Overview

• Roughly $640 million in leveraged positions were wiped out across crypto, led by Bitcoin and Ethereum liquidations, according to Coinglass data reported by Bitcoinist.
• Bitcoin slipped to around $121,500 and pierced its 200-hour simple moving average, while the CoinDesk 20 Index fell about 1% as major tokens extended losses.
• U.S.-listed spot crypto ETFs pulled in $426 million on Wednesday, SoSoValue reported, even as Grayscale’s Bitcoin fund posted $28.6 million in net outflows.
• Total crypto market capitalization declined 1.9% to $4.18 trillion with trading volumes rising to $240 billion, signaling forced selling and defensive repositioning.
• Traders are watching support near $118,000–$121,000 for Bitcoin and around $4,200 for Ethereum, with Fed minutes highlighting data gaps from the government shutdown as markets look to Powell’s remarks.