Overview

• Bitcoin trades in a compressed $108,000–$113,000 band after a weeklong slide of roughly 5% and a drop of more than 10% from August’s record high.
• Marketwide crypto liquidations topped $1.1 billion on Thursday, extending a leverage-driven sell-off that began with more than $1.5 billion in long positions unwound on Sep. 21.
• Spot bitcoin ETFs recorded notable outflows this week, with $258.4 million on Thursday and about $725 million since Monday, removing a key source of demand.
• On-chain data point to exhaustion, with long-term holders realizing profits on 3.4 million BTC this cycle, SOPR near 1.01, and short-term holder NUPL approaching zero.
• Analysts highlight a potential $10,000–$15,000 move once volatility returns, with supports flagged around $107,000–$98,000 and near-term catalysts including PCE, early-October inflation and labor data, and options expiries.