Bitcoin slipped below $80,000 on Saturday as leveraged long liquidations, ETF withdrawals and uncertainty over US monetary policy and Iran coincided with the drop. Losses spread across major tokens during weekend trading.
Bitcoin dropped 1.91% over 24 hours to $79,994.97 on Saturday during the initial decline. The retreat coincided with heavy liquidations, ETF withdrawals and growing uncertainty over US monetary policy and Iran.
Long liquidations hit $219 million in one hour
Cryptocurrency long liquidations reached $219 million within one hour as Bitcoin slipped below a psychological threshold. The move was Bitcoin's first beneath $80,000 since October 15.
Forced closures intensified selling pressure as falling prices left traders unable to maintain sufficient collateral. Over $200 million in longs liquidated in just 15 minutes. Meanwhile, the Fear and Greed Index stood at 42, placing sentiment within neutral territory.
Spot Bitcoin ETFs log $635.6 million in outflows
US spot Bitcoin ETFs registered approximately $635.6 million in net withdrawals on October 22, reversing the previous session's positive flows. BlackRock's IBIT accounted for $254.1 million, while Fidelity's FBTC lost $217.5 million.
Withdrawals continued Friday, with another $137.9 million leaving Bitcoin ETFs before weekend trading. US spot Ethereum ETFs also saw withdrawals of approximately $110.6 million on October 22, led by BlackRock's ETHA with roughly $75.5 million.
Fed meeting, midterms and Iran add uncertainty
The Federal Reserve will meet October 27–28. September personal consumption expenditures inflation data follows on October 29. The November 3 US midterm elections add another approaching event, though the vote alone does not establish why Bitcoin declined in this session.
Geopolitical concerns also grew after President Donald Trump raised the possibility of further military action against Iran on October 23, without giving details on timing or operational plans.
Elsewhere, Ethereum fell below $2,300, XRP traded near $1.25 and Solana broke beneath $100. The broader market initially declined 2.19% to $2.68 trillion.
Source: CoinGape
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