Key Notes

• Bitcoin ETFs saw $258M outflows on Sept.
• 25, with only BlackRock’s IBIT recording inflows.
• BTC dropped to a four-week low of $108,700, now hovering near $109K support.
• On-chain data shows extreme profit-taking and short-term holders nearing liquidation stress.

US spot Bitcoin

BTC
$108 771

24h volatility:
2.4%

Market cap:
$2.17 T

Vol. 24h:
$72.90 B

ETFs faced another day of significant outflows on Sept. 25, recording a combined net withdrawal of $258 million, data shows.

BlackRock’s IBIT stood as the sole fund to register inflows, while its rivals saw heavy redemptions. Ethereum

ETH
$3 882

24h volatility:
3.0%

Market cap:
$468.56 B

Vol. 24h:
$57.25 B

ETFs were also weak, bleeding $251 million and marking their fourth straight day of outflows.

The losses came as Bitcoin slipped to a four-week low of $108,700 late Thursday, with market participants wondering whether the $109K support will hold.

An Exhausted Market

According to Glassnode, long-term Bitcoin holders have realized over 3.4 million BTC in profits this cycle, approaching levels typically associated with market tops.

Analysts say this has created an “exhaustion” effect just as the Federal Reserve’s recent rate cut had stoked expectations for renewed flows.

Markus Thielen of 10x Research warned that the market is now at risk of a deeper correction, with stop-loss selling likely to trigger if Bitcoin revisits its early September low of $107,500.

“Many are positioned for a Q4 rally — making the bigger surprise not a surge higher, but a correction instead,” Thielen noted.

Binance Data Suggests Controlled Correction

Despite the selling pressure, data from Binance, the exchange with the deepest Bitcoin liquidity, suggests the decline is still within the range of a natural correction.

Bitcoin has dropped around 10%–11% from its all-time highs of $122K–$124K, deeper than the immediate post-ATH pullbacks of past cycles but relatively shallow compared to historic crashes.

CryptoQuant analysts stated that unless Bitcoin decisively breaks below $109K–$110K support with a drawdown exceeding 15%, the base case remains consolidation above support followed by a retest of $118K–$122K.

Binance: Bitcoin cycle drawdown | Source: CryptoQuant

This cycle is less like the retail-driven 2017 boom or the volatile 2021 run, and more of a hybrid, fueled by institutional inflows and cooled by liquidations.

According to Glassnode, the Spent Output Profit Ratio (SOPR) sits narrowly above 1 at 1.01 which means that some holders are selling at a loss.

Meanwhile, the Short-Term Holder NUPL indicator is hovering near zero, warning of forced liquidations as newer investors cut losses.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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