CoinDesk
Bitcoin dropped more than 4.45% in 24 hours to trade near $69,400, with Ether off 0.6% to $1,970 and the broader CoinDesk 20 index retreating 3.2%. The move coincides with an 11th consecutive day of net outflows from spot Bitcoin ETFs — the longest and largest withdrawal streak on record, totalling roughly $3.45 billion.
Why it matters
Strategy (MSTR) sold 32 BTC for $2.5 million, a symbolically charged move that rattled sentiment even if the size is negligible relative to its holdings. But bitcoin researcher and Strive board member Pierre Rochard pushed back on that narrative: "Saylor / Strategy selling a few raspberries isn't causing bitcoin to crash. The reality is that there is a massive parabolic spike in AI-related equities that is vacuuming up all excess liquidity, multiples of bitcoin's market cap." Rochard added that a healthy labour market and elevated energy prices mean dovish rate-cut expectations remain absent, even as Bitcoin's on-chain fundamentals "have never been better."
Market impact
On the weekly chart, BTC is approaching a key confluence support: the 0.618 Fibonacci level near $69,000 and the long-term ascending trendline from the 2022 lows. RSI sits near 39 with no bullish divergence confirmed yet, meaning momentum has not validated a structural bottom. Friday's U.S. jobs print is the next binary catalyst — a strong print keeps rate-cut hopes capped and adds pressure; softer data could help BTC reclaim levels above $70,000. Adding to the overhang, Mt. Gox moved 10,422 BTC worth $739 million to a new wallet ahead of its October 31 creditor repayment deadline.
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