- Bitcoin recovered to around US$82,807 after falling about 2.9% at its 24-hour low, leaving it down 0.8% for the day and 3.2% for the week.
- Ethereum, XRP, Solana, Hyperliquid and Zcash all pared steeper intraday losses but remained sharply lower over the past seven days.
- Broader risk-off sentiment, US$678.9 million in Bitcoin ETF outflows and more than US$823 million in leveraged crypto liquidations added to selling pressure.
- Strategy bought another 250 BTC, lifting its holdings to 848,250 coins, acquired at an average price of US$75,444.
The crypto market has staged a recovery rally after falling more sharply earlier in the session. The total market cap, which had been down around 2.35%, is now about 1.1% lower over the past 24 hours at US$2.87 trillion (AU$4.12 trillion).
Bitcoin (BTC) fell by roughly 2.9% at its 24-hour low before recovering to around US$82,807 (AU$119,022). It is now down about 0.8% on the daily chart and 3.2% over the past week.
Ethereum (ETH) was off more than 5% earlier in the session before paring its daily loss to about 2%, while remaining 8% lower over the week. XRP briefly dropped around 6.3% before recovering to a daily loss of about 2.7%, with the asset still down 9% over seven days.
Solana (SOL) saw one of the steeper declines, sliding around 8.2% at its lowest point before recovering to about 4.2% down for the day and 11.5% for the week.
Read more: Evernorth Brings 473 Million XRP to Nasdaq
Hyperliquid (HYPE) dropped around 8% before trimming its daily decline to about 4.8%, while Zcash (ZEC) fell more than 11% at its 24-hour low before recovering to a loss of around 5.1%. Over the past week, HYPE and ZEC remain down about 12.6% and 10.7%, respectively.
Broader Risk-Off Sell-Off at Play?
The sell-off came amid a broader risk-off move across global markets, with rising geopolitical tensions, elevated oil prices, high US Treasury yields and a stronger dollar weighing on investor sentiment.
Weakening institutional demand and forced selling added to the pressure, with US spot Bitcoin ETFs recording US$678.9 million (AU$975.6 million) in net outflows last week and more than US$823 million (AU$1.18 billion) in leveraged crypto positions liquidated over the past 24 hours.
One fact may have reassured investors: Michael Saylor bought again.
Saylor’s Strategy (formerly MicroStrategy) bought another 250 BTC and now holds 848,250 coins as of 11 October. Strategy’s Bitcoin ledger shows the coins were bought at an average price of US$75,444 (AU$108,387) and are worth US$70.2 billion (AU$100.8 billion) at the current market price.
Read also: Australian SMSF Investors Push Crypto Buy/Sell Ratio to Record High
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