$BTC Slips Under $82K. Here’s What’s Weighing on It
Bitcoin is having a rough week. It’s trading around $81.6K on Binance right now, down about 2% in the last 24 hours. Altcoins are getting hit harder, with ETH, SOL and BNB down roughly 4–5% today.
So what’s going on? A few things people are pointing to:
1. The Fed. Minutes from the Fed’s September meeting came out on Oct 7, and most officials said another rate hike would likely be appropriate by year-end. Higher rates usually aren’t great for risky assets like crypto.
2. ETF money leaving. US spot Bitcoin ETFs had about $485M in net outflows on Oct 7. That was their biggest one-day outflow since June, led by BlackRock’s IBIT.
3. Government wallet moves. On-chain data from Arkham showed wallets linked to the US government sending about 834 BTC (around $72M) to Coinbase Prime addresses. That spooked some traders, but a transfer is not a sale, and no sale has been confirmed.
Is there anything positive? A lot of leveraged long positions got wiped out this week. That hurts in the moment, but it can also take some of the excess leverage out of the market. And under a 2025 executive order, forfeited bitcoin is supposed to be held in a strategic reserve.
What could go wrong? If the Fed stays hawkish and ETF outflows keep coming, the pressure might not be over yet. Altcoins usually feel it even more when Bitcoin is weak.
My take (not financial advice): This dip looks more macro-driven than crypto-specific. I’m watching the next few days of ETF flows more closely than the daily candles. If big money keeps leaving, that matters more to me than any single red day.
What do you think matters more for Bitcoin right now: the Fed or the ETF flows? 👇
#bitcoin #BitcoinETFs #FedMinutes
Bitcoin is having a rough week. It’s trading around $81.6K on Binance right now, down about 2% in the last 24 hours. Altcoins are getting hit harder, with ETH, SOL and BNB down roughly 4–5% today.
So what’s going on? A few things people are pointing to:
1. The Fed. Minutes from the Fed’s September meeting came out on Oct 7, and most officials said another rate hike would likely be appropriate by year-end. Higher rates usually aren’t great for risky assets like crypto.
2. ETF money leaving. US spot Bitcoin ETFs had about $485M in net outflows on Oct 7. That was their biggest one-day outflow since June, led by BlackRock’s IBIT.
3. Government wallet moves. On-chain data from Arkham showed wallets linked to the US government sending about 834 BTC (around $72M) to Coinbase Prime addresses. That spooked some traders, but a transfer is not a sale, and no sale has been confirmed.
Is there anything positive? A lot of leveraged long positions got wiped out this week. That hurts in the moment, but it can also take some of the excess leverage out of the market. And under a 2025 executive order, forfeited bitcoin is supposed to be held in a strategic reserve.
What could go wrong? If the Fed stays hawkish and ETF outflows keep coming, the pressure might not be over yet. Altcoins usually feel it even more when Bitcoin is weak.
My take (not financial advice): This dip looks more macro-driven than crypto-specific. I’m watching the next few days of ETF flows more closely than the daily candles. If big money keeps leaving, that matters more to me than any single red day.
What do you think matters more for Bitcoin right now: the Fed or the ETF flows? 👇
#bitcoin #BitcoinETFs #FedMinutes