Bitcoin Drops to $69K On 'Concentrated Liquidation' and 'Weakening' Demand
Summary
Bitcoin fell 5.6% to just above $69,300, touching a 24-hour low of $67,922, as hotter-than-expected U.S. inflation data and liquidations of leveraged long positions weighed on prices. Analysts also cited six consecutive days of Bitcoin ETF outflows, shrinking stablecoin supply and pressure on corporate crypto treasuries as signs of weakening demand. Ethereum, BNB and Solana also declined, while the total crypto market cap fell 4.6% to $2.39 trillion. October CPI rose 0.4%, with core inflation up 0.3%; market indicators showed sharply increased expectations for a Federal Reserve rate hike. Broader risk aversion in technology markets added to selling pressure.
