Derived from BitJie Wang, Bitcoin (BTC) fell below $85,000, driven by three key factors: uncertainty over the Federal Reserve’s December rate cut, increased selling of digital asset treasury securities (DATs), and growing concerns over MSCI’s potential removal of Bitcoin from its indices. The price decline was exacerbated by a 2% drop in the past 24 hours and a broader risk-averse market sentiment, with Bitcoin down over 20% in November. The delayed U.S. September jobs data fueled expectations that the Fed may pause its easing cycle, triggering a $903 million outflow from U.S. spot Bitcoin ETFs. However, comments from Fed officials John Williams and Stephen Miller on Friday suggested a preference for a December rate cut, pushing market expectations above 70%. DATs also contributed to the downward pressure, as most traded below their net asset value (NAV), prompting asset sales to close the gap. Meanwhile, Michael Saylor of Strategy argued the firm should not be classified as a fund or trust, emphasizing its role as a publicly traded software company. Despite this, Bitcoin’s price remains below Strategy’s average cost of $74,000.
Bitcoin Plummets Below $85,000 Amid Fed Uncertainty, DATs Sales, and MSCI Index Concerns
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