Bitcoin stabilizes, Solana falls 8%: A review of the crypto market for the week ended October 11, 20

Review of the cryptocurrency market from October 5 to 11: Bitcoin resisted decline, while altcoins came under pressure

The week from October 5 to 11 left a mark on every cryptocurrency investment portfolio, but the extent of its impact was quite different. As of Sunday morning, Bitcoin was trading at US$82,922 (approximately 74,020 euros), down 2.1% from the same period last week. Ethereum fell 6.8%, XRP fell 5.8%, while Solana fell sharply 8.1%. Investors who mainly hold bitcoin suffered less losses, while investors who have extensive exposure to altcoins suffered more significant losses. The following is this week's market resumption, an analysis of the reasons behind it, and what you need to pay attention to in your personal portfolio today.

How did your cryptocurrency portfolio perform this week?

The week started strongly. On Monday morning, Bitcoin hit $86,636, setting a high this week. However, by Thursday night, the price had slipped above $80,000, and the altcoin's sell-off became even more intense. The market has since stabilized, but has not made up for previous declines. The following data is based on CoinGecko's hourly price, and the statistical period is from 2 a.m. on October 4 to 2 a.m. on October 11, German time.

A simple calculation shows what this means for a typical portfolio: A basket of assets holding equal proportions of these four tokens lost 5.7% in a week: $1,000 became $943. The other basket of assets allocated to 60% Bitcoin, 20% Ethereum, 10% XRP and 10% Solana lost only 4.0%. In other words, Bitcoin's allocation weight buffers the impact of a decline. Both of the above figures are calculated in US dollars because prices are priced in US dollars.

Note: Thursday brought a correction, with Ethereum, XRP and Solana all reaching lows of the week that night.

Why Bitcoin has fallen less than Ethereum, XRP and Solana

This week's pattern is cliché: When investors cut their exposure, they usually sell smaller market value positions first. Relatively speaking, Bitcoin is regarded as a "safe haven" in the cryptocurrency market. According to CoinGecko, it accounts for 59.1% of the total market value, and the total market value of the entire market is approximately US$2.81 trillion.

触发因素来自美国央行。周三，美联储公布了9月15日和16日会议的会议纪要。纪要显示，大多数成员认为在年底前进一步加息是适当的。此前，美联储已将关键利率提升至3.75%至4.00%区间。较高的利率使安全资产更具吸引力，并将资金从风险市场中抽离。关于纪要的详细解读请参阅我们之前关于美联储纪要的报道。

ETF资金流出揭示了怎样的市场情绪

这种撤退在美国交易所交易基金（ETF）中表现得最为明显。根据Farside Investors的数据，比特币ETF在周一至周五期间流失了约6.8亿美元，其中仅在周三一天就有约4.85亿美元流出，这是自六月以来单日最大流出量。而在前一周，流入量约为2.41亿美元。对于以太坊ETF来说情况更糟：自9月29日以来，它们已连续九个交易日录得资金流出。关于基金的详细分析请参阅我们对ETF流出的解读。

尽管比特币ETF在一周内流失了约6.8亿美元，但市场情绪仍处于“贪婪”区间。

尽管如此，情绪并未彻底逆转。Alternative.me发布的恐惧与贪婪指数在周日位于61点，仍处于“贪婪”区间。周二该指数为73点，上周为65点。因此，许多投资者将此次回调视为暂停而非反转。他们是否正确，将在未来一周由通胀数据揭晓。

本周对德国投资者的三大变化

First, the holding period rules remain unchanged for the time being.

On Thursday, the German Bundestag rejected a Green Party bill to abolish the holding period of cryptocurrencies with a vote of 445 to 132. As a result, investors who have held cryptocurrencies for more than a year continue to enjoy tax-free sales. But this does not mean that the problem has been completely solved. The German Federal Ministry of Finance proposed its own draft tax on cryptocurrency assets on September 30. According to a letter to industry bodies, the Federal Cabinet will review the draft on Wednesday, October 14. See our report on the tax draft for details of the draft and the objections raised by all parties. We also summarized the results after the Bundestag vote. Later the same day, Parliament also passed a law stipulating that German tax authorities will automatically exchange cryptocurrency transaction data with other countries.

Second, the two exchanges are conducting clearing operations.

Coinbase announced that it will stop trading stablecoins USDT and DAI on October 30, and users holding these tokens will need to take action. For details, please refer to our article on Coinbase conversions. Kraken will also remove a series of small tokens starting on October 23; see our comprehensive overview of Kraken's coin removal for the affected currencies and deadlines.

Third, examine three key points of your Sunday portfolio.

1. Holding period: Bitcoin's all-time high has been more than a year, triggered on October 6, 2025. If I had bought it at the time, the current loss would be about one-third and the one-year holding period requirement would have been met. Although the sale is tax-free, the tax department will no longer recognize the loss. For those investors who hold purchase records in October 2025 and the holding period has not yet expired, it is recommended to calculate the numbers in advance. For specific operating methods, please refer to our article on losses and holding periods. A portfolio tracker with tax functionality can clearly display the deadline for each purchase.

2. Leverage ratio: The U.S. will release September inflation data on Wednesday. Such dates often cause market fluctuations within minutes. Investors holding leveraged positions should check the liquidation price distance in advance.

3. Asset deposit location: Coins placed on exchanges are subject to exchange decisions, as shown in the case of Coinbase and Kraken. You can check whether your exchange has a MiCA license by comparing the list of cryptocurrency exchanges.

What the new week will bring to Bitcoin and altcoins

Wednesday, October 14, is bundled with two important dates. In Berlin, the cabinet will review a draft cryptocurrency tax; in Washington, the U.S. consumer price index (CPI) for September will be released at 2:30 p.m. German time. If inflation is higher than expected, the probability of further interest rate hikes at the end of October will increase, which will mainly hit the altcoins, which have fallen the most this week. If inflation falls below expectations, markets will have room for recovery. For Bitcoin, the first downward support is just above the week's low of $80,000, and the upward resistance is the week's high of $86,636.

(As of October 11, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; please check terms with your provider before purchasing.)