#比特币短线站上8.2万美元 As the CPI shockwave recedes, Bitcoin “reclaims lost ground” at $82k, but Glassnode issues its sternest warning: support below is “turning into a vacuum”
Overnight, $80k turned from “support” into “resistance,” then back from “resistance” into “support.” But on-chain data says the underlying liquidity behind this rebound is far more fragile than it appears.
I. First, the market: BTC “clawed back” from below $80k
Over the past 24 hours, the crypto market played out a textbook “data shock—panic selling—technical recovery” scenario.
Bitcoin plunged intraday to $79,694, falling below $80k for the first time since mid-September. It then rebounded rapidly as buyers stepped in and is currently trading at around $82,331, up about 0.83% over 24 hours.
Ethereum moved in tandem—it briefly fell to $2,362 intraday before rebounding to around $2,452, posting a slight 24-hour gain.
Zcash (ZEC) was today’s “outlier,” surging 6.89% in a single day to lead major cryptocurrencies, trading at around $122. Solana rose 0.93%, Hyperliquid gained 1.32%, and most altcoins also rose.
But behind the gains were brutal liquidations.
Over the past 24 hours, a total of $929 million in digital-asset positions were liquidated, including $777 million in long positions. Ethereum alone saw $292 million in liquidations across the market, with more than $157 million on the Bn platform alone—the most significant single-hour liquidation event in nearly six months.
II. Who triggered the sell-off?—AI stocks crashed, and crypto got caught in the crossfire
This sell-off was not sparked by the crypto market itself.
The 20 largest AI- and semiconductor-related stocks by market cap lost more than $1 trillion in value over four trading days. South Korea’s KOSPI index plunged more than 7% at one point, as intensifying competition in memory chips fueled concerns about tech-stock valuations.
Risk assets are undergoing a broad “valuation reset,” with Bitcoin, a high-beta asset, taking the initial hit.
But one detail is worth noting: as the US 10-year Treasury yield fell from 5.36% to 5.04%, the crypto market recovered some of its losses. Interest-rate trends remain the crypto market’s most sensitive nerve.
III. Fed officials speak in unison: hawkish direction, dovish pace
After the CPI data was released, Fed officials made a flurry of statements, choosing their words very carefully.
San Francisco Fed President Daly’s comments merit the closest attention. She said explicitly that “further increases in short-term interest rates may be needed to curb inflation,” but that there was “no need to act immediately at the October meeting”—“there is still ample time to make careful decisions.”
New York Fed President Williams, the Fed’s “No. 3,” also said on Tuesday that he still believes another rate hike this year would be appropriate, but does not currently see a need for further rate increases in 2027.
UBS overhauled its forecast after the CPI data, raising its prediction for the number of rate hikes in this tightening cycle to three—one in September, another in December, and a third in March 2027.
CME data shows the probability of rates remaining unchanged in October at around 72%, and the probability of a cumulative 25-basis-point hike by December at around 67%.
IV. ETF funds are flowing out, but “whales” are buying
ETF flows have weakened noticeably.
On October 15, spot Bitcoin ETFs recorded net outflows of around $262 million, wiping out the previous day’s $176 million in inflows and bringing net outflows for the week to $151 million. Spot Ethereum ETFs saw net outflows of around $130 million that day, bringing cumulative outflows for the week to $190 million.
But on-chain data is sending the opposite signal.
CryptoQuant data shows that despite recent ETF net outflows of $744.3 million, large on-chain holders’ total holdings have risen to 3.03 million BTC, with monthly growth at its fastest pace since February this year.
V. Glassnode’s warning: The “foundation” of this rebound is hollow. This is today’s most noteworthy development.
On-chain analytics firm Glassnode noted that although BTC successfully broke through the $80k buy-side resistance and triggered a rebound, the downside support below it is weakening significantly.
Specifically:
• The massive buy orders previously clustered around $80k were fully filled as the price fell.
• New buy orders are concentrated mainly around $78,000, forming a new lower-price buying cluster.
• But this support mechanism is essentially “passive defense”—it relies on falling prices to trigger buy orders, rather than proactively absorbing supply at higher prices.
Glassnode’s key conclusion is that if the price falls below the newly formed liquidity cluster at $78,000, support below will quickly “turn into a vacuum,” accelerating the decline. The current short-term rebound is more of a technical recovery than confirmation of a trend reversal.
VI. What do institutions think? Bullish long term, cautious short term
Bitwise Chief Investment Officer Matt Hougan offered an interesting framework in his latest memo:
Whether AI drives economic growth, the AI bubble bursts, or interest rates remain high or rise further, Bitcoin still has room to climb over the long term. If the AI bubble bursts, Bitcoin would initially fall alongside risk assets, but policy support for AI investment and subsequent monetary easing would eventually push Bitcoin higher.
But institutions are generally cautious in the short term.
Liquidity provider Wincent’s Paul Howard expects Bitcoin to trade in a short-term range of $80k to $88k; if $80k gives way, the market could fall further toward $75k.
21Shares’ Matt Mena believes that as Bitcoin retests the $81k–$82k support zone, a considerable portion of the losses may already have been priced in. If macro uncertainty eases, Bitcoin could climb back above $85k and move on toward $90k.
