Galaxy Brains Is the Bitcoin Bull Market Over? with James Check
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Oct 23, 2025 James Check, a Bitcoin analyst and operator of Check on Chain, dives into the current state of the Bitcoin bull market, discussing whale selling trends and support levels. He highlights critical price points, such as the significance of $95K in potential market dynamics. Beimnet Abebe, a trader at Galaxy Trading, analyzes recent pullbacks in equities and crypto, attributing them to macro forces and structural concerns. Together, they explore institutional adoption and various price scenarios, making predictions for the remainder of the year.
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Bull's Last Stand At $95K
- James Check says the market faces a pivotal moment where $95K is the bull's last stand and 62% of realized dollars sit above that level.
- He warns that a drop below $95K could push price toward $80–75K, driven by concentrated underwater supply.
Options Have Become Dominant
- Options have grown to dominate derivatives, with IBIT options exploding and options open interest surpassing futures in importance.
- This changes market dynamics because option sellers may defend strike levels, creating a large call wall above current prices.
Dad Who Bought In 2020 Reconsiders
- James shares that his father, bought in 2020, took out initial cost in the November run and is now asking about reallocating into Bitcoin.
- This illustrates mainstream adoption where older retail converts now consider reallocation rather than rejection.