Bitcoin has fallen 1.29% to USD 84,202.50 over 24 hours after briefly dropping below USD 84,000 early on October 7. The decline accompanied heavy liquidations across the crypto market, even as U.S. spot Bitcoin ETFs returned to net inflows on October 6. Traders now await the Federal Reserve’s September meeting minutes while Bitcoin trades near its overnight lows.
Bitcoin ETFs Return to Inflows After Monday’s Withdrawals
U.S. spot Bitcoin exchange-traded funds attracted USD 118.86 million on October 6, according to SoSoValue. The inflows followed USD 89.90 million in withdrawals on October 5, reversing Monday’s negative session. Across the two trading days, the funds recorded net inflows of USD 28.96 million.
The latest figures update the ETF picture ahead of Wednesday’s sell-off. Monday’s withdrawals interrupted two positive sessions, but buying through the funds resumed Tuesday. Bitcoin’s overnight decline therefore followed a day of positive ETF flows rather than another session of net withdrawals.
Cumulative net inflows reached USD 57.82 billion on October 6, up from USD 57.70 billion a day earlier. Meanwhile, total net assets slipped to USD 110.68 billion from USD 110.77 billion. Trading volume also declined to USD 1.84 billion from USD 2.18 billion.
Earlier, the funds attracted USD 189.84 million on October 2 and USD 102.67 million on October 1. Across the four October sessions shown in SoSoValue’s table, combined net inflows totaled USD 321.47 million.
Leveraged Long Liquidations Accompany the Price Drop
Coin Bureau reported USD 412.62 million in liquidations within one hour, including USD 11.79 million in short positions. Long positions accounted for more than 97% of the total. The figures covered leveraged positions across cryptocurrencies, rather than Bitcoin alone.
Exchanges forcibly close leveraged trades when traders lack enough collateral to cover losses. During a falling market, closing long positions can add selling pressure. Wednesday’s liquidation figures showed that traders betting on rising prices absorbed most of the losses.
Separately, Whale Insider reported USD 479 million in long liquidations over 24 hours. Lookonchain also reported the liquidation of a 3,728 ETH long position worth approximately USD 9.85 million as ether fell below USD 2,600.
The broader crypto market capitalization declined 1.48%. Ether traded around USD 2,610 after losing approximately 3.5%, while XRP slipped nearly 3% to about USD 1.46. Dogecoin fell roughly 5% to USD 0.09.
Bitcoin Support Levels Draw Attention Before Fed Minutes
Bitcoin traded near USD 86,600 on Tuesday before dropping below USD 84,000 overnight. Its recovery toward USD 84,200 left the price below the USD 87,000 resistance area tested during the past week. FxPro previously described a break below USD 84,000 as “a victory for the bears.”
The firm identified USD 83,000 as another support level. It said a sustained break below that threshold could open a path toward USD 80,000. That forecast depends on Bitcoin losing support, rather than the brief move below USD 84,000 alone. A CoinGlass liquidation heatmap showed clusters near USD 82,600 below the market and USD 87,400 above it.
Meanwhile, Brent crude approached USD 101.50, the dollar strengthened, and the 10-year Treasury yield rose to 5.31%.
The Fed minutes are due Wednesday following September’s quarter-point rate increase. The next scheduled policy meeting takes place on October 27–28.
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