Overview

• Bitcoin briefly tested roughly $108,700 before stabilizing near $111,000, underperforming broader crypto indexes on Wednesday.
• Roughly $900 million in leveraged positions were liquidated within 24 hours, mostly longs, including a single $39 million BTC wipeout on HTX, according to Coinglass.
• On-chain trackers cited a whale sale of about 24,000 BTC as the flash-crash trigger that broke key support and cascaded through futures markets.
• Spot ether funds drew about $443.9 million in net inflows on Aug. 25 led by BlackRock’s ETHA, while bitcoin ETFs recorded six straight days of outflows totaling roughly $1.2 billion before a reported return to net inflows.
• Derivatives gauges point to near-term caution with elevated open interest and a skew toward protective puts, as a multibillion-dollar Friday options expiry centers on a bitcoin ‘max pain’ level near $116,000.