Bitcoin price slipped below $80,000 on Saturday, dropping 1.91% over 24 hours to $79,994.97 during the initial decline.
The retreat coincided with heavy liquidations, ETF withdrawals and growing uncertainty over US monetary policy and Iran. Losses spread across major tokens as the broader cryptocurrency market also declined during weekend trading.
Bitcoin Price Crash Deepens as Leveraged Long Liquidations Surge
Cryptocurrency long liquidations reached $219 million within one hour as Bitcoin slipped below a psychological threshold. The decline marked Bitcoin’s first move beneath $80,000 since October 15.
Forced closures intensified selling pressure as falling prices left traders unable to maintain sufficient collateral. Over $200 million in longs liquidated in just 15 minutes.
BREAKING: Bitcoin crashes below $80,000, Ethereum falls below $2350.
Over $200 million in longs liquidated in just 15 minutes. https://t.co/EdzaVu4HJH
— Bull Theory (@BullTheoryio) October 24, 2026
The Fear and Greed Index stood at 42, placing broader market sentiment within neutral territory.
Spot Bitcoin ETF Outflows Add to Selling Pressure
US spot Bitcoin ETFs registered approximately $635.6 million in net withdrawals on October 22, reversing the previous session’s positive flows. BlackRock’s IBIT accounted for $254.1 million, while Fidelity’s FBTC lost $217.5 million during the session. Withdrawals continued Friday, with another $137.9 million leaving Bitcoin ETFs before weekend trading.
Spot Bitcoin ETFs Recorded $635M in Net Outflows on October 22
On October 22 (ET), spot Bitcoin ETFs recorded total net outflows of $635M, led by BlackRock’s IBIT with $254M. Spot Ethereum ETFs recorded total net outflows of $111M, led by BlackRock’s ETHA with $75.45M. https://t.co/Vj2TzNyR03
— Wu Blockchain (@WuBlockchain) October 23, 2026
US spot Ethereum ETFs also experienced substantial withdrawals, totaling approximately $110.6 million on the same date. BlackRock’s ETHA led those losses with roughly $75.5 million, reflecting reduced exposure through Ethereum investment products.
Fed Meeting and US Midterm Elections Fuel Bitcoin Uncertainty
The Federal Reserve will meet October 27–28, placing monetary policy firmly on the market’s immediate calendar. September personal consumption expenditures inflation data follows on October 29, adding another scheduled event after the interest rate decision.
The November 3 US midterm elections add another approaching event for cryptocurrency markets and financial investors. Congressional control could affect the direction of legislation, including proposals concerning digital assets and financial market oversight. However, the approaching vote alone does not establish why Bitcoin declined during this particular trading session.
Iran Strike Fears Weigh on Bitcoin and Broader Crypto Markets
Geopolitical concerns also intensified after President Donald Trump raised the possibility of further military action against Iran. His October 23 remarks introduced another source of uncertainty without providing details about timing or operational plans. Potential escalation adds uncertainty surrounding energy supplies, inflation and demand for assets considered sensitive to financial risk.
Ethereum fell below $2,300, while XRP traded near $1.25 and Solana broke beneath $100 during the selloff. Dogecoin and Cardano also weakened as losses extended across major cryptocurrencies. The broader market initially declined 2.19% to $2.68 trillion, underscoring the selloff’s reach beyond Bitcoin and leveraged derivatives.
