Overview
- A sharp sell-off produced roughly $1.16 billion in derivatives liquidations within 24 hours, with more than 90% of the wiped positions long according to market trackers.
- U.S. spot Bitcoin ETFs recorded large net outflows across Oct. 7–8 that totaled hundreds of millions of dollars and removed a key source of institutional buying pressure.
- Bitcoin fell to intraday lows near $80,300–$80,427 before partially recovering to about $82,000–$83,000, leaving the $81,000 buy zone as the first line of defense for prices.
- On-chain data showed short-term holders moved tens of thousands of BTC to exchanges at a loss, increasing available supply and adding to selling pressure during the unwind.
- Rising Treasury yields and Middle East tensions helped trigger the move and the market now watches whether ETF flows reverse and BTC reclaims $82,800 to avoid deeper tests near $72k–$77k.