Bitcoin Is ‘Broken,’ Bears Eye $75,000, Says Placeholder Cofounder

Chris Burniske, cofounder of Placeholder and former crypto lead at Ark Invest, mentioned he’s “more and more satisfied final Friday’s massacre broke crypto for some time,” arguing that the post-selloff market will battle to “shortly develop a sustained bid” and that he’ll “possible get available in the market once more once I see Bitcoin $75K or decrease.”

The Start Of A New Bitcoin Bear Market?

In a X post on Friday, October 17, Burniske wrote that this cycle “has been disappointing for many,” which might “paralyze motion as individuals hope for bluer skies, or former ATHs,” and urged buyers to suppose in linear month-to-month phrases moderately than “chart trivialities.”

He added: “MSTR is slipping, gold is sending a warning, as are credit score markets, and shares would be the final to get the message… I wish to see how $BTC responds to $100K, however will possible get available in the market once more once I see $BTC $75K or decrease.” The put up had 50.2K views on the time referenced.

Burniske’s remarks comply with the October 10 selloff that knocked Bitcoin as little as the mid-$100Ks in intraday commerce and triggered the sharpest reset of leverage ever for the crypto market. Market tone by this week underscores his “broke the bid” framing. By Friday morning in Europe, Bitcoin was altering fingers beneath $106,000 once more, leaving it roughly 15% beneath its month-to-date peak and dragging the full crypto market capitalization underneath $3.6 trillion.

The spot-ETF complex—central to this cycle’s marginal demand—mirrored the risk-off flip. Following the liquidation shock, US spot Bitcoin and Ether ETFs posted mixed web outflows for the week to this point (Monday–Thursday). Bitcoin ETFs registered –$858.7 million, with three of 4 classes within the purple, whereas Ether ETFs had been –$79.5 million, cut up evenly with two influx and two outflow days.

Responses to Burniske on X captured the talk over whether or not October 10 marked a cyclical break or a violent, however in the end constructive, reset. Quant and derivatives-focused dealer Shanaka Anslem Perera referred to as it a “VaR shock, not a cycle top,” arguing that “foundation/funding/OI all obtained reset → leverage washed out, new upside will want spot demand, not perps,” and that “the marginal bid has modified: US spot ETFs + company/sovereign treasuries.”

Burniske replied, “Excellent breakdown, thanks for sharing.” Another commenter, Magumsy, pushed again that calling the occasion “breaking crypto” was “overblown,” citing “on-chain flows and institutional liquidity” as buffers; Burniske clarified that he meant it “broke quite a lot of peoples’, or establishments’, appetites to bid.”

Asked about altcoins if a bear market begins right here, he answered bluntly: “Depends on the alt, some are bottomless — imo it’s time to consolidate into your highest conviction names + USD, or a minimum of that’s what I’ve completed.”

Whether Bitcoin must revisit the mid-$70Ks to entice sidelined capital is now the crux of positioning. Burniske’s tactical map—watch habits “at $100K” and get “… at $75K or decrease”—implies a broad re-rating of danger premia after a cycle that, in his phrases, “was totally different,” with the subsequent bear “totally different too.”

At press time, Bitcoin traded at $104,809.