The crypto market has just undergone a broad leverage deleveraging flush right before the moment the Fed was set to make its interest-rate decision. Over the past 24 hours, more than $632 million has been liquidated, with the Long side suffering the most losses—$526 million.
Below are 3 key points from the cash flow data that brothers need to note:
1. The divergence in derivatives between BTC and ETH
BTC’s price has retreated to the $75,000–$76,000 range, but BTC’s open interest (OI) is nearly flat at around $5.23 billion. Meanwhile, ETH has fallen to around $2,400, with OI dropping even more sharply by over 4%, to $3.13 billion. This signal indicates that leveraged positions on ETH are being unwound more decisively than on BTC.
2. Withdrawals from ETFs and legal barriers
On September 15, total net outflows of nearly USD 592 million were recorded from spot ETF funds in the U.S. (BTC ETF outflows of USD 450 million, ETH ETF outflows of USD 141 million). The U.S. Senate’s failure to approve the next step of the CLARITY Act further leads institutional investors to scale back risk exposure.
3. Macroeconomic variables shaped by the Fed’s interest-rate decision
The event deciding the next direction will take place at 1:00 a.m. on September 17 (Vietnam time), when the Fed releases its interest-rate changes, with a forecast of a 0.25 percentage-point adjustment.
Strategic perspective:
Mass liquidation helps cool down leveraged capital flows, bringing the market into a state with less risk of volatility in a chain reaction. However, when cash flow from ETF funds is still being withdrawn, rushing to increase leverage now makes it easy to run into two-sided liquidation waves.
