Bitcoin was trading below $108,000 at 9:20 am UTC, as $320 million in liquidations and outflows from spot crypto ETFs hit a market down 3.2%.
BTC was trading at $107,779 during the European morning, down 2.8% in the last 24 hours, according to data from CoinDesk. Ether and sunny Both are down more than 3.5%, while many other altcoins posted losses of over 4%.
The CoinDesk 20 Index (CD20), which offers a weighted measure of the digital asset market, is about 3.5% lower.
CoinGlass data shows that 122,919 traders were liquidated in the last 24 hours, for a total of $320.32 million, including a single $2.98 million ETH-USDT order on Binance.
Flows started the week softer, with US spot bitcoin ETFs recording a net outflow of $40.4 million on Monday, October 20, including $100.7 million from BlackRock’s IBIT, according to Farside Investors.
Sentiment ranked “Fear” at 34th on the Crypto Fear & Greed Index.
Bloomberg reported that gold was trading at $4,270 an ounce, down 1.97% today.
Glassnode said open interest (OI) fell by around 30%, removing excess leverage and that funding is near neutral, leaving the market less vulnerable to another cascade of liquidations.
OI is the number of outstanding perpetual and futures contracts; When it drops sharply, it usually means that leverage has been closed. Funding is the fee paid by long or short sellers to keep perpetual positions open; When it approaches neutrality, it indicates that neither party is paying a premium, so positioning is more balanced.
In practice, lower leverage and near-neutral financing can reduce the odds of another cascade of forced selling, even if price action remains choppy.
Analyst Michaël van de Poppe said on In simple terms, you view this phase as a pause long enough to remove excess leverage while the price remains in a wide range, with the next strong advance being more likely to occur once the base has finished building.
