Bitcoin was trading below $108,000 at 9:20 a.m. UTC as $320 million in spot crypto ETF liquidations and outflows hit a market down 3.2%.
BTC was trading at $107,779 during the European morning, down 2.8% over the past 24 hours, according to CoinDesk data. Ether and Solana both fell more than 3.5%, while many other altcoins suffered losses greater than 4%.
The CoinDesk 20 Index (CD20), which offers a weighted measure of the digital asset market, is down about 3.5%.
Data from CoinGlass shows that 122,919 traders were liquidated in the last 24 hours, totaling $320.32 million, including a single ETH-USDT order of $2.98 million on Binance.
Flows started the week more slowly: US spot bitcoin ETFs recorded a net outflow of $40.4 million on Monday, October 20, including $100.7 million from BlackRock’s IBIT, according to Farside Investors.
Sentiment stood in “Fear” at 34 on the Crypto Fear & Greed Index.
Bloomberg reported gold at $4,270 an ounce, down 1.97% today.
Glassnode said open interest (OI) fell by around 30%, eliminating excess leverage and funding was almost neutral, leaving the market less vulnerable to another liquidation cascade.
OI is the number of forward and perpetual contracts outstanding; when it falls sharply, it usually means that the leverage has been closed. Funding is the fee paid by buyers or short sellers to maintain open perpetual positions; when it moves towards neutrality, it indicates that neither party is paying a premium, so the positioning is more balanced.
In practice, lower leverage and near-neutral financing can reduce the risks of a new cascade of forced sales, even if price action remains unstable.
Analyst Michaël van de Poppe said on Simply put, he views this phase as a pause long enough to eliminate excess debt while prices remain range-bound, with the next big move more likely once base building is complete.
