Bitcoin Price Plunges to $80,000 Amid Hot US CPI, Whale Accumulation Uncertain
Key Summary
Bitcoin's price dropped 3.3% in 24 hours to $80,979 after a hotter-than-expected US inflation report, knocking the price under the average cost basis of US spot ETFs. Whales had spent weeks accumulating coins before the report, but their decision to hold or sell is uncertain. Analysts and whales have differing views on the market, with some seeing fresh demand and others citing ETF selling and overhead supply.
Bitcoin Price Drops Amid Hot US CPI
Bitcoin's price fell 3.3% in 24 hours to $80,979 after a hotter-than-expected US inflation report. The drop pushed the price under the average cost basis of US spot ETFs, near $81,500 per Glassnode.
Bitcoin Whale Accumulation
Whales had spent weeks accumulating coins before the report, with their holdings outside exchanges and mining pools reaching 3.03 million BTC, the highest since November 2025. However, their decision to hold or sell is uncertain, with analysts citing ETF selling and overhead supply.
Market Analysis
Analysts Darkfost and CryptoQuant's consensus index stood at +49.2 on October 14, with 84% of 164 analysts voting on Bitcoin bullish. However, Glassnode sees little fresh demand behind the price, citing ETF selling and overhead supply.
Social Chatter
The crowd had turned fearful even before the CPI report, with Santiment counting 0.82 bullish Bitcoin comments for every bearish one across X, Reddit and Telegram on October 13.
Market Outlook
Whether the crowd or analysts prove right will show first in how Bitcoin trades around its nearest levels. Below the ETF cost basis, Glassnode points to $80,000, where the largest bid block on Binance's spot order book sits.