Overview
- U.S. spot Bitcoin ETFs recorded heavy net redemptions over Oct. 7–8 that removed roughly $700–730 million of institutional demand and began the move that pushed prices lower.
- Crypto derivatives liquidations exceeded $1.1 billion in a 24‑hour span, with more than 90% coming from long positions as forced closures cascaded across major exchanges.
- Ether traders took disproportionate losses with estimated liquidations between $318 million and $356 million and the single largest reported wipeout a nearly $20 million ETH position on Hyperliquid.
- The selloff tested key supports for Bitcoin near $80,000–$82,000 and for Ether near $2,400–$2,500, while aggregate open interest stayed elevated at about $150 billion, leaving material residual leverage.
- Reporters linked the event to a mix of triggers including Fed minutes showing more rate hikes likely, Pentagon reports about possible renewed combat in Iran, and an AI-related wallet-security warning that intensified selling pressure.