Bitcoin fell 1.13% to USD 82,980.21 over 24 hours on Thursday, October 8, as rising Treasury yields, higher oil prices and forced selling weighed on the crypto market. The total crypto market capitalization declined 1.19% during the same period.
Meanwhile, Glassnode reported limited fresh capital entering Bitcoin, with existing holders accounting for most of the monthly increase in its realized capitalization.
Bitcoin Price Falls as Oil and Treasury Yields Rise
The U.S. 10-year Treasury yield climbed above 5.3% on Wednesday, while Brent crude traded above USD 100 a barrel amid tensions involving Iran and shipping through the Strait of Hormuz. Bitcoin declined alongside other assets as the dollar strengthened and demand for riskier investments weakened.
Higher oil prices raised concerns about inflation and the outlook for interest rates. Rising Treasury yields increased the returns available from government debt, creating more competition for Bitcoin, which does not pay interest. The combination placed additional pressure on crypto prices during the week.
Forced closures of borrowed trading positions added selling pressure. CoinGlass figures cited in market reports showed roughly USD 550 million in total crypto liquidations over the preceding 24 hours. The total covered leveraged positions across cryptocurrencies, including both bullish and bearish trades, rather than Bitcoin alone.
Exchanges automatically close leveraged positions when traders cannot cover their losses. Closing positions betting on higher prices can add sell orders during a decline and accelerate price moves. However, liquidation figures alone cannot establish whether forced selling or wider market conditions started the downturn.
Fresh Bitcoin Inflows Trail Growth in Realized Value
Glassnode reported that new capital reached about USD 4.9 billion in the 30 days through October 5. Its estimate included U.S. spot Bitcoin ETF flows, stablecoin growth and corporate treasury purchases.
During the same period, Bitcoin’s realized capitalization increased by USD 12.8 billion. Realized capitalization values coins at the prices recorded when they last moved on the blockchain. Market capitalization, by comparison, applies Bitcoin’s current price to its circulating supply.
Fresh capital explained less than two-fifths of the increase. Existing money accounted for the remainder as coins changed hands at higher prices. Glassnode noted that rallies in 2024 and 2025 attracted substantially larger inflows.
“Until those inflows pick up, the move depends on existing holders paying more,” Glassnode wrote. Its assessment questioned whether buying from existing participants could sustain the rally without stronger demand from outside the market.
Recent Buyers Sell Ahead of October 14 Inflation Data
Recent buyers increased transfers to exchanges during Bitcoin’s move above USD 85,000. Short-term holders moving coins at a profit accounted for about 86% of exchange inflows on October 4, according to Glassnode. The share reached its highest level in a year.
Glassnode identified a concentration of potential forced closures between USD 81,700 and USD 83,300. The firm also recorded the largest Binance buy-order block around USD 81,000–USD 81,250. Order-book levels can change as traders place, cancel or complete orders, so buying interest does not guarantee a price floor.
The Bureau of Labor Statistics will release September’s Consumer Price Index on October 14 at 8:30 a.m. ET. The report will provide another inflation reading before the Federal Reserve’s October meeting, following a week of rising oil prices and Treasury yields.
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