Key Takeaways
- • Bitcoin fell more than 3% to around $83,000 on Wednesday, pulling crypto-related equities lower, according to Yahoo Finance.
- • Roughly $696 million in crypto liquidations occurred over 24 hours, with long positions bearing almost all of the losses, per Coinglass data.
- • Glassnode's head of research Frederik Theissen said trading volume remained unusually low across spot exchanges and US ETFs, so the market is leaning on positioning rather than fresh demand.
- • Crypto equities Strategy (MSTR), Coinbase (COIN), Robinhood (HOOD) and Circle (CRCL) declined alongside the token, as the 10-year Treasury yield climbed to a 24-year high and oil prices rose.
- • Glassnode notes a move back above $85,500 could open a path toward $92,000, while a drop below $81,000 could trigger further forced liquidations.
Summary
Bitcoin (BTC-USD) fell more than 3% to $83,000 on Wednesday, extending a broader crypto sell-off and dragging down crypto-related stocks, according to Yahoo Finance. Forced long liquidations amplified the decline. Coinglass data showed roughly $696 million liquidated over 24 hours, with long-positioned traders absorbing almost all of the losses. Most of the damage occurred within a 12-hour window and was driven mainly by forced unwinds of ether (ETH-USD) and bitcoin positions.
The pullback followed bitcoin's rally earlier in October to its highest level since January. Glassnode head of research Frederik Theissen said trading volume remained unusually low across spot exchanges and US ETFs relative to historical averages. "The market now leans on positioning more than on fresh demand," he said. Glassnode indicated that a surge in buying volume and ETF activity could push bitcoin back above $85,500 and open the door to a move toward $92,000. A decline below $81,000, by contrast, could trigger additional forced liquidations.
The decline in digital assets coincided with broader macro pressure. The 10-year US Treasury yield climbed to its highest level in 24 years, oil prices rose and the broader equity market declined. Hunter Albright, chief revenue officer at SALT Lending, told Yahoo Finance that rising yields pull capital from riskier assets, "and bitcoin feels it first." He argued that US debt servicing costs at current rates are unsustainable, which could eventually prompt policy intervention and liquidity injections that would lift asset prices.
Crypto-linked equities fell in step with the token. Digital-asset treasury company Strategy (MSTR) led the declines, followed by trading platforms Coinbase (COIN) and Robinhood (HOOD), and stablecoin issuer Circle (CRCL). Other headlines circulating on the same day described bitcoin trading in the low $80,000s and ether falling below $2,500, but the primary reporting focuses on the $83,000 threshold and the associated liquidation and yield dynamics.
The pullback followed bitcoin's rally earlier in October to its highest level since January. Glassnode head of research Frederik Theissen said trading volume remained unusually low across spot exchanges and US ETFs relative to historical averages. "The market now leans on positioning more than on fresh demand," he said. Glassnode indicated that a surge in buying volume and ETF activity could push bitcoin back above $85,500 and open the door to a move toward $92,000. A decline below $81,000, by contrast, could trigger additional forced liquidations.
The decline in digital assets coincided with broader macro pressure. The 10-year US Treasury yield climbed to its highest level in 24 years, oil prices rose and the broader equity market declined. Hunter Albright, chief revenue officer at SALT Lending, told Yahoo Finance that rising yields pull capital from riskier assets, "and bitcoin feels it first." He argued that US debt servicing costs at current rates are unsustainable, which could eventually prompt policy intervention and liquidity injections that would lift asset prices.
Crypto-linked equities fell in step with the token. Digital-asset treasury company Strategy (MSTR) led the declines, followed by trading platforms Coinbase (COIN) and Robinhood (HOOD), and stablecoin issuer Circle (CRCL). Other headlines circulating on the same day described bitcoin trading in the low $80,000s and ether falling below $2,500, but the primary reporting focuses on the $83,000 threshold and the associated liquidation and yield dynamics.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.