Bitcoin liquidations $1.76B; ETF outflows keep floor unconfirmed

Bitcoin fell to an intraday low of $61,349 in the latest trading session, triggering roughly $1.76 billion in liquidations. More than $1.5 billion of that total came from long positions. The price later recovered into the mid-$63,000s.

Funding rates turned deeply negative and open interest declined sharply during the sell-off. The Crypto Fear & Greed Index fell to 12, a reading in the extreme fear range. On-chain metrics showed the seven-day Spot Volume Delta moved decisively negative and short-term holder cost basis slipped to about $76,400.

Exchange inflows rose in the 24 hours after the $61,349 low, indicating more coins were moved onto trading platforms. US-listed spot Bitcoin ETFs recorded outflows for a 13th straight session, totaling roughly $4.4 billion over that run.

Lacie Zhang, a research analyst at Bitget Wallet, wrote that the $1.76 billion liquidation wave cleared concentrated bullish leverage from the order book and that the funding-rate flip reflects a shift away from leveraged long bias. Glassnode reported Bitcoin fell about 13% over seven days and noted that spot sellers were dominating order books even as prices bounced.

Nicolai Sondergaard of Nansen pointed to the combination of ETF redemptions and renewed exchange deposits as a headwind for a sustained recovery, and highlighted that institutional allocators often rebuild exposure slowly because of internal compliance. Geoffrey Kendrick of Standard Chartered maintained a $100,000 year-end 2026 target and cautioned that a sustained break below $60,000 could trigger further selling, with no clear natural floor visible below that level.

Market participants identify several conditions that would support a confirmed bottom: ETF flows slowing or reversing; exchange inflows subsiding; larger holders increasing accumulation to absorb supply; funding rates normalizing without open interest quickly re-leveraging; and spot buying filling the order book so new bids replace liquidated longs. Data through the first days after the liquidation shows the leveraged positions have been reduced, while ETF outflows and higher exchange deposits continue to weigh on demand.