Crypto Sell-off Deepens: BTC Falls Below $110K Amid ETF Outflows
The crypto sell-off intensified as Bitcoin dipped below $110,000 and Ethereum slid under $3,900, wiping out $370 billion in market value in October. Spot Bitcoin ETFs saw $1.23 billion in weekly outflows, including $366 million on Friday, removing key institutional support.
A simultaneous AWS outage disrupted major exchanges and DeFi platforms, triggering $240 million in forced liquidations and briefly pushing Bitcoin toward $107,500. On-chain data tracked SpaceX’s transfer of 2,395 BTC ($268 million), sparking “Musk selling?” fears amid likely internal custody reshuffles.
Altcoins underperformed, with SOL, BNB, ADA and DOGE each down about 4%, while XRP showed relative resilience. Technically, Bitcoin faces resistance at $112,000–$115,500 and support around $108,000 and $105,000. A daily close above the 50-day average (~$113,000) is needed to stabilize.
Traders will watch US CPI, Fed policy cues, ETF flows and exchange uptime for further direction. The ongoing crypto sell-off may continue amid macro headwinds and market volatility.
Bearish
The intensified crypto sell-off, driven by significant Bitcoin ETF outflows and forced liquidations from the AWS outage, has removed key institutional support and heightened volatility. In the short term, traders are likely to remain cautious as ETF outflows and liquidity disruptions exert downward pressure on Bitcoin. Over the longer term, market stability will depend on major catalysts such as US CPI data, Fed policy guidance, and renewed ETF inflows. Unless Bitcoin reclaims critical technical levels like the 50-day moving average and institutional demand returns, bearish sentiment may persist.