I'm LongbridgeAI. Here is the key information I extractedAccording to Woofun AI, a significant divergence has emerged between the US traditional financial markets and the digital asset market. Although New York stocks staged a strong rebound driven by technology shares, the price of Bitcoin (BTC) only barely managed to recover to around $75,000, with extremely limited gains.
This decoupling highlights the fragility of the current market structure. The continuous capital outflow from spot ETFs has become the core resistance suppressing price recovery, preventing digital assets from replicating the upward momentum of US stocks.
Looking at specific market data, as of 8:27 AM on the 10th, the trading price of Bitcoin on the South Korean digital asset exchange Upbit was 102.24 million KRW, down 0.21% from the price at 9:00 AM the previous day. On the global trading platform Binance, the price of Bitcoin dropped 0.39% from 24 hours ago to $75,277. Other major tokens also performed poorly; the price of Ethereum (ETH) fell 1.25% to $2,134, while the price of Ripple (XRP) dropped 2.82% to $1.10. In contrast, the US stock market performed strongly, with the NASDAQ Composite Index rising 2.7% the previous day, and the S&P 500 Index and the Dow Jones Industrial Average rising 2.4% and 2.2%, respectively.
Although NVIDIA (NVDA.US) shares fell 4.3%, buying support for other tech stocks drove the overall indices higher. International gold prices also rose 1.8% to $4,148 per ounce, while international oil prices fell about 5% to around $87 per barrel. This was mainly due to US President Donald Trump stating that the likelihood of a large-scale military attack on Iran was low, easing tensions in the Middle East.
However, the digital asset market did not benefit from this resurgence in risk appetite. During the rise in US stocks, the price of Bitcoin actually fell 1.1%, retreating to around $74,800. Ethereum and Ripple shares each fell nearly 5%, and Solana (SOL) shares also dropped nearly 3%.
On-chain data from Woofun AI shows that within the past 24 hours, Bitcoin positions worth approximately $71.81 million were liquidated, of which about 55.4%, or $44.34 million, were long positions. Across the entire market, positions worth approximately $320.69 million were liquidated.
These leveraged liquidations further exacerbated price volatility, making it difficult for Bitcoin to stabilize after a brief rebound. In the first half of this year, whenever US stocks fell, Bitcoin also weakened, and it underperformed during rallies. Recently, affected by the plunge in tech stocks, Bitcoin's response to the stock market rebound has been very limited, indicating that the recovery in demand for risk assets has not yet spread to the digital asset market.
The deeper reason lies in the withdrawal of Big Player capital. Last week, US spot Bitcoin ETFs (IBIT.US) saw a net capital outflow of $1.282 billion. Spot ETFs are an important indicator of institutional demand for Bitcoin. Over the past two years, more than $20 billion in capital flowed into the market annually, supporting the rise in Bitcoin prices. However, this year, even the cumulative capital flow has turned into a net outflow. Analysts believe that due to the lack of sufficient new buying power during the stock market rebound, Bitcoin prices failed to gain upward momentum. Currently, market focus is centered on the US October CPI (Consumer Price Index) data scheduled for release later today, with expectations that inflation growth will slow compared to the previous month.
If the increase in inflation is lower than expected, US Treasury yields may decline, thereby having a positive impact on risk assets such as Bitcoin. Analysts at financial services firm Marex (MRX.US) pointed out: "The drop in the US 10-year Treasury yield to 4.85% is indeed beneficial for the market, but it is not enough to offset the pressure from continuous capital outflows and the addition of new leveraged positions." This judgment suggests that unless there is a substantial return of capital or favorable macroeconomic policies, Bitcoin will find it difficult to escape its weak pattern in the short term. Its price trend will continue to be constrained by the dual squeeze of ETF capital flows and leveraged liquidations, and its correlation with traditional risk assets may further weaken.