Japan · Bitcoin · South Korea · Cointelegraph
Bitcoin’s apparent demand turns negative as price struggles with $77K
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
One of Bitcoin’s onchain demand indicators turns negative again after a brief August rebound, as BTC price slipped below $77,000 amid a broader bond and equities sell-off.
Key facts
- There was inorganic price action in the USD/JPY pair at 13:00 UTC, which commentators widely took as a sign of another central bank intervention
- Japan’s Nikkei 225 fell 2.9% to 64,325.64, dragged down by tech heavyweights including SoftBank Group, an OpenAI investor
- The move in BTC came after US spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $236 million the day prior
- The global bond rout that on Monday eased slightly as the US 10-year yield briefly dipped below 4.8%
Summary
Bitcoin (BTC) sold off into the early European trading hours on Wednesday to hit local lows of $76,400, per data from CoinGecko. Bitcoin’s apparent demand indicator turns negative again, with BTC price dropping to a local low of $76,400 before reclaiming $77,000. USD/JPY drops sharply to 158.5, sparking speculation that another yen intervention has taken place. Asian equities sell off sharply as South Korea’s KOSPI falls 4.0% to 6,562.72 and Japan’s Nikkei 225 drops 2.9% to 64,325.64.