CoinDesk
Bitcoin recovered to about $81,200 after dipping just above $80,000 around 02:30 UTC, near the Oct. 8 low of roughly $80,300. The move came as South Korea’s Kospi plunged 8% and triggered circuit breakers, while Nasdaq 100 futures fell about 1%. Bitcoin was down around 0.5% since midnight UTC, but altcoins slid further.
Why it matters
The CoinDesk 80 fell 2.2%, compared with a 0.7% decline in the CoinDesk 5, and all but six CD100 members were lower. Ether dropped 2% near $2,370, while Solana fell 1.1% to about $103. Pump.fun’s PUMP lost 9.4%, the steepest decline in the CD100.
Nearly $1 billion in crypto futures positions were liquidated over 24 hours, up from about $136 million the previous day. Ether longs accounted for $200 million of liquidations, versus $115 million in Bitcoin, pointing to a sharper flush of leveraged ETH positions.
Market impact
Futures volume climbed 61% to $252 billion as open interest remained largely unchanged at $139.6 billion, suggesting heavy position turnover rather than a broad build in leverage. Bitcoin futures open interest rose 1.6% despite a spot price decline, while negative cumulative volume delta indicated selling pressure; open interest alone does not show whether traders are long or short.
Markets are also repricing the Fed outlook. October rate-hike odds eased to about 26% from nearly 47% after Wednesday’s hotter-than-expected inflation report. Treasury yields, rate expectations and Bitcoin’s ability to hold above $80,000 are key signals for the next move.
Frequently asked questions
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How far did Bitcoin fall before recovering?
Bitcoin dipped just above $80,000 around 02:30 UTC, near the Oct. 8 low of roughly $80,300, then recovered to about $81,200.
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How did altcoins perform compared with Bitcoin?
The CoinDesk 80 fell 2.2%, while the CoinDesk 5 declined 0.7%. Ether lost 2%, Solana fell 1.1%, and PUMP dropped 9.4%.
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How large were crypto futures liquidations?
Nearly $1 billion in crypto futures positions were liquidated over 24 hours, up from about $136 million the previous day.
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Why were Ether liquidations heavier than Bitcoin liquidations?
Ether longs accounted for $200 million in liquidations, compared with $115 million for Bitcoin, indicating a sharper flush of leveraged ETH positions.
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What signals are traders watching next?
Treasury yields, Fed rate expectations and Bitcoin’s ability to hold above $80,000 are key signals. October rate-hike odds eased to about 26% from nearly 47%.
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