Yeliz Akmaca 
Bitcoin slipped below the 92,000-dollar threshold as geopolitical tension weighed on global markets. Selling pressure accelerated through the session, pushing the price down to around 91,800 dollars. The decline unfolded alongside renewed political friction following Donald Trump’s remarks on Venezuelan oil and the sharp response from China.
The timing stood out. Chinese officials described Trump’s demands related to Venezuelan oil as a “serious violation of international law,” calling the move a “typical act of coercion.” Those comments added strain to an already fragile risk environment, amplifying hesitation across speculative assets.
ETF Flows Deepen the Bitcoin Crack
Activity in spot Bitcoin ETFs reinforced the negative tone. Daily net outflows reached roughly 243 million dollars, pointing to sustained distribution pressure. BlackRock was the clear outlier, as institutional clients added more than 230 million dollars worth of Bitcoin and close to 197 million dollars in Ethereum.
Even so, that selective demand failed to offset the broader trend. The risk is becoming harder to ignore: if ETF outflows persist, downside pressure may extend beyond technical levels and into sentiment-driven territory.
Gold Holds Its Ground as China Stays Active
Gold painted a more controlled picture. After three consecutive sessions of strong gains, spot gold stabilized near 4,470 dollars an ounce. Prices had climbed more than 4% over recent sessions before momentum cooled, reflecting short-term profit-taking rather than a clear shift in direction.
Structural demand remains the key support. China has now logged its 14th straight month of central bank gold purchases. Since November 2024, the People’s Bank of China is estimated to have added over 1.35 million ounces to its reserves. Goldman Sachs suggests China’s actual buying in September alone may have reached 15 tons, far exceeding officially disclosed figures.
That gap hints at demand that may still be underappreciated by the market.
Oil Slides as Supply Expectations Take Shape
Oil prices reacted faster to the shifting narrative. Brent crude fell by 35 cents to 60.35 dollars a barrel, while U.S. West Texas Intermediate dropped 52 cents to 56.61 dollars. Traders grew cautious as expectations of increased Venezuelan supply resurfaced.
The White House confirmed that Trump is set to meet with executives from major U.S. oil companies on Friday. Trump also said Venezuela could send between 30 and 50 million barrels of crude to the U.S., potentially generating up to 3 billion dollars in revenue, with sales conducted at market prices.
Coming just days after U.S. military action involving Venezuela, the remarks sharpened perceptions of geopolitical risk rather than easing them.
Stocks Touch Records, Then Stall
U.S. equity markets briefly tested fresh highs before losing momentum into the close. Both the S&P 500 and Nasdaq reached intraday records, only to drift sideways as confidence faded. Bank stocks came under pressure following downgrades, while housing-related names suffered heavier losses.
Futures markets, however, barely moved. Dow futures edged up less than 0.1%, while S&P 500 and Nasdaq 100 futures traded flat, suggesting markets have yet to fully process the growing list of risks.
Quiet Signals From Bonds and Metals
Japan’s 30-year government bond yield climbed to 3.52%, marking an all-time high and fueling speculation about stress points forming within the global financial system.
Silver slid 2.2% on the day but remained up about 12% year-to-date, largely supported by retail demand from China. Platinum fell 4.2%, palladium dropped 2.9%, and the Bloomberg Dollar Spot Index rose 0.1%, pointing to a modest but persistent defensive bias.
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