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Bitcoin Rebounds to $118K as ETF Outflows and Whale Liquidations Drive Volatility

Record open interest fuels volatile swings following Bitcoin’s drop below $116K

ETHEREUM
Why is Bitcoin down today? $144M in BTC Liquidations Fuel Volatility
Despite $9B Sell-Off, Bitcoin Prices Remain above $117k- What Does That Say About Demand?
bitcoin

Overview

  • Bitcoin recovered to around $118,000 after dipping to its lowest since July 10, with the $115,000 support level holding firm.
  • Total open interest in Bitcoin futures hit a record $44.5 billion, reflecting elevated leveraged trading that heightens volatility.
  • Roughly $150 million of long Bitcoin positions were liquidated in 24 hours, contributing to over $586 million in derivatives wipeouts across crypto markets.
  • Spot Bitcoin ETFs reversed a 12-day inflow streak with $285 million in outflows over three days, squeezing short-term price momentum.
  • Galaxy Digital sold all 80,000 BTC for a client in one of crypto’s largest notional transactions, and on-chain data showed 40,000 BTC flooding centralized exchanges in a single day.