Bitcoin Drops to $69K On ‘Concentrated Liquidation’ and ‘Weakening’ Demand

Bitcoin fell 5.6% to just over $69,300, after briefly reaching $67,922, its lowest level since mid-August. Analysts attributed the drop below $69,000 to a concentrated liquidation of leveraged bets, while weaker investor demand and hotter-than-expected US inflation added pressure.

US spot Bitcoin ETFs recorded six straight days of net outflows, stablecoin supply was shrinking, and MSCI had removed Strategy from its funds. October CPI rose 0.4% month on month, with core CPI up 0.3%; prediction markets sharply increased the odds of a Federal Reserve rate rise. Ethereum, BNB and Solana also fell, while the global crypto market value dropped 4.6% to $2.39 trillion.