In brief – Bitcoin briefly fell below $80,000 over the past day, touching about $79,330, before recovering to trade at $80,264, down 2.7% on the week, per CoinGecko. – U.S. spot Bitcoin ETFs saw more than $773 million in net outflows on Thursday and Friday, leaving October on…
urse for a net loss. – Analysts warned of further volatility ahead of the Federal Reserve’s decision on Wednesday and the U.S. midterm elections on November 3. Bitcoin slipped below $80,000 over the past 24 hours, as a sell-off in technology stocks and nervousness ahead of the Federal Reserve’s rate decision weighed on risk assets
The leading cryptocurrency fell as low as $79,332 before recovering to $80,240, down 2.5% over the past week, according to CoinGecko data. It remains about 36% below its all-time high of $126,080. U.S. spot Bitcoin ETFs saw $635.5 million in net outflows on Thursday, wiping out most of the gains from a three-day run of inflows, followed by a further $137.9 million on Friday, according to SoSoValue.
Even so, the funds ended the week up about $301 million, snapping a two-week losing streak, though they remain down about $314 million for October. Tim Sun, senior researcher at HashKey, said the drop was “primarily driven by a broader correction in global risk assets,” with growing skepticism toward AI-related technology stocks a major factor. “Investors are not necessarily questioning the long-term prospects of artificial intelligence, but rather whether current elevated valuations can be justified by future earnings and cash flows,” Sun told Decrypt. Outflows from spot Bitcoin ETFs and the unwinding of leveraged positions “further amplified the downward pressure,” he said.