- Bitcoin fell to US$79,624, down 3.4% for the week, while Ethereum, XRP, Solana and Hyperliquid also recorded weekly losses.
- Crypto liquidations reached roughly US$815 million over 24 hours, including more than US$400 million in long positions closed within four hours.
- US spot Bitcoin ETFs recorded US$301.2 million in weekly net inflows despite US$773.5 million in withdrawals over Thursday and Friday.
- Analyst Michaël van de Poppe warned Bitcoin could briefly fall below US$75K, while holding US$80K and forming a higher low could signal a recovery.
Bitcoin (BTC) has dropped below the US$80K (AU$113.8K) mark for the second time in as many days. Early Sunday morning it fell to US$79,307 (AU$112,809), recovered above US$80K late Sunday and trades at US$79,624 (AU$113,260) at the time of writing.
That makes a 3.4% decline for BTC on the weekly chart. Other crypto assets took larger hits, with Ethereum (ETH) down 4.7%, trading at US$2,303 (AU$3,275) and XRP down 2.2%, trading at US$1.27 (AU$1.80). Solana and Hyperliquid also traded lower, down 4.6% and 4.9% on the weekly chart.
In the top ten, excluding stablecoins, only BNB (+1.6%) and Zcash (+1.7%) made weekly gains. This comes as the Fear and Greed Index shows that market sentiment now solidly sits in Neutral after Greed dominated the past month.
Following Bitcoin’s first dip, liquidations across the wider crypto market reached roughly US$815 million (AU$1.1 billion) over 24 hours, including more than US$400 million (AU$568.9 million) in long positions closed within four hours.
Read more: Musk Floats US$5 Trillion Tesla–SpaceX Merger That Could Unite 30,000 Bitcoin
Separately, prominent crypto commentator and BitMEX co-founder Arthur Hayes said he had closed Maelstrom’s directional trading positions, taking profits on ETH, ENA and UNI amid the wider sell-off:
Ongoing geopolitical uncertainty and concerns over an escalation of the war in the Middle East and growing unease about AI spending are certainly on investors’ minds. Technology shares stabilised somewhat Friday after Thursday’s sell-off. Brent crude, however, was up 3.1% on Friday as more attacks were feared.
All eyes are now on the Federal Reserve’s meeting on 27 to 28 October, as the 10-year Treasury yield also finished near 4.99%.
Read also: Millions of Cyberattack Attempts Target Websites as Critical PHP Flaws Threaten Crypto Platforms
ETF Flows and BTC Outlook
The US spot Bitcoin ETFs have also seen heavy outflows toward the end of the week. After over US$1 billion (AU$1.4 billion) in net inflows during the first three trading days, US$773.5 million (AU$1.1 billion) in net outflows were recorded on Thursday and Friday.
That leaves the funds with net inflows of US$301.2 million (AU$428.4 million) for the week. BlackRock’s IBIT was the single-largest beneficiary, with net inflows of US$565.7 million (AU$804.6 million).
Crypto analyst Michaël van de Poppe warned on X that Bitcoin could briefly fall below US$75K (AU$106.6K) if it fails to recover and establish a higher high. However, he said holding US$80K and forming a higher low could signal the end of the current correction.
In another tweet, he suggested that a trend reversal may not be imminent, but warned that “once the trend turns, things can go fast”.
We’ve seen this in September. Correction ended, liquidity was injected, trend turned, and within three days price was 20% higher.
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