Key Takeaways
- • Bitcoin traded near $80,400 on Sunday after a sharp weekend selloff, with a low of $79,146 on Saturday, its weakest level in more than a month, according to Investing.com.
- • More than $810 million in crypto positions were liquidated over 24 hours, including roughly $689 million in bullish bets, per Coinglass data.
- • Bitcoin is on track for a fourth straight daily decline and its first monthly drop since June.
- • The Federal Reserve's October 27-28 meeting is the key near-term catalyst, with elevated oil above $117 amid the Iran war complicating the inflation outlook.
- • Corporate treasury companies such as Strategy and Strive face financing strain, as Strategy spent $193 million repurchasing preferred shares while buying just 267 Bitcoin.
Summary
Bitcoin was trading near $80,400 on Sunday after a sharp weekend selloff, steadying as investors assessed heavy cryptocurrency liquidations ahead of the Federal Reserve's October 27-28 interest rate decision, according to Investing.com. The token fell as low as $79,146 on Saturday, its weakest level in more than a month, before reclaiming the $80,000 threshold. Earlier Sunday it traded at $80,352 as of 10:31 ET. Bitcoin also slipped below its 50-day moving average near $81,700, with traders watching support around $78,400 and $77,876.
Derivatives markets saw significant deleveraging. More than $810 million in crypto positions were liquidated over 24 hours, including approximately $689 million in bullish bets, according to Coinglass data. Thin weekend liquidity intensified selling as leveraged positions were forcibly closed after the break below $80,000. Bitcoin is on track for a fourth straight daily decline and its first monthly drop since June.
Traders are focused on whether the Fed will hold rates or pursue further tightening. Higher rates could pressure Bitcoin by strengthening the dollar and reducing demand for risk assets, while a less hawkish outlook could support a recovery. Oil trading above $117 amid the Iran war has raised concerns about persistent inflation and complicates the policy outlook.
Corporate treasury holders face mounting strain. According to Fidelity Digital Assets, perpetual preferred stock offerings have financed purchases of approximately 136,000 Bitcoin since 2025. Strategy (NASDAQ) and Strive (NASDAQ) have increasingly relied on preferred shares, although recurring dividends could constrain future purchases. Strategy recently spent $193 million repurchasing preferred shares while acquiring just 267 Bitcoin.
Elsewhere, Xapo Bank CEO Seamus Rocca said wealthy investors are increasingly borrowing against their Bitcoin holdings and seeking yield rather than selling, and that institutional allocations could support longer-term demand, though regulatory and geopolitical uncertainty remain obstacles. Hardware wallet maker Keystone disclosed a customer data breach involving names, contact details, shipping addresses, and purchase records; it said private keys, recovery phrases, and payment data were not compromised, but warned of phishing attempts. Among altcoins, Ether fell 0.49% to $2,331.61, XRP rose 1.54% to $1.2930, Solana rose 0.34% to $100.721, and BNB gained 1.49% to $737.80.
Derivatives markets saw significant deleveraging. More than $810 million in crypto positions were liquidated over 24 hours, including approximately $689 million in bullish bets, according to Coinglass data. Thin weekend liquidity intensified selling as leveraged positions were forcibly closed after the break below $80,000. Bitcoin is on track for a fourth straight daily decline and its first monthly drop since June.
Traders are focused on whether the Fed will hold rates or pursue further tightening. Higher rates could pressure Bitcoin by strengthening the dollar and reducing demand for risk assets, while a less hawkish outlook could support a recovery. Oil trading above $117 amid the Iran war has raised concerns about persistent inflation and complicates the policy outlook.
Corporate treasury holders face mounting strain. According to Fidelity Digital Assets, perpetual preferred stock offerings have financed purchases of approximately 136,000 Bitcoin since 2025. Strategy (NASDAQ) and Strive (NASDAQ) have increasingly relied on preferred shares, although recurring dividends could constrain future purchases. Strategy recently spent $193 million repurchasing preferred shares while acquiring just 267 Bitcoin.
Elsewhere, Xapo Bank CEO Seamus Rocca said wealthy investors are increasingly borrowing against their Bitcoin holdings and seeking yield rather than selling, and that institutional allocations could support longer-term demand, though regulatory and geopolitical uncertainty remain obstacles. Hardware wallet maker Keystone disclosed a customer data breach involving names, contact details, shipping addresses, and purchase records; it said private keys, recovery phrases, and payment data were not compromised, but warned of phishing attempts. Among altcoins, Ether fell 0.49% to $2,331.61, XRP rose 1.54% to $1.2930, Solana rose 0.34% to $100.721, and BNB gained 1.49% to $737.80.
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