Bitcoin traded at $108,733.66 at press time, declining 2% intraday, pushed by commerce tensions and leverage unwind.
Waning demand additionally contributed to the correction. US-traded spot Bitcoin ETFs recorded roughly $104 million in internet outflows on Oct. 15, in keeping with Farside Traders’ knowledge, eradicating current assist for spot bids.
Main altcoins tracked Bitcoin’s decline, with Ethereum falling 1% to $3,949.92 and Solana dropping 1.85% to $190.21.
BNB and XRP every declined 1% and 1.25% respectively, buying and selling at $1,151.47 and $2.37. Cardano and Dogecoin posted steeper losses of 1.5% and 1.6%, reaching $0.6582 and $0.1929.
Macro headwinds and liquidations
The outflows coincided with broader risk-asset weak spot stemming from escalating US-China commerce tensions over rare-earth export controls.
China expanded its rare-earth export restrictions this week, concentrating on vital inputs for the semiconductor, protection, and electronics manufacturing industries.
The brand new controls carry extraterritorial attain, prompting Washington officers to warn of accelerated financial “decoupling” between the 2 nations.
These headlines pushed the value beneath the vary between $111,000 and $110,000, triggering a cascade of liquidations in Bitcoin futures markets.
Almost $500 million in lengthy positions confronted liquidation over 24 hours, with $405 million of this quantity occurring in the latest buying and selling session alone, in keeping with Coinglass knowledge.
Markets adopted a risk-averse stance as headlines highlighted new port-fee measures affecting US vessels and coordinated G7 efforts to counter China’s export restrictions.
Amid this backdrop, gold reached a brand new all-time excessive of $4,250, reflecting the flight-to-safety sentiment that failed to learn Bitcoin regardless of its positioning as a hedge in opposition to foreign money debasement.
Merchants now monitor the $107,000-$110,000 technical vary for Bitcoin’s subsequent directional transfer.
A clear break beneath this assist zone dangers triggering further liquidation-driven promoting strain because the crypto navigates the intersection of diminished institutional demand and heightened geopolitical uncertainty.