Bitcoin briefly traded below $81,000 on Oct. 22. The Nasdaq declined more than 2%. Spot gold fell about 2.7% to $4,025. Silver dropped about 5.8% to around $54.63. The 10-year Treasury yield declined from 5.146% to below 5%, the largest daily fall in more than two years. Brent crude reached $114.70 during trading, the highest level this year.
The Oct. 22 declines fit a scenario in which funding pressures push investors toward bonds and away from riskier assets. Bitcoin moved alongside equities, while gold declined despite lower yields and a dollar index at the lowest level since Oct. 1. The World Gold Council's Oct. 19 Weekly Markets Monitor, titled "Bonds back in the room," noted a Treasury rally during a Nasdaq decline despite elevated inflation. The World Gold Council suggested that renewed demand for bonds as safe assets could compete with gold for investment capital. However, the World Gold Council acknowledged that lower yields make holding gold less costly in terms of forgone returns. Price movements do not establish the source of bond buying, and gold ETF flows, real yields and futures positions would help distinguish competing explanations. Silver's steeper decline reflects stronger sensitivity to investor positioning and industrial demand.
Meta reported third-quarter revenue of $64.6 billion, an increase of 26%. Meta's capital expenditures totaled $34.9 billion. Meta recorded negative free cash flow of $2.1 billion. Meta increased the lower boundary of 2026 capital expenditure guidance by $5 billion, producing a range of $135 billion to $145 billion. Meta also announced a new non-voting share class designed partly to help with financing. Meta shares declined about 8% on Oct. 22. Meta's five-year credit default swap spread increased by 7.6 basis points to a record 114.79 basis points. Oracle's spread was close to a record. Amazon's spread approached the highest level since March 2020. These credit signals involve only a few major issuers, and broader investment-grade and high-yield spread indexes would need to confirm a market-wide credit squeeze.
Brent also climbed above $111, the highest level since May, as renewed Houthi attacks in Saudi Arabia increased concerns about supply. More expensive fuel raises inflation and reduces the spending power of households and companies. Markets assign roughly a 78% probability to a December rate increase. Markets expect the Fed to leave rates unchanged at the Oct. 28 decision, with the current policy range at 3.75% to 4%. The oil shock sustains expectations of higher rates, limiting the support gold normally receives from declining yields. Treasury buyers may be prioritizing risks to growth over inflation, although Thursday's prices do not establish the balance between those concerns.
Glassnode's Oct. 21 report estimates average acquisition costs near $81,500 for US spot Bitcoin ETFs and near $80,200 for corporate treasuries. Glassnode also identifies renewed spot buying interest around $80,000. Supply above the market lies between $85,000 and $87,500, where older holders' acquisition costs overlap with liquidation clusters.
Friday's S&P Global flash purchasing managers' indexes arrive at 9:45 a.m. Eastern. The final University of Michigan survey follows at 10:00 a.m. The manufacturing PMI consensus is around 55.5, compared with 55.9 previously. The services PMI consensus is around 58.0, compared with 58.8 previously. The preliminary Michigan survey recorded one-year inflation expectations of 4.7% and longer-term expectations of 3.5%. Stable bonds, retreating oil and recovering equities would indicate easing defensive demand, while Bitcoin maintaining $80,000 to $81,500 would show buying around acquisition costs absorbing selling. Weaker PMIs alongside higher inflation expectations would signal growth concerns combined with persistent inflation, a more difficult environment for Bitcoin. A daily close below $80,000 would leave average ETF and corporate treasury holders with losses and direct attention toward the True Market Mean near $77,600.
Bitcoin Falls Below $81,000 Amid Bond Market Shifts and Risky Asset Sell-Off
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Summary
Bitcoin dipped below $81,000 on Oct. 22 as the digital asset market joined a broad sell-off. The Nasdaq fell over 2%, gold and silver dropped sharply, and the 10-year Treasury yield hit its biggest daily decline in two years. The fear and greed index turned negative as investors shifted to safer assets. Meta shares fell 8% after mixed earnings, while Brent crude hit a yearly high. Glassnode noted renewed buying interest near $80,000 and average ETF acquisition costs at $81,500.
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