Bitcoin rebounded from around $80,400, but over $1.1 billion in leveraged positions were liquidated, with spot ETFs experiencing a net outflow of about $729 million over two trading days, indicating that the market has not yet escaped short-term pressure.
On October 8, BTC dipped to about $80,400 and then gradually recovered. On October 9, Bitcoin regained the $82,000 mark and approached around $83,000. However, the price rebound is still below the early monthly high, and it remains to be seen whether the market can restore its previous uptrend.
Over $1.1 billion in positions liquidated, bullish positions concentrated in exit
This round of decline was accompanied by a large-scale clearing of leveraged positions.
According to CoinDesk, on October 8, the cryptocurrency market saw about $1.19 billion in liquidations over 24 hours, with most of it stemming from bullish positions. Ethereum related positions were liquidated for about $356 million, higher than Bitcoin's approximately $298 million.
When prices drop below the liquidation price of leveraged traders, trading platforms automatically close positions, further amplifying short-term volatility. The concentrated liquidation of bullish positions means that some funds that excessively relied on leverage have exited the market, but this does not indicate that the selling pressure has been fully released.
As BTC rebounds, the market needs to observe whether the scale of liquidations decreases next and if the spot buying can absorb subsequent selling pressure.
ETFs see outflow for two consecutive days, totaling approximately $729 million
In terms of institutional funds, the U.S. spot Bitcoin ETF saw a net outflow of about $484.9 million on October 7, followed by another net outflow of about $244.1 million on October 8, totaling approximately $729 million over the two days.
Among these, the single-day net outflow on October 7 was close to $485 million, marking a recent large-scale fund outflow; on October 8, Fidelity's FBTC saw a net outflow of about $197 million, becoming one of the major sources of outflow that day.
The consecutive net outflow over two days indicates that some ETF investors are reducing their Bitcoin exposure. However, an outflow of funds cannot be directly equated to all institutions becoming bearish, nor can it solely prove that ETF redemptions are the direct cause of the recent price decline.
$83,000 becomes a short-term observation level
The current market shows two different signals: prices are rebounding from low levels, and leveraged positions are experiencing concentrated liquidation; yet spot ETFs continue to see outflows, and institutional funds have not shown a clear trend of returning.
In the short term, whether BTC can effectively hold above $83,000 is an important observation point for judging if the rebound can further recover. If prices regain sustained buying support, market sentiment may gradually improve; if fund outflows continue and the price rebound lacks volume support, a retest of the lows cannot be ruled out.
Next, three indicators are worth paying attention to: whether BTC can hold above $83,000, whether the total liquidation scale decreases, and whether the spot Bitcoin ETF can end the consecutive net outflows.
Risk warning: Cryptocurrency assets are highly volatile, and a short-term rebound does not indicate a trend reversal. This article is for market information reference only and does not constitute investment advice.
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