Bitcoin drops to $81,400 as Asian chip stocks tumble, options traders seek downside protection — SkimNews
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- Bitcoin dropped 0.5% to around $81,400 even after U.S. spot bitcoin ETFs drew $526.6 million on Monday — the largest daily inflow in nearly a month — underscoring a disconnect between institutional demand and spot price.
- South Korea's Kospi fell 3.73% to its lowest close since April 7 as SK Hynix and Samsung Electronics sold off on renewed worries over AI capex, dragging Nasdaq 100 futures down 0.31% in tandem.
- Deribit options traders loaded up on downside protection, with puts outtrading calls by more than two to one; the Oct. 30 $80,000 put was the busiest contract and out-of-the-money puts cost 2.5 to 4 volatility points more than equivalent calls across expiries.
- Bitcoin open interest fell 0.6% over 24 hours to $27.4 billion with an annualized funding rate of roughly 8.8%, while Coinalyze data showed longs holding 55% of positions — a setup that amplified the $155.1 million in 24-hour liquidations, 69% of which hit longs.
- Celestia (TIA) led the CoinDesk 100 with a 2.2% gain to ~63 cents, extending a roughly 42% monthly rally coinciding with its Fibre scaling system averaging 3.07 terabits per second — though a 5.58 million TIA token unlock is scheduled for Oct. 31.
- Brent crude held near $110 a barrel as Houthi attacks on Saudi Arabia kept supply risks in focus, while roughly 70 S&P 500 companies report earnings this week including General Motors before the bell and United Airlines after the close.
Why it matters: The $526.6 million ETF inflow on Monday shows institutional buyers stepped in at lower levels, yet longs still took 69% of $155.1 million in liquidations — meaning dip-buyers are paying for upside exposure while options markets demand explicit hedges against a drop toward $80,000 by Oct. 30.
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