Bitcoin traded below $108,000 at 9:20 UTC as $320 million in liquidations and spot crypto ETF outflows hit a market down 3.2%.
BTC traded at $107,779 during the European morning, down 2.8% in the last 24 hours, according to CoinDesk data. Ether and solana are both down more than 3.5%, while several other altcoins are nursing losses of more than 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, totaling $320.32 million, including a single $2.98 million ETH-USDT order on Binance.
Flow started the week softer: US spot bitcoin ETFs saw a net outflow of $40.4 million on Monday, October 20, including $100.7 million from BlackRock’s IBIT, according to Farside Investors.
Sentiment sat 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 around 30%, removing excess leverage, and funding is near neutral, leaving the market less vulnerable to another liquidation cascade.
OI is the number of outstanding futures and perpetual contracts; when it falls sharply, it usually means that leverage has been closed. Funding is the fee longs or shorts pay to keep perpetual positions open; when it moves toward neutral, it signals that neither side is paying a premium, so the positioning is more balanced.
In practice, less leverage and near-neutral funding could reduce the odds of another foreclosure cascade, even if price action remains choppy.
Analyst Michaël van de Poppe said on X that bitcoin’s monthly chart is moving sideways – no clear top or bottom – before a major move higher. In short, he sees this phase as a pause long enough to shake out excess leverage while price has a wide range, with the next strong advance more likely once base-building is complete.
