Bitcoin Hits Over Five-Week Low
Bitcoin fell to around $79,000 on Monday, hitting its lowest level since mid-September after a weekend sell-off intensified pressure on the cryptocurrency. The decline was fueled by weakening institutional demand, with US spot Bitcoin ETFs recording $635.6 million in net outflows on October 22, their largest single-day withdrawal since June, while roughly $815 million in leveraged crypto positions were liquidated over 24 hours, mostly long positions. Rising geopolitical tensions and Brent crude prices remaining above $110 per barrel also weighed on risk sentiment, alongside concerns over persistent inflation and the outlook for monetary policy. Investors are now turning their attention to the Federal Reserve’s October 27—28 meeting and the US September PCE inflation report due October 29, which could influence expectations for interest rates and the direction of risk assets.
Bitcoin fell to around $79,000 on Monday, hitting its lowest level since mid-September after a weekend sell-off intensified pressure on the cryptocurrency. The decline was fueled by weakening institutional demand, with US spot Bitcoin ETFs recording $635.6 million in net outflows on October 22, their largest single-day withdrawal since June, while roughly $815 million in leveraged crypto positions were liquidated over 24 hours, mostly long positions. Rising geopolitical tensions and Brent crude prices remaining above $110 per barrel also weighed on risk sentiment, alongside concerns over persistent inflation and the outlook for monetary policy.
Investors are now turning their attention to the Federal Reserve’s October 27—28 meeting and the US September PCE inflation report due October 29, which could influence expectations for interest rates and the direction of risk assets.