Overview

• Bitcoin briefly fell to about $108,700–$109,000 before stabilizing near $110,000, marking its weakest level since early July.
• Market makers and analysts traced the drop to an early holder selling roughly 24,000 BTC into thin liquidity, setting off a cascade across leveraged markets.
• Liquidations over the past day totaled roughly $812 million to $940 million, with 179,000 to 205,000 accounts forced out and losses skewed to long positions.
• Derivatives remained long-biased with positive funding rates as options pricing turned defensive, and Derive.xyz data shows traders assigning about a 35% chance of a $100,000 BTC test and 55% odds for $4,000 ETH by late September.
• ETF flows stayed resilient, with about $444 million into U.S. spot Ether funds and roughly $219 million into spot Bitcoin funds on Aug. 25, even as on‑chain activity and order book depth weakened.