In early October, five major Bitcoin-related stocks—MicroStrategy, Coinbase, Marathon Digital, Riot Platforms, and CleanSpark—experienced sharp declines. While Bitcoin also saw a price dip, its movement was significantly less pronounced than that of the associated equities.
September performance for Bitcoin was positive, with a 6–7% gain and a closing price near $83,500–84,000. Spot Bitcoin ETFs recorded inflows of approximately $2.9 billion during the month, though these trends subsequently reversed into outflows.
On October 7, Bitcoin fell below $83,000, triggering liquidations of $500–700 million among leveraged traders. MicroStrategy currently holds approximately 847,000–848,000 BTC, acquired at an average price of about $75,400.
Market pressure is attributed to macroeconomic factors, specifically 10-year US Treasury yields reaching near 24-year highs and oil prices exceeding $100. Proxy stocks typically exhibit a beta of 1.5x to 3x relative to Bitcoin price movements.
Analysts are currently monitoring a support zone for Bitcoin between $81,000 and $83,000. Additionally, one of the five monitored companies faces a corporate deadline within the coming week.
