Between October 21 and October 30, Bitcoin fell 8.25%, slipping from about $84,134 to $77,191, even as 10-year US real Treasury yields declined 16 basis points, from 2.76% to 2.60%. That decline, which normally reduces the opportunity cost of holding non-yielding assets, failed to support Bitcoin amid weakness in technology stocks and persistent selling. Outflows of $1.04 billion from US-listed spot Bitcoin exchange-traded funds, Binance’s October 29 security breach and roughly $1.5 billion in liquidations of leveraged long positions compounded the pressure. Wintermute says Bitcoin must defend $76,800, while a sustained recovery above $80,000 would require renewed spot-market demand and ETF inflows.
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