Bitcoin Slips Below $110K, Sparks $900M Liquidations Amid September ‘Curse’
Bitcoin fell below the $110,000 mark to $109,324—its lowest level since July. Ethereum plunged under $4,400, losing nearly 8% in 24 hours. The sharp sell-off triggered over $900 million in liquidations, including $322 million in ETH longs and $207 million in BTC longs. Altcoins also suffered: SOL dropped more than 8%, XRP slid 6%, and mid-caps such as PENDLE, LDO and PENGU saw double-digit declines.
Historical data confirms September’s weak performance for Bitcoin and Ethereum, known as the “September curse.” Analysts Benjamin Cowen and Doctor Profit warn of further short-term losses. Cowen expects Bitcoin to retest the $110,000 support zone, while Ethereum could fall 20–30%. Doctor Profit highlights a CME gap at $93,000–95,000 and record ETF outflows—$1.17 billion from spot BTC ETFs and $237.7 million from ETH ETFs last week—as signs of growing uncertainty.
Glassnode on-chain metrics reveal broad distribution across holder groups. Macro risks, including potential Fed rate cuts amid sticky inflation, may elevate long-term yields and pressure risk assets. Traders face seasonal headwinds, capital flight and on-chain sell pressure. Although short-term sentiment is bearish, this cleansing could prime Bitcoin and Ethereum for the next bull cycle.
Bearish
Bitcoin’s breach of $110,000 and over $900 million in liquidations highlight intensified market volatility and selling pressure. The historical September downturn—seen during 2013, 2017 and 2021 bull cycles—reinforces a seasonal ‘September curse.’ Record ETF outflows and on-chain distribution metrics indicate broad-based selling from both institutions and retail investors. Macro uncertainties, including potential Fed rate cuts amid persistent inflation, may drive up long-term yields, further weighing on risk assets. In the short term, traders are likely to maintain or increase hedges, sustaining bearish sentiment. However, this correction could purge overheated positions around critical support zones, positioning Bitcoin and Ethereum for a renewed uptrend in the next cycle.