Following Monday’s steep drop, BTC remained under pressure on Tuesday, sliding nearly 2% in 24 hours and briefly dipping below $112,000. By press time, the coin had stabilized near $113,000, giving it a market cap of around $2.24 trillion.
The correction is becoming more evident through ETF flows. Spot Bitcoin ETFs saw significant outflows, with $363 million leaving since Monday. Fidelity’s FBTC alone accounted for nearly $277 million of that.
Ethereum has been hit harder. On Monday, ETH flirted with the $4,000 level before rebounding. It now trades at $4,200, though still down about 6% since the week began. ETF-linked outflows were lighter, totaling just under $75 million.
On derivatives markets, liquidation data suggests the worst of the shakeout may already be over. Roughly $376 million in positions were cleared—$246 million from longs, with shorts also suffering losses. That’s a stark contrast to the $1.7 billion wiped out at the start of the week, when longs took the brunt of the hit.
Seasonally, September has often been a difficult month for crypto, with Bitcoin averaging a 3% decline. This year, however, BTC is still showing a 4% monthly gain—an encouraging sign.
Attention now turns to October, a month historically strong for Bitcoin. On average, BTC has rallied 21% during October, often serving as the launchpad for a broader year-end surge.