The sellers have changed: ETFs are pulling back, while liquidations are taking over—the engine driving this downturn has shifted.
BTC is around $67,197, down 3% in 24 hours. It hit an overnight low of $66,456, a three-month low.
U.S. spot BTC ETFs saw net outflows of $185 million yesterday, marking seven straight days of outflows. But that was about 35% less than the $284 million the day before, and 10 of the 12 funds had no activity.
Over the past 24 hours, $1.26 billion in positions were liquidated across the market. Longs accounted for 86%; 173,000 traders were liquidated, and BTC perpetual open interest fell 7% in a day.
ETH ETFs saw net inflows of $2.36 million on the same day, ending a six-day outflow streak. But Fidelity saw $11.64 million in inflows and Grayscale $9.28 million in outflows, leaving a small net figure.
My take: Prices are making new lows, but ETF selling is slowing. The marginal sellers are no longer ETFs—it's cascading liquidations of leveraged longs driving the sell-off.
Liquidations are both a result and a cause of the decline. The 7% drop in open interest shows that leverage is being flushed out, but the process isn't complete yet.
Don't treat that $2.36 million in ETH inflows as a buy-the-dip signal; one fund's subscriptions can explain it. Its real significance is that the bleeding has stopped for now: within the same pool of capital, ETH flows have paused while BTC is still seeing outflows. This time, investors are pulling back in order of relative strength, not fleeing indiscriminately.
The key point: There is no ETF data over the weekend, so only the derivatives market is left to itself. Monday will be the verdict.
Next, watch three things: whether ETF flows narrow or even turn positive on Monday; whether perpetual open interest stops falling; and whether the weekly close on Sunday can reclaim the 200-week moving average, around $67,900.
Which do you think will stabilize first this time: ETFs or leverage? Have you seen the “seller rotation” happen in a market like this?
$BTC $ETH
#比特币 #ETF #以太坊 #Liquidations
The above is for informational purposes only and does not constitute investment advice.
BTC is around $67,197, down 3% in 24 hours. It hit an overnight low of $66,456, a three-month low.
U.S. spot BTC ETFs saw net outflows of $185 million yesterday, marking seven straight days of outflows. But that was about 35% less than the $284 million the day before, and 10 of the 12 funds had no activity.
Over the past 24 hours, $1.26 billion in positions were liquidated across the market. Longs accounted for 86%; 173,000 traders were liquidated, and BTC perpetual open interest fell 7% in a day.
ETH ETFs saw net inflows of $2.36 million on the same day, ending a six-day outflow streak. But Fidelity saw $11.64 million in inflows and Grayscale $9.28 million in outflows, leaving a small net figure.
My take: Prices are making new lows, but ETF selling is slowing. The marginal sellers are no longer ETFs—it's cascading liquidations of leveraged longs driving the sell-off.
Liquidations are both a result and a cause of the decline. The 7% drop in open interest shows that leverage is being flushed out, but the process isn't complete yet.
Don't treat that $2.36 million in ETH inflows as a buy-the-dip signal; one fund's subscriptions can explain it. Its real significance is that the bleeding has stopped for now: within the same pool of capital, ETH flows have paused while BTC is still seeing outflows. This time, investors are pulling back in order of relative strength, not fleeing indiscriminately.
The key point: There is no ETF data over the weekend, so only the derivatives market is left to itself. Monday will be the verdict.
Next, watch three things: whether ETF flows narrow or even turn positive on Monday; whether perpetual open interest stops falling; and whether the weekly close on Sunday can reclaim the 200-week moving average, around $67,900.
Which do you think will stabilize first this time: ETFs or leverage? Have you seen the “seller rotation” happen in a market like this?
$BTC $ETH
#比特币 #ETF #以太坊 #Liquidations
The above is for informational purposes only and does not constitute investment advice.