US 10-year Treasury yields have reached 5.11%, the highest since 2007. Here is the direct reason. Earning a 5% return while staying risk-free raises the opportunity cost for things like Bitcoin that don’t generate cash flow. Institutional money has a cost—once the numbers are worked out, positions naturally have to be reduced.
More subtly, there’s the PMI. The US September composite PMI hit 58.4, the fastest pace in more than five years. Good economic performance should be good news, right? But in an inflationary environment, strong growth gives the Federal Reserve even more reason not to cut rates—so interest rates stay higher. What the market is trading now is the logic: “Good data is bad news.”
Then the longs got liquidated. In the past 24 hours, the entire network saw liquidations totaling $546 million, with long positions accounting for $447 million, or 82%. 120,000 traders were wiped out. This isn’t that the shorts won—it’s that the longs piled too much leverage in key positions, and one “pin” was enough to blow everything up.
Look at another data point.
On September 21 and 22, US spot Bitcoin ETFs saw net inflows totaling $1.714 billion. $0.999 billion plus $0.715? billion (i.e., $7.147亿). This is the largest single-day inflow since October 2025.
The short squeeze pushed the price up—three days ago it was at 87,000. Now it’s pulled back to 83,000. If you zoom out a bit, this move went from 76,000 to 87,000—up 11,000 points. Now it has given back 4,000 points. Is this a crash, or just catching its breath?
Glassnode said something very straightforward:
The biggest concentration of supply from long-term holders is between 84,000 and 85,000. If that zone is held, there’s still a chance to touch 96,000. A break below 84,000 will bring 77,000 back into focus.
I’m right around 83,000 right now. 84,000 has already been broken.
For this drop, I didn’t add any positions since around 87,000. It’s not because I’m bearish—I just felt the price rose too fast and needed a decent pullback. The pullback has arrived now. That’s what I was waiting for.
——清流渠 #比特币24小时跌3.3%失守83000美元
More subtly, there’s the PMI. The US September composite PMI hit 58.4, the fastest pace in more than five years. Good economic performance should be good news, right? But in an inflationary environment, strong growth gives the Federal Reserve even more reason not to cut rates—so interest rates stay higher. What the market is trading now is the logic: “Good data is bad news.”
Then the longs got liquidated. In the past 24 hours, the entire network saw liquidations totaling $546 million, with long positions accounting for $447 million, or 82%. 120,000 traders were wiped out. This isn’t that the shorts won—it’s that the longs piled too much leverage in key positions, and one “pin” was enough to blow everything up.
Look at another data point.
On September 21 and 22, US spot Bitcoin ETFs saw net inflows totaling $1.714 billion. $0.999 billion plus $0.715? billion (i.e., $7.147亿). This is the largest single-day inflow since October 2025.
The short squeeze pushed the price up—three days ago it was at 87,000. Now it’s pulled back to 83,000. If you zoom out a bit, this move went from 76,000 to 87,000—up 11,000 points. Now it has given back 4,000 points. Is this a crash, or just catching its breath?
Glassnode said something very straightforward:
The biggest concentration of supply from long-term holders is between 84,000 and 85,000. If that zone is held, there’s still a chance to touch 96,000. A break below 84,000 will bring 77,000 back into focus.
I’m right around 83,000 right now. 84,000 has already been broken.
For this drop, I didn’t add any positions since around 87,000. It’s not because I’m bearish—I just felt the price rose too fast and needed a decent pullback. The pullback has arrived now. That’s what I was waiting for.
——清流渠 #比特币24小时跌3.3%失守83000美元