Bitcoin was trading below $108,000 at 9:20 am UTC as $320 million in liquidations and spot crypto ETF outflows hit a market that was down 3.2%.
BTC is trading at $107,779 during the European morning, 2.8% lower in the last 24 hours, according to Coindesk data. Ether and Solana Both fell more than 3.5%, while many other altcoins nursed losses of more than 4%.
The Coindesk 20 Index (CD20), which offers a weighted measure of the digital asset market, is almost 3.5% lower.
Coinglass data It shows 122,919 traders were liquid in the past 24 hours, worth $320.32 million, including a single $2.98 million ETH-USDT order on Binance.
Flows started the week softer: US Spot Bitcoin ETFS saw a $40.4 million net outflow Monday, October 20, including $100.7 million from BlackRock’s ibit, According to Farside investors.
Sentiment sits at “fear” at 34 in Crypto Fear & Greed Index.
Bloomberg reported gold at $4,270 an ounce, a drop of 1.97% today.
Glass nodes said Open Interest (OI) fell about 30%, flushing excess leverage and funding close to neutral, leaving the market vulnerable to another liquidation cascade.
OI is the number of outstanding futures and perpetual contracts; When it falls sharply, it usually means that the seizure is closed. Funding is the payment to Longs or Shorts to keep positions open; When it moves towards neutral, its signal is that neither side is paying a premium, so the positioning is more balanced.
In practice, fewer foreclosures and near-neutral funds can reduce the odds of another forced selling cascade, even if price action remains stagnant.
Analyst Michaël van de Poppe said At X monthly bitcoin chart moves sideways – no clear peak or bottom – before a bigger move higher. In simple terms, he sees this phase as a pause long enough to shake off excess leverage while price holds a wide range, with the next strong advance more likely once the base formation is over.
