Bitcoin News Today: Bitcoin Slides Below 109K After Major Holder Dump and 1.43 Billion ETP Outflows

Over the past 24 hours, crypto markets experienced significant turbulence as Bitcoin fell below $109,000, hitting a seven-week low and triggering over $900 million in liquidations across the market. The sharp sell-off wiped out the gains Bitcoin had made following the Federal Reserve Chair Jerome Powell’s dovish remarks at the Jackson Hole symposium last week. Around 200,000 traders were affected, with the majority of liquidations coming from long positions, according to CoinGlass [1].

The downward momentum was exacerbated when a large holder offloaded 24,000 BTC, triggering a cascade of further selling [1]. Bitcoin has now corrected 12% from its all-time high on August 14, which was just over $124,000, and is down 7% since Powell’s speech. The drop led to a broader market selloff, with the total crypto market capitalization slipping below $4 trillion for the first time since the recent rally. Over the past week, nearly $200 billion has left the market, bringing the total cap down to $3.84 trillion [1].

Ethereum (ETH) fared slightly better, holding above its recent lows at $4,340, but many altcoins like Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Sui (SUI) saw deeper losses [1]. The selling pressure was amplified by thin weekend liquidity and a rotation of capital out of risk assets, with institutions remaining focused on Ethereum [1].

Analysts noted that September has historically been a bearish month for crypto, with significant pullbacks recorded in 2017 and 2021 during bull market years [1]. Some market participants are watching for signs that this correction may be a pause in the uptrend rather than the start of a deeper bear market. However, leveraged longs are being wiped out as the price continues to test key support levels, with the market now in a critical phase of consolidation [1].

The sell-off also impacted crypto ETPs (Exchange Traded Products), which saw outflows of $1.43 billion—their largest since March—reflecting growing uncertainty and polarized investor sentiment [1]. While some market players remain optimistic about Bitcoin’s long-term trajectory, the immediate outlook remains volatile, with the market weighing whether the current correction will evolve into a larger bearish trend [1].

Source: [1] Cointelegraph (https://cointelegraph.com/news/crypto-liquidations-hit-900m-bitcoin-sheds-jackson-hole-gains)