Bitcoin falls below $85,000 as US bond yields surge past 5%, wiping out $510 million in crypto positions

Cryptoslate··US·Read original
3▲2 ▼2Impact / 5
Summary · why it matters

Bitcoin fell below $85,000 on September 23 after US business activity came in stronger than expected, pushing US Treasury yields higher and liquidating leveraged long positions from the market. The selling intensified after S&P Global published its preliminary purchasing managers' index (PMI) for February. Within just one hour, more than $135.8 million worth of crypto positions were liquidated, according to data from CoinGlass, of which long positions accounted for $125.9 million. Of that total, Bitcoin saw $47.4 million liquidated and Ether another $23.9 million. Over the past 24 hours, total losses reached $510 million across 122,256 traders, with long traders losing $363.83 million. S&P Global's composite PMI climbed to 58.4 in September, its highest level in more than five years, while the services index rose to 58.7 and the manufacturing index reached 57. All three readings came in above expectations, and the yield on 10-year US Treasury bonds moved back above 5%, a level last seen in 2007.

Impact on assets 4

Cloud & Digital Infrastructure▲ · 1 stocks
S&P Global Inc
SPGI
▲ PositiveDemandrelevance

S&P Global's preliminary composite PMI climbed to 58.4, its highest in over five years, with services and manufacturing also beating expectations — strong demand for its data/index products.

Others▼ · 2 stocks
Bitcoin
BTC-USD
▼ NegativeMonetaryrelevance

Bitcoin fell below $85,000 as surging US Treasury yields above 5% triggered liquidations of leveraged long positions.

Ethereum
ETH-USD
▼ NegativeMonetaryrelevance

Ether dropped alongside Bitcoin with $23.9 million in liquidations as rising bond yields hit crypto.

Others▲ · 1 stocks

Off-coverage companies 1

CoinGlassPrivate± Mixed
relevance

CoinGlass is only cited as the data source for the liquidation figures, not as a subject of the news.

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