Crypto09 October, 20262 min read
Dollar Rally Lifts DXY Above 102.4, Pressuring Bitcoin Near $83,000
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US Dollar Index climbs to around 102.5, an 18-month high, pressuring risk assets. Bitcoin trades near $83,000 after dipping to session lows.
Dollar lifts, Bitcoin slips
Bitcoin traded just above $83,000 as the dollar stayed firm, with the DXY index above 102.4 and Wednesday's U.S. inflation report framed as the week's key macroeconomic event. Bitcoin also held near $83,000 while gold sat around $4,180 an ounce, both down roughly -0.5%, as bond yields ticked up and tech futures were slightly lower.
The dollar rally was tied to expectations that the Federal Reserve will raise interest rates again this year, and the US Dollar Index (DXY) reached an 18-month high near 102.56 on Monday. RTTNews said the strong dollar and a spike in crude oil prices swayed sentiment, with WTI crude surging 2 percent overnight to $93.70.
ETF flows and liquidations
RTTNews reported that Bitcoin spot ETF products in the U.S. saw net inflows of $21 million on Friday versus net outflows of $244 million on Thursday, and iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $22 million. RTTNews also said aggregate liquidations during the 24-hour period totaled $344.36 million, with $191 million in liquidations of long positions and 153 million in liquidations of short positions.
RTTNews put Bitcoin at $82,572.40, down 0.66 percent on an overnight basis, and said Bitcoin had lost 3.6 percent in the past week. RTTNews described Ethereum at $2,522.69, up 0.59 percent on an overnight basis, while Ethereum had lost 6.8 percent in the past week.
Market mix and company moves
CoinDesk said bitcoin clawed back some ground from session lows, changing hands near $82,700, while Ether held above $2,500 by a thread. CoinDesk also reported that Securitize extended its decline to 14% and that Bitdeer, Cipher Mining, TeraWulf, and HIVE Digital all nursed losses of roughly 3% to 4%.
CoinDesk added that Bitmine bought another 12,532 ether over the past week, worth roughly $32 million at Monday's price of $2,536, bringing its holdings to 6,028,946 ETH. CoinDesk said Strategy acquired 250 bitcoin for $21.5 million last week, and it reported that Strategy had spent approximately $64 billion at an average cost of $75,444 per bitcoin.