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Bitcoin Slips Below 200-day SMA as 10-Year Treasury Yield Hits Lowest Since April
Futures tied to the S&P 500 continue to signal risk-off, bolstering haven demand for bonds.
Updated Oct 17, 2025, 12:56 p.m. Published Oct 17, 2025, 7:10 a.m.
What to know:
- BTC sell-off gathers pace, pushing prices below the 200-day SMA.
- Futures tied to the S&P 500 continue to signal risk-off, bolstering haven demand for bonds.
- The 10-year yield has dropped to the lowest since early April.
Bitcoin continued to lose ground Friday, falling below a key average as risk stayed on the defensive, driving Treasury yields to multi-month lows.
The leading cryptocurrency by market value fell below its 200-day simple moving average of around $107,500, extending losses to $106,900, CoinDesk data show. Prices were down 7% for the week, following the past week's 6.5% drop. Other tokens such as XRP, SOL and ETH also extended losses, taking their respective weekly declines to 9% to 12%.
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BTC's losses followed over $500 million in outflows from the U.S.-listed spot exchange-traded funds (ETFs) amid growing signs of liquidity stress in the financial system.
The price weakness is consistent with bearish signals from technical charts that suggest scope for a drop below $100,000 in the coming days.
Futures tied to Wall Street's benchmark equity index, the S&P 500, fell nearly 1%. The index was dragged lower by banking shares on Thursday after Zions Bancorp and Western Alliance Bancorp disclosed links to fraud-linked loan exposure, stoking worries of a bigger fraud in the system.
The risk-off catalyzed demand for bonds, driving the U.S. 10-year Treasury yield lower to 3.94%, the lowest since April. Bond prices and yields move in the opposite direction.
Early this week, the Philadelphia Fed Manufacturing Index tanked 36 points to –12.8, indicating softening activity and triggering concerns about the economy. That also added to the demand for longer-dated Treasury notes.
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Asia Morning Briefing: Bitcoin Drifts Near $89K as Traders Step Back and Balance Sheets Step In
FlowDesk sees fading post-Fed demand and low leverage, while Glassnode data show digital asset treasuries quietly resuming bitcoin accumulation in a range-bound market.
What to know:
- Bitcoin traded near $89,000 as liquidity thinned and demand faded following a recent Fed rate cut.
- Market caution persists with BTC and ETH retracing gains, while altcoins remain under pressure.
- Gold maintains near-record highs due to rate cuts and central bank demand, while Asian markets opened lower amid cautious investor sentiment.
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