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The Wire — B.R.O.

Leveraged Washout Sends Bitcoin Below $110K as ETFs Flip to Outflows

Your daily access to the backroom

,   and  Blockhead
3 min read

Key takeaways

  • Spot ETFs rotated red on with Bitcoin ETFs seeing a $258 million outflow and Ethereum ETFs hitting a fourth day of exits with another $251 million outflow.
  • Despite the drop, Bitcoin remains +4.5% for September; October seasonality historically favors BTC (avg. +21%).
  • Whales are net sellers: -147,000 BTC since August 21, the fastest monthly decline of this cycle; long-term holders realized ~3.4 million BTC in profits during the run-up.
  • Liquidations and deleveraging hit hard: the flash drop wiped $265 million of BTC longs and contributed to a broader multi-hundred million liquidation wave.
  • Structural note: Ethereum supply on exchanges is at a nine-year low (14.8 million ETH), a bullish supply signal despite short-term price pressure.

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