Bitcoin Falls Below $100,000 Amid Market Volatility

Bitcoin's price declined over 5% on Tuesday, falling below $100,000 for the first time since May. This downturn follows a record high of over $126,000 in early October and marks the first negative October for Bitcoin since 2018. The decline coincides with significant outflows from cryptocurrency exchange-traded funds (ETFs). BlackRock's iShares Bitcoin Trust (IBIT), Fidelity's Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC) collectively experienced net outflows of approximately $1.3 billion since October 29, according to data from SoSoValue. Altcoins such as Ethereum (ETH) and Solana (SOL) also saw declines exceeding 8%. Major Bitcoin-linked stocks, including MicroStrategy (MSTR), Coinbase Global (COIN), and Robinhood (HOOD), closed at least 6% lower and continued to decline after the market's close. Despite the downturn, some investors remain optimistic. Strategy Inc., co-founded by Bitcoin advocate Michael Saylor, announced the acquisition of 397 Bitcoin between October 27 and November 2 at an average purchase price of $114,771.