Bitcoin is currently trading at $80 546, following a brief dip below the $80 000 mark on Saturday. Market data indicates that institutional investors, including ETFs and treasury-holding companies, have a cost basis ranging between $80 000 and $81 500. Analysts at Glassnode suggest that a daily close below $80 000 would result in losses for the average holder and potentially shift the True Market Mean toward $77 600.
Recent geopolitical volatility has impacted market activity. On October 22, reports regarding potential US and Israeli strike plans led to a decline in Bitcoin from $84 898 to $80 939. During that same period, US spot Bitcoin ETFs experienced outflows of $635,49 million, following a previous day of inflows totaling $528,40 million. Intraday price drops of 2% to 5% have been observed following escalation headlines.
Data from CoinGlass reports $543,68 million in liquidations over a 24-hour period, with long positions accounting for $461,19 million of that total. As Bitcoin continues to trade through the weekend, it remains sensitive to news regarding potential US actions in Iran. Historical data shows that Bitcoin’s correlation with gold reached an eight-year high in September, while Brent crude oil prices reached $117,30 on Friday.
