(Seoul=Yonhap Infomax) Jang Won Lee — Bitcoin fell to the $85,000 level, marking a seven-month low, as risk aversion gripped global markets.


According to the Yonhap Infomax Crypto Composite screen (2550), as of 15:22 KST on the 21st, Bitcoin was trading at $85,811.61, down 0.95% from the previous session.


Bitcoin has dropped 7% over the past 24 hours and more than 20% in the past month.


Ethereum also declined 1.05% to $2,804.72, hitting its lowest level in four months.


Bitcoin traded above $88,000 earlier in the day, but extended losses as expectations for a U.S. rate cut faded and concerns over tech stock overvaluation intensified.


According to CoinDesk, the widening decline in Bitcoin prices is being driven by a "heavy supply" effect, as coins from long-dormant wallets are moving to centralized exchanges.


Market maker Flowdesk reported that tens of thousands of coins have flowed from wallets inactive for years into centralized exchanges.


Flowdesk added that this selling pressure has overwhelmed buying demand, tilting spot market activity toward the sell side.


Fund managers are reportedly adopting defensive positioning ahead of year-end, focusing on capital preservation rather than returns. This has thinned liquidity at key support levels, leaving the market more vulnerable.


The bearish trend in the spot market is also reflected in the derivatives market.


According to data from options exchange Deribit, the $85,000 put option has become the largest open interest in the entire Bitcoin options market.


The $140,000 call option, which once dominated the market, has been overtaken by the $85,000 put option.


jang73@yna.co.kr


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