Market Watch

Bitcoin Slips Below $109K as ETF Outflows Mount Ahead of US inflation Data

Bitcoin slumped on Friday as risk appetite for cryptocurrencies has cooled ahead of the U.S. core PCE inflation report, with U.S. spot bitcoin ETFs reversing to net outflows and 24-hour liquidations approaching $1 billion across crypto markets. According to The Block’s price page, BTC changed hands under $109,000 and was down nearly 6% in the past week. Ether logged double-digit losses over the last seven days, as did several altcoins.

U.S. spot bitcoin ETFs posted about $258 million of net outflows on Sept. 25, with BlackRock’s iShares Bitcoin Trust the only fund to record net inflows, The Block’s data dashboard shows. Spot ether ETFs saw roughly $251 million in net outflows on the same day, marking their fourth consecutive session of withdrawals.

Derivatives markets have borne the brunt of the unwind. CoinGlass data reported almost $1 billion in crypto liquidations over the past 24 hours, primarily driven by long positions, indicating forced deleveraging following this week’s market drop. Over 225,392 traders were stopped out, and the largest single liquidated trade was a $19.3 million ETH-USDT position on HTX.
The price action extends this week’s post-FOMC shakeout and puts key levels back in focus, BRN’s Head of Research Timothy Misir said. Misir wrote that a “leveraged washout” has pushed bitcoin through near-term support. He noted BTC briefly touched $108,652 before stabilizing and remains up about 4.5% in September, with October seasonality historically favorable.
Also, whales have been net sellers since Aug. 21, while long-term holders have realized profits. This dynamic has pressured spot markets even as ETF inflows have swung day-to-day, according to the analysts.Attention now turns to today’s core PCE price index, the Fed’s preferred inflation gauge. Misir surmised that the release could recalibrate rate-cut expectations and, by extension, risk sentiment. However, he added that the market remains in limbo till a confirmed price breakout arrives.
“Long-term flows and seasonality still favor crypto’s medium-term case, yet the market is fragile,” Misir shared with The Block through email. “Confirmation arrives when ETF flows stabilize and BTC reclaims the $113,500–$116,000 corridor with volume. Until then, prioritize capital preservation over aggressive upside chasing.”
Terron Gold

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