Recent rapid redemptions explain the market swoon. Bitcoin's spot price fell below $70,000 on Friday, the lowest since August. Bitcoin fell below $70,000 as crypto sentiment hit its lowest level in more than four months, with analysts warning of institutional outflows, thinning liquidity and elevated leverage.
Jane Street ended Q3 with 19% fewer shares in BlackRock’s Bitcoin ETF, and a higher share price lifted the stake’s value to $957 million. Jane Street raised its Fidelity Bitcoin ETF stake nearly eightfold in Q3 while trimming BlackRock IBIT shares, according to September SEC filings. Jane Street raises Fidelity Bitcoin ETF stake to $509M, cuts BlackRock IBIT shares
Bitcoin price action interacted with its 200-week simple moving average for the first time since mid-August as it fell below $68,000. At the start of the week, we outlined the most significant macro events that were expected to rattle the markets. While some did, we couldn’t have envisioned the dramatic Nvidia CEO saga, which unraveled quickly and led to some major fluctuations across all financial fields.
