Key Takeaways
Bitcoin price drops 2.6% over the past 24 hours to $109,635,
$2.58B in ETF outflows led by Fidelity's FBTC adds to bearish pressure
Fed signals macro uncertainty, driving capital rotation to equities
BTC Slides After Spot ETF Outflows and Liquidations
Bitcoin dropped to $109,635 in the past 24 hours, underperforming the broader crypto market (-2.58%). Pressure intensified after Bitcoin spot ETFs saw $258 million in net outflows on Sept 25, according to SoSoValue data cited by 吴说. The largest single-day outflow came from Fidelity’s FBTC, which lost $115 million, though it still holds $12.22 billion in cumulative net inflows.
This ETF exodus follows a volatile weekend that saw $1.7 billion in total crypto liquidations, including $500 million in BTC longs, on Sept 22. As Bitcoin breached the $115.4K Fibonacci support and the $112.8K 30-day SMA, automated selling and stop-loss triggers accelerated the decline.
Macro Uncertainty Fuels Risk-Off Rotation
Markets are still digesting Fed Chair Powell’s Sept 24 speech, which emphasized labor market risks and lingering inflation concerns.
The speech sparked a flight to safety:
The DXY dollar index rose 1.3%
The S&P 500 hit new highs
Bitcoin’s 60-day correlation to the S&P rose to 0.72
These moves highlight Bitcoin’s vulnerability despite recent strengthening institutional confidence.
BTC Outlook: What Comes After $105K Support?
Bitcoin now tests the $105K support level, just above the 200-day EMA at $104K, last touched in October 2024. A daily close below this area could trigger further downside. However, reclaiming the $112.8K SMA might trap shorts and spark a relief rally.
