Overview

• Bitcoin is consolidating around $112,000 and Ethereum near $4,200 following a leverage-driven selloff that erased roughly $1.5–$1.8 billion in positions.
• Longs bore the brunt of the flush, with Ethereum accounting for about $500 million in liquidations and Bitcoin around $285 million, according to CoinGlass tallies.
• Derivatives metrics signal defensive positioning, with open interest lower, funding rates negative, and net taker volume deeply negative; options markets show increased demand for puts.
• Key zones now in focus include $112,000, $111,400 (short‑term holder cost basis), and $110,000 for BTC, and roughly $4,000 for ETH, as several analysts frame the drop as a leverage reset rather than a structural break.
• Flows and on-chain data are mixed, with BlackRock’s ETH ETF drawing about $512 million in net inflows last week even as spot BTC ETFs saw roughly $363 million in outflows Monday, alongside reports of whale accumulation and declining exchange reserves.