ETF inflows are still coming in—so why is BTC falling instead?
Because the main force driving the sell-off right now isn’t spot trading.
On the 6th, U.S. spot BTC ETFs saw net inflows of about $119 million, yet BTC still fell from $87,000 to $83,000.
There’s no contradiction here. ETFs are buying the dip, but leveraged longs are getting liquidated in a cascade.
Over the past 24 hours, about $67.5 million worth of BTC futures positions were liquidated, with long positions accounting for roughly 85%.
After several failed attempts to break through $87,000, the market had built up a lot of leveraged positions chasing a breakout. Once the price fell below a key level, forced liquidations became fresh sell orders, creating a cycle: prices fall → positions get liquidated → prices fall further.
What makes things worse is that the macro environment is also helping the bears.
$BZ surged above $100, the 10-year Treasury yield approached 5.3%, the U.S. dollar strengthened, and risk assets came under broad pressure.
So BTC’s situation right now is:
ETFs are buying below, leverage is driving prices down from above, and macro factors are adding pressure from the sidelines.
That’s why ETF inflows worth $100 million in a single day may still be nowhere near enough to stop prices from falling that day.
I wouldn’t recommend $BTC flipping straight to a short position right now. The $83,000 support is still strong.
If it holds, wait for leverage to clear before looking for a rebound. If it breaks, the next support is around $80,000.
If ETF inflows remain steady, liquidations cool off noticeably, and oil prices and Treasury yields start to pull back, that’s when the buying power of spot demand will truly come into view. #美联储纪要聚焦10月暂停加息
Because the main force driving the sell-off right now isn’t spot trading.
On the 6th, U.S. spot BTC ETFs saw net inflows of about $119 million, yet BTC still fell from $87,000 to $83,000.
There’s no contradiction here. ETFs are buying the dip, but leveraged longs are getting liquidated in a cascade.
Over the past 24 hours, about $67.5 million worth of BTC futures positions were liquidated, with long positions accounting for roughly 85%.
After several failed attempts to break through $87,000, the market had built up a lot of leveraged positions chasing a breakout. Once the price fell below a key level, forced liquidations became fresh sell orders, creating a cycle: prices fall → positions get liquidated → prices fall further.
What makes things worse is that the macro environment is also helping the bears.
$BZ surged above $100, the 10-year Treasury yield approached 5.3%, the U.S. dollar strengthened, and risk assets came under broad pressure.
So BTC’s situation right now is:
ETFs are buying below, leverage is driving prices down from above, and macro factors are adding pressure from the sidelines.
That’s why ETF inflows worth $100 million in a single day may still be nowhere near enough to stop prices from falling that day.
I wouldn’t recommend $BTC flipping straight to a short position right now. The $83,000 support is still strong.
If it holds, wait for leverage to clear before looking for a rebound. If it breaks, the next support is around $80,000.
If ETF inflows remain steady, liquidations cool off noticeably, and oil prices and Treasury yields start to pull back, that’s when the buying power of spot demand will truly come into view. #美联储纪要聚焦10月暂停加息