$BTC 📢 Very brief morning crypto market update | October 11
1️⃣ “Uptober” loses momentum; BTC falls 4.1% this week. On Thursday, it briefly dropped to $80,427, its lowest level since early September, and is currently trading near $82,800. Prediction markets put the odds of it falling below $80,000 in October at 67%, and the odds of it reaching $77,500 at 40%.
2️⃣ $1.03 billion in profit-taking as whales sell heavily. Huge selling pressure is building near $83,000. For the first time since early June, addresses holding various amounts of coins collectively recorded net selling. QCP expects choppy trading within the $80,000–$90,000 range.
3️⃣ $506 million flowed out of ETH ETFs over five days—the highest this year. BlackRock’s ETHA recorded $477 million in net outflows in a week. As ETH fell below $2,600, outflows continued for six consecutive days. Vitalik warned that Ethereum’s roadmap could stagnate by 2040 if it does not incorporate AI.
4️⃣ The 5.32% U.S. Treasury yield continues to exert pressure. Amid high interest rates, riskier assets are under pressure. Analysts warn against treating October as a reliable bottom, as support could fall to the $72,000–$77,000 range.
1️⃣ “Uptober” loses momentum; BTC falls 4.1% this week. On Thursday, it briefly dropped to $80,427, its lowest level since early September, and is currently trading near $82,800. Prediction markets put the odds of it falling below $80,000 in October at 67%, and the odds of it reaching $77,500 at 40%.
2️⃣ $1.03 billion in profit-taking as whales sell heavily. Huge selling pressure is building near $83,000. For the first time since early June, addresses holding various amounts of coins collectively recorded net selling. QCP expects choppy trading within the $80,000–$90,000 range.
3️⃣ $506 million flowed out of ETH ETFs over five days—the highest this year. BlackRock’s ETHA recorded $477 million in net outflows in a week. As ETH fell below $2,600, outflows continued for six consecutive days. Vitalik warned that Ethereum’s roadmap could stagnate by 2040 if it does not incorporate AI.
4️⃣ The 5.32% U.S. Treasury yield continues to exert pressure. Amid high interest rates, riskier assets are under pressure. Analysts warn against treating October as a reliable bottom, as support could fall to the $72,000–$77,000 range.