CoinDesk
Bitcoin fell 1.4% to around $80,100 on Thursday after dipping to $79,600, while Ether lost 1.7% and the CoinDesk Memecoin Index dropped 3.4%. Disappointing results from Samsung and Alphabet added pressure to technology shares, and two Federal Reserve officials dissented in favor of a quarter-point rate increase. The Fed held rates steady, while Chair Kevin Warsh gave no signal on what comes in December.
Why it matters
The selloff reflects pressure across both technology and crypto, with AI-linked tokens among the hardest hit as Alphabet shares fell roughly 10% in premarket trading. NEAR dropped 7.8% and Bittensor’s TAO lost 3.1%. Samsung shares fell 4% despite a record quarterly profit, while Nasdaq-100 futures declined 1.1% after Alphabet missed earnings expectations.
The Fed’s September PCE inflation report, its preferred gauge of price changes, was due later Thursday. The two dissents in favor of a rate increase added a hawkish note to an otherwise expected hold, with no guidance from Warsh on the next policy decision.
Market impact
Crypto futures volume jumped 21.8% to $198.8 billion over 24 hours as open interest fell 1.9%, a combination indicating active trading alongside position closures. Liquidations climbed 84% to $337.4 million. Funding rates cooled across most major coins, while nearly all major assets recorded negative 24-hour open-interest-adjusted CVD, meaning market sell orders outweighed buys relative to open interest.
Spot bitcoin ETFs brought in $137 million Wednesday, their third consecutive day of inflows, taking the three-day total to $423.7 million. That demand contrasts with bearish positioning signals: BTC options skew continued to point to protection demand, and ETH puts remained more expensive than calls. The flows provide support, but derivatives data show traders still paying attention to downside risk.
Frequently asked questions
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How far did Bitcoin fall, and what was its intraday low?
Bitcoin fell 1.4% to around $80,100 after dipping to $79,600.
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What did the Fed dissenters favor?
Two officials dissented from the Fed's decision to hold rates, favoring a quarter-point increase. Chair Kevin Warsh gave no signal about December.
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How did crypto derivatives activity change during the selloff?
Futures volume rose 21.8% to $198.8 billion as open interest fell 1.9%. Liquidations increased 84% to $337.4 million.
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Were spot Bitcoin ETFs still attracting money?
Yes. U.S. spot Bitcoin ETFs took in $137 million Wednesday, their third consecutive day of inflows, bringing the three-day total to $423.7 million.
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What did options markets indicate about downside risk?
BTC options skew pointed to demand for protection across time frames. ETH puts remained more expensive than calls, reflecting downside concerns.
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