Bitcoin Hits October Low as Government-Linked Wallets Move $1.48B

Bitcoin reached $80,420, its lowest level of October, during a three-day period in which government-linked wallet addresses sent 17,733 BTC valued at roughly $1.48 billion to Coinbase Prime through Oct. 9.

The wallets also transferred 750 WBTC valued at approximately $62 million. The movements do not establish that the government sold Bitcoin or caused the market decline.

Bitcoin later stabilized near $83,000, while XRP held between $1.39 and $1.40. Spot XRP exchange-traded funds recorded $8.17 million in net inflows on Oct. 8, contrasting with $244.13 million in outflows from Bitcoin ETFs and $72.54 million from Ether ETFs.

The selloff also triggered $1.06 billion in crypto liquidations over 24 hours, with long positions accounting for $859.17 million. A liquidation occurs when an exchange forcibly closes a leveraged trade after losses exceed the trader’s collateral.

Evernorth Holdings Inc. expects its business combination with Armada Acquisition Corp. II to close on or about Oct. 9. Nasdaq trading under the XRPN ticker is expected to begin on or about Oct. 12, subject to closing conditions.