Bitcoin Tests $80,000 as Asian Selloff and ETF Withdrawals Hit Market
Bitcoin traded near $80,000 after the previous CPI-driven selling was compounded by a risk-off move in Asian stocks. South Korea’s Kospi fell more than 7% and Japan’s Nikkei lost nearly 5%, while U.S. spot Bitcoin ETFs posted a $261.4 million net outflow on October 14. Crypto liquidations reached roughly $480 million to $950 million, with long positions making up most of the forced selling.
Bitcoin’s decline followed CPI-related selling and an Asian equity retreat. South Korea’s Kospi closed at 5,554.22, a six-month low, after dropping 7.57% and triggering circuit breakers; Samsung Electronics and SK Hynix fell by double digits amid about $2.7 billion in foreign selling. Japan’s Nikkei ended at 64,425.95, down 3,318.34 points, as Advantest lost roughly 15%.
U.S. spot Bitcoin ETFs posted a $261.4 million net outflow on October 14. Fidelity’s FBTC lost $152.7 million and BlackRock’s IBIT $110.9 million, while Bitwise’s BITB gained $2.2 million. Crypto liquidations reached roughly $480 million to $950 million, mostly longs. Glassnode said Bitcoin traded below the past two years’ buyer cost basis, with the 6–12 month cohort near $88,000.
The drop could pressure leveraged crypto traders, especially those with long positions, who may face forced liquidations. It may also dampen retail sentiment and make institutions more cautious about spot Bitcoin ETFs. Because Asian technology shares and crypto moved together, households with exposure to both could feel wealth effects. A sustained recovery in equities or clearer rate expectations might ease these pressures, though uncertainty could keep volatility elevated.