Overview

• Roughly $1.5–$1.8 billion in leveraged positions were wiped out as total crypto market value fell by about $150 billion to near $3.95 trillion, one of 2025’s largest flushes.
• Bitcoin is consolidating around $112,000–$113,000 and Ethereum is holding near $4,100–$4,200 after a drop that tested the $4,000 area for ETH and pushed BTC under $112,000 intraday.
• Altcoins lag the rebound, with an analyst reporting about $8 billion in altcoin open interest erased in hours as tokens such as Solana, Hyperliquid and Binance Coin struggle to recover pre-sell‑off levels.
• Institutional demand diverged by asset class, with BlackRock’s spot ETH fund drawing about $512 million in net inflows last week even as spot Bitcoin ETFs saw roughly $363 million in net outflows on Sept. 22.
• On-chain and derivatives signals are mixed, with whales adding about 56,000 BTC and exchange reserves falling by more than 31,000 BTC as funding rates turned negative and open interest retreated, creating oversold conditions that some say could precede relief rallies.