At 9:20 a.m. UTC, Bitcoin was priced below $108,000, following $320 million in liquidations and spot crypto ETF outflows that caused a 3.2% drop in the market.
BTC was recorded at $107,779 during the European morning session, reflecting a 2.8% decline over the past 24 hours, based on CoinDesk data. Ether and Solana have both decreased by over 3.5%, while many other altcoins faced losses surpassing 4%.
The CoinDesk 20 Index (CD20), which provides a weighted assessment of the digital asset market, is currently down by approximately 3.5%.
According to CoinGlass data, 122,919 traders have been liquidated in the last 24 hours, amounting to $320.32 million, including a single $2.98 million ETH-USDT liquidation on Binance.
The week began on a slow note, as U.S. spot bitcoin ETFs experienced a $40.4 million net outflow on Monday, Oct. 20, which included $100.7 million from BlackRock’s IBIT, as reported by Farside Investors.
The sentiment is currently in the “Fear” zone, with a score of 34 on the Crypto Fear & Greed Index.
Bloomberg has reported gold priced at $4,270 per ounce, reflecting a 1.97% decline today.
Glassnode indicated that open interest (OI) plummeted by around 30%, reducing excess leverage, and that funding has approached a neutral state, making the market less susceptible to further liquidation cascades.
Open interest is the total number of outstanding futures and perpetual contracts; a sharp decline typically indicates that leverage has been unwound. Funding refers to the fees paid by longs or shorts to maintain perpetual positions; a neutral funding state suggests neither side bears a premium, leading to a more balanced positioning.
In practical terms, reduced leverage and near-neutral funding may lower the chances of another forced liquidation wave, even with fluctuating price action.
Analyst Michaël van de Poppe noted on X that bitcoin’s monthly chart is showing sideways movement — lacking a distinct peak or bottom — ahead of a more significant upward movement. Essentially, he views this phase as a temporary pause to eliminate excess leverage while the price remains in a broad range, suggesting that a strong advance is more likely once the base-building phase concludes.
