According to Woofun AI, a notable divergence has emerged between traditional U.S. financial markets and the digital asset market. Although the New York stock market staged a strong rebound driven by technology shares, the price of Bitcoin (BTC) barely managed to recover to around $75,000, with gains remaining extremely limited.
This disconnect highlights the fragility of the current market structure. Persistent capital outflows from spot ETFs have become the core obstacle suppressing any price recovery, preventing digital assets from replicating the upward momentum seen in U.S. equities.
Looking at specific market data, as of 8:27 a.m. on the 10th, Bitcoin was trading at 122.4 million Korean won on the South Korean digital asset exchange Upbit, down 0.21% from its price at 9 a.m. the previous day. On the global trading platform Binance, the Bitcoin price had fallen 0.39% from 24 hours earlier to $75,277. Other mainstream tokens also showed weakness, with Ethereum (ETH) dropping 1.25% to $2,134 and Ripple (XRP) falling 2.82% to $1.10.
In contrast, U.S. stock markets performed strongly. The previous day, the Nasdaq Composite Index rose 2.7%, while the S&P 500 and the Dow Jones Industrial Average gained 2.4% and 2.2% respectively. Although NVIDIA Corp (NVDA.US) shares fell 4.3%, buying support for other technology stocks pushed the overall indices higher. International gold prices also climbed 1.8% to $4,148 per ounce, while international oil prices dropped about 5% to around $87 per barrel, mainly due to U.S. President Donald Trump indicating a lower likelihood of a large-scale military strike against Iran, easing Middle East tensions.
However, the digital asset market did not benefit from this round of renewed risk appetite. During the U.S. stock market rally, the Bitcoin price actually fell 1.1%, retreating to around $74,800. Ethereum and Ripple each declined nearly 5%, and Solana (SOL) also fell nearly 3%.
Woofun AI on-chain data shows that approximately $71.81 million worth of Bitcoin positions were liquidated in the past 24 hours, of which about 55.4%, or $44.34 million, were long positions. Across the entire market, approximately $320.69 million worth of positions were liquidated. This leveraged liquidation further intensified price volatility, making it difficult for Bitcoin to hold its ground after a brief rebound.
In the first half of this year, whenever U.S. stocks declined, Bitcoin also weakened accordingly, while it performed relatively poorly during rallies. Recently, weighed down by the sharp selloff in technology stocks, Bitcoin's response to the stock market rebound has been very limited, indicating that the recovery in demand for risk assets has not yet spread to the digital asset market.
The deeper reason lies in the retreat of institutional capital. Last week, U.S. spot Bitcoin ETFs saw a total net outflow of $1.282 billion. Spot ETFs are an important indicator of institutional investor demand for Bitcoin. Over the past two years, more than $20 billion in capital flowed into the market annually, providing support for Bitcoin price increases. But this year, even the cumulative capital flow has turned to net outflows. Analysts believe that due to the lack of sufficient new buying during stock market rebounds, the Bitcoin price cannot gain upward momentum.
Currently, market attention is focused on the U.S. October CPI (Consumer Price Index) data to be released that day, with the market expecting inflation growth to slow from the previous month. If inflation rises less than expected, U.S. Treasury yields may decline, which would positively affect risk assets such as Bitcoin. Analysts at financial services firm Marex (MRX.US) noted: "The U.S. 10-year Treasury yield falling to 4.85% is indeed positive for the market, but it is not enough to offset the pressure from sustained capital outflows and newly added leveraged positions."
This assessment indicates that unless there is a substantial return of capital or favorable macroeconomic policy, Bitcoin will find it difficult to escape its weak position in the short term. Its price trajectory will continue to be squeezed by the dual pressures of ETF capital flows and leveraged liquidations, and its correlation with traditional risk assets may weaken further.
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