Jeonbuk Bank has begun making won loans to corporate borrowers against Bitcoin held by a specialist custodian. A drop in BTC does not put coins on the bank's own balance sheet.
Near-term implied volatility has dropped to 33.5%, below realized volatility, while traders concentrated October put purchases at $78,000 and $80,000 strikes.
Bitcoin was rejected again near $87,000, making that level the main battleground between buyers and sellers. ETFs maintain solid institutional demand, but price momentum has weakened and BTC cannot break through the resistance. Labor data reduced the odds of a rate hike in October, though Treasury yields continue to limit risk appetite.
September CPI is due Oct. 14, followed by a Federal Reserve discussion with Kevin Warsh on Oct. 15, while Bitcoin apparent demand remains negative.
The address used 40x leverage for Bitcoin, 25x for Ether and 10x for NEAR, with an estimated unrealized gain of $243,000.
Bitcoin recovered from a weekly low of $80,393, while a separate snapshot showed $26.34 million in BTC liquidations.
Spot Bitcoin ETFs received $241.1 million during the last week, while Ethereum ETFs recorded outflows of $138 million. Bitcoin maintains a simpler institutional narrative, based on its scarcity and its role as a potential store of value.
Bitcoin's price closed last week near $84,000 and flushed an estimated $140 million in short positions, leaving a fresh wall of bearish leverage stacked between $86,000 and $88,000. What Actually Got Liquidated? Nearly $140 million in shorts were liquidated as bitcoin confirmed a weekly close above $83,000.
Bitcoin traded at $83,827.56 early Oct. 12 as one outlook pointed to a short-term decline and another set higher October targets.
South Korea's Jeonbuk Bank has introduced the country's first bank issued won loans backed by Bitcoin, allowing corporate customers to use their cryptocurrency holdings as collateral for business financing.
Bitcoin's daily moving averages remain bullish, while the four hour MACD and Chaikin Money Flow indicate that momentum maybe improving after the recent decline.
Bitcoin recovered above $84,000 on Monday, rebounding from a sharp correction that briefly pushed its price below $81,000 last week. Ethereum and XRP also regained ground, reclaiming $2,500 and $1.40. The recovery lifted the three major cryptocurrencies, although Bitcoin's momentum indicators suggest the rebound has yet to develop into a decisive breakout. However, substantial withdrawals from US spot Bitcoin exchange-traded funds and elevated Treasury yields continued to temper optimism. Analysts said Bitcoin's ability to hold $82,000 would be important in limiting the risk of another decline. Crypto rallies following Russian Diesel agreement The rally comes after President Donald Trump's Friday announcement of an agreement for Russia to supply 300,000 metric tons of diesel fuel to domestic and international markets.