Key Highlights

● Strategy fell on October 22 as bitcoin suffered its biggest one-day drop since June.

● Bitcoin traded around $81,200 to $81,300, down roughly $3,100 to $3,400.

● About $400 million in leveraged crypto positions were liquidated.

● Ether dropped to about $2,381.

Shares of Strategy (NASDAQ:MSTR) fell on Thursday, October 22, 2026, as bitcoin suffered its biggest one-day drop since June, according to market data, adding a crypto leg to a punishing day for the Nasdaq-100.

Bitcoin traded around $81,200 to $81,300 late in the day, down roughly $3,100 to $3,400, according to market data. It briefly slipped below $81,000. About $400 million in leveraged crypto positions were liquidated, market data showed.

A proxy for bitcoin

Strategy, formerly known as MicroStrategy, still runs an enterprise software business, but investors overwhelmingly treat it as a vehicle for bitcoin exposure. The company has accumulated a vast store of the cryptocurrency, which means its share price tends to amplify moves in the token itself.

That relationship was on display from the opening bell. Crypto-linked stocks were already under pressure before the market opened, with Strategy, Circle (NYSE:CRCL) and Coinbase (NASDAQ:COIN) all lower. Market data showed that the group was retreating after gains on Wednesday.

Coinbase fell during the regular session, and spot bitcoin exchange-traded funds such as BlackRock's iShares Bitcoin Trust also declined. Ether dropped to about $2,381. Separately, Coinbase's Irish unit was fined $3.6 million by the Central Bank of Ireland.

Why crypto sold off

Market commentary attributed the cryptocurrency drop to oil prices climbing above $111 a barrel and a fading appetite for risk. Brent crude settled at $113.17, its highest since May 4, after Houthi attacks in Saudi Arabia hit Dammam airport and an Aramco oil field. A media report also said that the US and Israeli militaries have plans to renew strikes on Iran after the November 3 midterm elections.

Higher energy costs raise inflation risks, and speculative assets such as bitcoin tend to suffer when investors turn cautious. Thursday also delivered a heavy blow to technology stocks, which often trade alongside crypto.

That selloff began with Meta Platforms (NASDAQ:META), whose results showed huge AI spending and negative free cash flow, and was compounded by cautious guidance from Lam Research (NASDAQ:LRCX). The Nasdaq Composite fell 694.00 points to 26,008.86, its steepest drop since June 5, while the Nasdaq-100 lost about $1.32 trillion in market value.

Safe havens were mixed. Treasuries rallied strongly, but gold fell to its lowest level in more than two months and silver dropped too.

Not every crypto name fell

The selling was not universal. TRON Inc. (NASDAQ:TRON), a company that holds the TRX token in its treasury, rose against the weak tape, though the move came without company-specific news.

The broader stock market also showed resilience beneath the surface. About two of every three S&P 500 stocks rose, according to market reports, and the Dow Jones Industrial Average ended up 11.89 points at 52,867.98. Consumer staples and health care hit record highs as money rotated toward defensive sectors.

Strategy Follows Bitcoin's Next Move

Strategy's next move is likely to depend on bitcoin. Traders will watch whether the token can hold around the $81,000 level after Thursday's liquidations. Oil remains a key driver after Brent's run to a five-month high. The Federal Reserve's decision on Wednesday, October 28, could shift risk appetite, while Friday's PMI data and the final University of Michigan sentiment reading may offer early clues on the economy.