their value depends on broader investor confidence.”

The slump follows last Friday’s $19 billion crypto liquidation, the largest in market history, which was triggered by Trump’s 100% tariff threat on Chinese imports and Beijing’s retaliatory rare earth export restrictions.

Crypto traders rush to hedge after record $19 billion market wipeout

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After the largest crypto liquidation in history, investors in the options market are scrambling to protect themselves from another potential collapse in bitcoin and ether, bracing for heightened volatility following last week’s dramatic sell-off.

More than $19 billion in leveraged crypto positions were liquidated last Friday as panic selling and thin liquidity triggered violent swings. Analysts said the 24-hour liquidation was nine times larger than the February 2025 crash and 19 times greater than the 2020 and FTX meltdowns combined. The sell-off was sparked by U.S. President Donald Trump’s announcement of 100% tariffs on Chinese imports and threats of export controls on critical software.

Bitcoin plunged as low as $104,782, down over 14% from its recent record high of $126,000. It has since recovered to around $115,700. Ether also dropped more than 12%, while altcoins such as DOGE, HYPE, and AVAX saw losses exceeding 50% before partially rebounding.

Options traders have since piled into put contracts — which grant the right to sell — at strike prices of $115,000 and $95,000 for bitcoin and $4,000 and $3,600 for ether, signaling rising bearish sentiment through year-end, according to data from Derive.xyz.

Despite the turmoil, on-chain analyst Willy Woo said bitcoin’s investor flows have remained relatively stable compared to other assets, suggesting capital may be rotating from altcoins into bitcoin rather than exiting crypto altogether. Still, analysts caution that bitcoin must overcome key resistance levels before regaining upward momentum.

Citi Raises Ether Forecast, Trims Bitcoin Outlook as Investor Preferences Shift

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Citigroup has revised its year-end cryptocurrency forecasts, raising its target for ether (ETH) while slightly cutting its outlook for bitcoin (BTC), citing changing investor behaviour and macroeconomic headwinds.

The Wall Street bank said that investors are increasingly gravitating toward ether’s yield-generating features, while bitcoin continues to rely primarily on price appreciation for returns.

NEW TARGETS AND PRICE OUTLOOK

Citi set a year-end target of $133,000 for bitcoin, representing a 12% upside from its current trading price of around $118,747, as of 05:30 GMT.
For ether, the bank now expects the token to reach $4,500 by year-end — a 3% gain from its current level of $4,375.

The brokerage maintains a positive long-term view, forecasting 12-month targets of $181,000 for bitcoin and $5,440 for ether.

BITCOIN: STRONG NARRATIVE, MIXED MACRO HEADWINDS

Citi slightly reduced its bitcoin forecast due to offsetting macroeconomic factors, including a stronger U.S. dollar and weaker gold prices, which tend to reduce demand for alternative stores of value.
Still, analysts said bitcoin’s “digital gold” narrative remains robust, continuing to attract institutional and retail inflows as global interest in hard assets persists.

Citi’s base case assumes year-end inflows of roughly $7.5 billion into bitcoin, while its bull case depends on rising equity markets and stronger demand from digital asset funds.
Under its bear case, however, the bank warned that a global recession could push bitcoin prices down to $83,000.

ETHER: INSTITUTIONAL INTEREST AND STAKING GAINS

Ether’s upgraded outlook comes after a sharp summer price rally, fueled by institutional buying and ETF-related inflows. Citi analysts said ether’s potential for yield generation through staking and decentralised finance (DeFi) continues to attract capital from long-term investors.

Citi expects ether to remain supported in 2025 by strong inflows from ETFs and digital asset treasuries, which have emerged as a growing segment of crypto demand.
While ether’s downside is harder to quantify, given uncertainties around network usage and value accrual, analysts said the token benefits from a broader use case compared with bitcoin.

INVESTOR FLOWS WILL DRIVE YEAR-END PERFORMANCE

Both cryptocurrencies, Citi noted, are trading above user-activity-based metrics, highlighting the speculative component of current valuations. Sustained investor demand and macro stability will be essential to keeping prices elevated into 2026.

“Ether’s yield advantage and utility-driven narrative are drawing steady inflows,” Citi wrote, “while bitcoin continues to hold its place as digital gold — but faces short-term macro friction.”