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SKY Bitcoin prices are under pressure again, as the situation in the Middle East warms up with macro factors.
Affected by increased tensions in the Middle East, rising oil prices and sharp fluctuations in U.S. Treasury yields, Bitcoin prices are once again facing selling pressure. As the overall risk appetite in the cryptocurrency market weakened, as of 08:23 in Beijing time, Bitcoin fell 1.62% to fall back to US$82,839. The total market value also fell 1.63% to US$2.81 trillion.
How did Bitcoin and Altcoins decline?
This sell-off is not limited to Bitcoin. Ethereum fell 1.57% to $2,572;XRP fell 4.01% to $1.41; and Solana fell 2.42% to trade at $115.59.
Despite the overall unfavorable situation, some altcoin projects still rose against the trend. In the past 24 hours, Jupiter (JUP) performed best with a gain of 15.05%, while Sky (SKY) fell 8.94%, becoming the asset with the most significant market value decline.
This trend suggests that investors are beginning to reduce their exposure to risky digital assets. In particular, the simultaneous decline of Bitcoin and major altcoins once again highlighted the sensitivity of the cryptocurrency market to global risk appetite.
Why does oil prices affect cryptocurrency prices?
One of the important reasons for the Bitcoin sell-off was the development of the situation in the Middle East. News that the White House asked the Pentagon to study potential strike options against Iran spurred a new round of gains in the oil market.
Brent crude oil prices rose 2%, breaking the $100-barrel mark. In addition, a storm in the United States blocked some oil production activities and Iranian-backed Houthi attacks on two airports in Saudi Arabia further pushed up oil prices. The attack reportedly killed three people.
Oil prices have returned to above $100, reigniting global inflation concerns. Rising energy costs have also affected interest rate expectations, increasing selling pressure on non-yielding assets such as Bitcoin.
What are bond yields and the current state of global stock markets?
The rise in oil prices is also reflected in the U.S. Treasury market. The yield on the 10-year Treasury note rose two basis points to 5.31%. This level is close to the highest recorded since 2002.
Against the background of high yields, risk aversion in global stock markets has accelerated. There was a correction on Wednesday after the Wall Street index hit a record high on Tuesday; Asian stocks fell about 1%.
The MSCI All Countries Global Index fell 0.2%, about 1.5% below its all-time high set earlier in the week. Bitcoin's decline in the past two days coincides with the rise in oil and government bond yields, demonstrating the sensitivity of crypto assets to macroeconomic changes.
Has the outflow of cash ETF funds increased selling pressure?
In addition to macroeconomic pressures, the outflow of funds from spot ETFs has also contributed to the fuel. On October 7, the net outflow of spot Bitcoin ETF was US$487.07 million; on the same day, the net outflow of spot Ethereum ETF was US$160.77 million.
Volatility in altcoin ETFs is relatively small. The net inflow of NEAR ETF was US$3.34 million, and the net inflow of LTC ETF was US$482.14 million; while the net outflow of SOLETF was US$4.8 million, and the net outflow of ZEC ETF was US$8.49 million.
There were no significant net flow changes in ETFs for BNB, XRP, TRX, HYPE, DOGE, LINK, AVAX, HBAR and DOT. If Brent crude oil prices return to below $100, the macro pressure on Bitcoin is expected to be alleviated.
