Bitcoin drops below $85,000 as whales drive price down
Bitcoin (BTC)
Editor:
Eugene Serbin
Lookonchain.com reports that Bitcoin has fallen below the $85,000 mark, recording a 24-hour decline of 0.93% according to HTX market data. The broader crypto sector saw weakness, with crypto-related stocks in pre-market US trading trading lower, including BMNR which dropped 4.35%. Analysis suggests that medium and large BTC whales drove prices down before covering their positions, while retail investors continued to sell.
In macroeconomic news, Tom Lee noted that the S&P 500 is becoming cheaper in valuation, with Q3 earnings growth likely approaching 30%. Meanwhile, Bank of America stated that bonds are attractive for the first time in decades, predicting U.S. stocks may deliver lower returns than bonds over the next decade. Donald Trump allowed tax-exempt red-dyed diesel for road transport but failed to resolve the U.S. diesel supply shortage.
Other market movements included a $PEPE whale transferring 2.1T tokens worth $52M after 600 days of dormancy. Elon Musk’s tweet about Moltbook caused meme coin MOLT to surge 30% to a new all-time high of $114 million. A smart AI coin trader made $17.6M on tokens like $GOAT and $Fartcoin, while another sniper earned 2,277 $ETH trading $SHIRO. Finally, a trader lost $73.9K in just three minutes trading memecoins, highlighting the sector's volatility.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 7 October 2026. Not the outlet's figures.
BTC is currently trading at $85,549.93 with a 24-hour buy ratio of 49.2%, indicating a near-even split between buyers and sellers. Short-term pressure shows slight weakness, with the 1-hour buy ratio at 48.4% and the 4-hour ratio at 49.8%, both lower than the daily average. Selling pressure is evident in the negative volume deltas, which stand at -$5,109,762 for the last hour and -$1,156,845 for the last four hours. Over the full day, the volume delta totals -$16,765,395, while the Cumulative Volume Delta closed at -$4,125,415. This means that more volume was executed at the ask price than the bid price, pushing the price down. Spot volume reached $1,083,162,507 across 2,606,680 trades, with net buying occurring for only 12 of the 24 hours.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.0%, making today’s 24-hour ratio of 49.2% slightly higher by 1.2 percentage points. However, trading volume is running at 0.84x the average, indicating lighter participation compared to the standard week. The coin has risen 2.3% over the past eight days, despite a total volume delta of -$502,527,819 for the period. Net buying days totaled only 2 out of 7, suggesting that buying pressure has been intermittent rather than consistent. This day is slightly more balanced in terms of buy ratio than the weekly average, but volume remains subdued relative to typical activity.