Bitcoin fell nearly 3% on Thursday, retreating from a brief push toward $85,000 after Tesla reported third-quarter capital expenditure well below analyst estimates. The cryptocurrency traded near $81,500, surrendering the previous session’s gains as equity markets also came under pressure.
Tesla capex misses by $3.2 billion
Tesla reported Q3 revenue of $28.05 billion, slightly short of the $28.13 billion consensus, but the capital expenditure figure drew the sharper focus. The company spent $4.73 billion in the quarter against a projected $7.96 billion, a gap of more than $3 billion. On the earnings call, Elon Musk said spending would become “more meaningful next year” and reach “tens of billions” in 2028. Ryan Lee of Direxion told Reuters the underspend signals a less aggressive posture in the AI infrastructure race than markets had priced.
KOSPI drops 3.5% in separate selloff
South Korea’s KOSPI Composite Index closed down 3.52% on Thursday, struggling to recover from a slide last week that took the index to 5,460 points, its lowest level since late July. The source does not link the Korean benchmark’s decline to Tesla’s results.
Open interest peaks before reversal
Bitcoin open interest across exchanges climbed to $55.95 billion late Tuesday, a 4.5% increase in 24 hours and the highest level since September 25, according to CoinGlass data. The buildup preceded the price rejection at a downward-sloping trend line near $84,840 on three-day charts, a level analyst Rekt Capital identified as a prerequisite for sustained upside. The $80,000 to $81,500 zone, which holds the cost basis for US spot Bitcoin ETFs, now acts as key support.