Why Bitcoin price just plummeted under $104k to lowest level since June
Bitcoin dropped below $104k, hitting its lowest level since July, driven by US-China tariff tensions and significant institutional fund outflows.Summary
Bitcoin extended its decline, falling over 5% to as low as $103,300, its lowest point since July, amid renewed US-China trade tensions and substantial fund outflows from spot Bitcoin and Ethereum ETFs. This sell-off triggered approximately $1.18 billion in leveraged liquidations over 24 hours, heavily impacting long traders. Analysts attribute the downturn to geopolitical developments, specifically fears of economic decoupling following new tariff threats, causing markets to react strongly. Furthermore, US spot Bitcoin ETFs recorded combined outflows of about $600 million on October 16, marking the largest single-day withdrawal since August, which analysts suggest is turning a temporary pause into a structural headwind. A researcher warned that if combined redemptions surpass $1 billion in 48 hours or miner sales resume, Bitcoin could test the $96,000 level.
(Source：CryptoSlate)