New YorkUS edition · Updated hourlyLoading the wire
The intelligence brief for hedge funds, allocators and active investors

HedgeWeekly

Wall Street · Washington · The World
New York edition
Latest
Headlines appear here as the desk files
The first edition is being filed.The news desk publishes every hour. Stories appear as soon as the editor approves them.

Most recent

    Today's coverage

    US 0Global 0
    Rolling 24 hours · line marks the 60% US target

    HedgeWeekly Video

    The 60-second briefing · Weekdays before the bell
    Coming soonThe morning in sixty secondsThree stories moving US markets, filed before the open.
    Coming soonHedge fund positioningWhat the prime books are telling us this week.
    Coming soonEarnings, explainedThe numbers that mattered and what changed.
    SponsoredPresent this seriesTitle sponsorship of HedgeWeekly Video is open.

    Markets

    Crypto

    Bitcoin slips below $80,000 to its lowest since September 18 as more than $800 million of crypto bets are liquidated

    Leveraged longs took the brunt of Saturday's slide, which pushed bitcoin through the level Glassnode puts as the average cost of corporate bitcoin treasuries.

    HedgeWeekly News Desk ·

    Bitcoin fell below $80,000 on Saturday, October 24, touching about $79,464, its weakest level since September 18, according to BeInCrypto Markets data. The drop flushed out leveraged buyers: CoinGlass data showed more than $800 million of crypto positions liquidated over 24 hours, with long positions making up roughly 83% of the total. In one hour on Saturday alone, more than $200 million was wiped out, $191.33 million of it longs.

    The selling spread across the market. Ether fell to about $2,289 and Solana to about $98.92, while total crypto market capitalisation dropped about 4% to $2.72 trillion, BeInCrypto reported. The largest single liquidation was an $11.85 million long on Binance's ETH-USDT pair, and Binance accounted for half of all liquidations, according to CoinGlass figures cited by The Crypto Times. Bitcoin later steadied and was quoted at about $80,430 on Coinbase's price page when checked at around 02:40 UTC on Sunday.

    The slide follows a run of withdrawals from US spot bitcoin ETFs. SoSoValue data show about $137.9 million left the funds on Friday, October 23, after a roughly $635.5 million outflow on Thursday that was the largest one-day withdrawal since June 25 and was led by BlackRock's IBIT and Fidelity's FBTC. Wider risk appetite was also under pressure, with Brent crude settling at $116.72 on Friday, and Northeast Times, citing a Wall Street Journal report, said US personnel were being moved out of diplomatic and military sites across the Middle East.

    Why it matters: $80,000 is more than a chart level. Glassnode estimates that companies holding bitcoin on their balance sheets paid about $80,000 per coin on average, so at current prices the average corporate treasury position is at a loss. The next tests come quickly: the Federal Reserve meets on October 27 and 28, September PCE inflation data follow on October 29, and Monday's ETF flow figures will show whether institutional selling has continued. Analyst Benjamin Cowen has said a weekly close below $83,000 on October 25 would reinforce his bearish view for the rest of 2026, a scenario he says is void if bitcoin recovers and holds above that level.

    Sources

    The Archive