Bitcoin Wipes Out Half of September Gains as ETFs See Outflows

The significance lies less in the size of the drawdown than in its composition: spot ETF outflows, day-trader selling and leveraged liquidations are hitting simultaneously, which points to a broad unwinding of positioning rather than a single catalyst. That the daily chart still holds above key support, even as the cushion narrows, is the tension worth watching — a test of that line would show whether this is a positioning flush or the start of something deeper. The swift fade of "Uptober" optimism also matters, since it suggests the rally was built on momentum and leveraged conviction rather than durable demand.