Over the weekend, $BTC fell below $80,000, with $436.4 million liquidated in four hours, including $404.2 million in long positions. It has since rebounded to $79,700.
BTC is currently at $79,686, down 1.57% in 24 hours. ETH is at $2,309.92, down 2.39%.
The source of the pressure isn’t crypto: CoinDesk reports that markets are worried about returns on AI investment. Nasdaq futures have fallen from above 30,000 at the start of the month to 29,080.
It’s central bank week: the US, European and Japanese central banks are expected to hold rates steady, while Canada may raise rates. The US will also release September core PCE data.
Flows are diverging: retail inflows over the past 30 days rose from $5.5 billion to $10.75 billion, a six-month high; whale inflows fell from $5.9 billion to $3.8 billion. On October 22, spot BTC ETFs saw net outflows of $635 million.
My view: weakness is likely to continue from this afternoon into the evening, with BTC grinding below $80,000. ETFs have just seen outflows and whales are pulling back; retail buyers are supporting prices but can’t drive the trend. My view would change only if AI stocks stabilize tonight and BTC gets back above $80,000. This is not investment advice.
#Cryptocurrency
BTC is currently at $79,686, down 1.57% in 24 hours. ETH is at $2,309.92, down 2.39%.
The source of the pressure isn’t crypto: CoinDesk reports that markets are worried about returns on AI investment. Nasdaq futures have fallen from above 30,000 at the start of the month to 29,080.
It’s central bank week: the US, European and Japanese central banks are expected to hold rates steady, while Canada may raise rates. The US will also release September core PCE data.
Flows are diverging: retail inflows over the past 30 days rose from $5.5 billion to $10.75 billion, a six-month high; whale inflows fell from $5.9 billion to $3.8 billion. On October 22, spot BTC ETFs saw net outflows of $635 million.
My view: weakness is likely to continue from this afternoon into the evening, with BTC grinding below $80,000. ETFs have just seen outflows and whales are pulling back; retail buyers are supporting prices but can’t drive the trend. My view would change only if AI stocks stabilize tonight and BTC gets back above $80,000. This is not investment advice.
#Cryptocurrency
