Bitcoin Drops Below $83,000, Ethereum Down 1%, XRP, Dogecoin Plunge 3%

Bitcoin fell back below $83,000 on Monday amid elevated Treasury yields, a stronger dollar and uncertainty ahead of the U.S. midterm elections.

Notable Statistics:

• Coinglass data shows 88,688 traders were liquidated in the past 24 hours for $302.44 million.       
• SoSoValue data shows net inflows of $21.13 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $56.1 million.
• In the past 24 hours, top losers include Starknet, Cosmos Hub and Aptos.

Notable Developments:

Trader Notes:

On Scott Melker’s podcast , industry veterans Andy Constan, Dave Weisberger and Mike McGlone highlighted Bitcoin’s repeated failure to break above $86,000 to $87,000, suggesting further consolidation before a potential rally.

McGlone warned that elevated Treasury yields and a strong dollar remain major headwinds for Bitcoin and other non-yielding assets.

Constan argued that Treasury Secretary Scott Bessent’s efforts to contain long-term yields through bond buybacks and reduced long-term debt issuance could boost asset prices but fuel inflation.

He expects Bitcoin to trade sideways rather than stage an immediate explosive 10x rally as it evolves into a reliable store of value.

The panel also cited prediction markets pricing a 61% chance of a Democratic sweep of Congress, warning that Republican losses could complicate Trump’s crypto agenda and increase political gridlock.

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