$BTC fell to around $80,000, while $ETH dropped below $2,500. I’m bearish because ETFs are seeing outflows and long positions are getting liquidated.
On October 8, U.S. spot Bitcoin ETFs saw net outflows of about $485 million—the biggest single-day outflow since June—erasing the net inflows from the first few trading days of October. Ethereum ETFs saw roughly $161 million in net outflows that same day, marking seven consecutive trading days of outflows and bringing the total to about $569 million since September 29.
Prices followed suit. BTC briefly fell more than 4% on Thursday, nearing $80,000; ETH dropped over 6%, to around $2,400. Binance, Bybit, and OKX saw combined liquidations of roughly $800 million to $1.1 billion, mostly from long positions. Meanwhile, oil prices are above $104, the 10-year Treasury yield has reached 5.35%, and Fed minutes struck a hawkish tone.
Positions are still open, fresh money has stopped coming in, and leverage is getting flushed out first. Until ETFs turn back to net inflows, any rebound looks more like a dead-cat bounce.
$BTC $ETH
#BTC #ETH
On October 8, U.S. spot Bitcoin ETFs saw net outflows of about $485 million—the biggest single-day outflow since June—erasing the net inflows from the first few trading days of October. Ethereum ETFs saw roughly $161 million in net outflows that same day, marking seven consecutive trading days of outflows and bringing the total to about $569 million since September 29.
Prices followed suit. BTC briefly fell more than 4% on Thursday, nearing $80,000; ETH dropped over 6%, to around $2,400. Binance, Bybit, and OKX saw combined liquidations of roughly $800 million to $1.1 billion, mostly from long positions. Meanwhile, oil prices are above $104, the 10-year Treasury yield has reached 5.35%, and Fed minutes struck a hawkish tone.
Positions are still open, fresh money has stopped coming in, and leverage is getting flushed out first. Until ETFs turn back to net inflows, any rebound looks more like a dead-cat bounce.
$BTC $ETH
#BTC #ETH