This week tried to break Bitcoin.
$2.4B in crypto liquidations. A $729M two-day ETF rout — the worst since June. Headlines screaming the U.S. government was "dumping" $1.01B in seized Bitcoin.
And $BTC is still sitting at ~$83K.
Let that sink in. The market just absorbed its worst flow week in four months — and held.
**The reversal nobody expected**
Friday changed everything: spot Bitcoin ETFs printed +$21.13M net inflow. First green day after the bloodbath (-$484.9M Wednesday, -$244.1M Thursday). BlackRock's IBIT flipped from seller to buyer.
Flows matter more than feelings right now.
**The reset you can see on-chain**
Funding rates tell the same story. Before the selloff, perp funding was running ~10% annualized — overheated. Now it's collapsed to near-neutral. The leverage that fueled the washout is gone. This week's pain was the deleveraging; what's left is a cleaner market.
And that $1.01B "government dump"? Arkham data shows the coins went to unlabeled custodial wallets — no exchange deposit, no sale. The spark was fake. The leverage reset was real.
**The honest other side**
Not everything flipped green. $ETH ETFs just logged their 9th straight day of outflows, and ETH bled ~7% on the week. Macro is still hostile — 10Y yields near 5.3%, CPI prints Oct 14, FOMC decides Oct 28. This is a market surviving, not thriving.
**Here's the trade-relevant read**
$80.4K is the line in the sand — it held the week low twice. A clean break below opens the door to the September lows. Above, $85K is the first wall; $87K is the ceiling BTC has rejected three times.
If CPI surprises soft on Oct 14 and ETF flows stay green, the squeeze thesis gets interesting — there's a wall of shorts stacked above $85K.
Check the $BTC chart — the levels are drawn right on it. And keep an eye on the $ETH flows: nine straight days of bleeding has to end before altcoins can breathe again.
Not financial advice. DYOR.