Why is Bitcoin moving today?

Bitcoin's 0.8% slip to $84,095 is macro-driven, not crypto-specific. The 10-year US Treasury yield climbed to 5.22% in a historic bond selloff, pushing borrowing costs to decades-high levels, and traders cut roughly $1.7 billion of leverage in the process. That BTC is still up 3.0% over the week after absorbing that shock says more about the deleveraging than about any single catalyst.

Sentiment headwinds came from the Bitget exchange hack, where about $388 million was drained from hot and cold wallets in under an hour, with the CEO linking the theft to North Korean hackers. PayPal also paused Bitcoin purchases in Europe over CARF tax reporting rules, trimming one retail on-ramp.

On the other side, corporate and institutional demand stayed intact: Strive raised enough via perpetual preferred stock to buy 1,400 BTC worth $117 million, the CFTC reported a net long of 2,756 futures contracts for the week of September 22, and River data shows 81% of supply dormant for six months.