Overview

• Global crypto market value fell about 2% over the past day, with Bitcoin near $111,000 and Ethereum hovering around the $4,000 threshold after slipping below it during overnight trading.
• Derivatives stress intensified with roughly $427 million to $442 million in 24‑hour liquidations, mostly long positions, led by outsized Ethereum losses.
• Spot exchange‑traded funds showed renewed weakness, with multiple trackers reporting net redemptions from both Bitcoin and Ethereum products, including single‑day outflows above $100 million each.
• Macro caution deepened as the White House instructed agencies to prepare for possible furloughs and Polymarket odds priced a roughly two‑thirds chance of a U.S. government shutdown by October 1.
• On‑chain flows and positioning added to volatility, including a liquidation of about 9,152 ETH (roughly $36 million) and a large Bitcoin options expiry later this week that traders say could sway near‑term price action.