Overview
- Bitcoin broke below $83,000 on Oct. 7 and is probing the $80,400–$80,600 support cluster after roughly $550 million of leveraged crypto longs were liquidated.
- Ethereum fell under $2,600 and is testing the $2,500–$2,560 band and its 100-week EMA after about $201 million in ETH long liquidations and the largest weekly ETF outflows since June.
- The sell-off followed reports that the White House asked the Pentagon for strike options on Iran and renewed attacks near the Strait of Hormuz, which sent Brent above $100 and pushed U.S. Treasury yields toward multi-decade highs.
- Institutional and on-chain flows are changing the demand picture: BitMine disclosed it holds about 6.02 million ETH and has paused further buys while whales have accumulated more than 14,000 BTC since Oct. 1.
- Traders will watch whether the $80k cluster for Bitcoin and $2,500–$2,560 for Ethereum hold on weekly closes, because oil, yields and ETF/spot flows will likely decide if the correction deepens or stabilizes.