On October 22, Bitcoin briefly lost the $81,000 level as the Nasdaq fell more than 2%, gold dropped about 2.7% and silver sank 5.8%. Investors rushed into U.S. Treasuries, pushing the 10-year yield from 5.146% to below 5%, while Brent crude reached $114.70 and revived inflation concerns. According to Glassnode, the average acquisition cost of Bitcoin held by U.S. spot ETFs and corporate treasuries is about $81,500 and $80,200, respectively, with replenished bids near $80,000. A daily close below that threshold would leave average ETF and corporate holders at a loss and bring the True Market Mean near $77,600 into focus. Flash PMI data, inflation expectations and the Federal Reserve’s October 28 decision will determine whether defensive demand persists, with rising oil prices limiting the support normally provided by falling bond yields.
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