Bitcoin fell from approximately $84,700 early Thursday to $80,900, marking its steepest decline in 2 weeks. The asset tagged $81,000 again earlier today before stabilizing between $81,000 and $82,000. Bitcoin currently trades around $81,500, down about 3.7% since midnight Thursday.
After experiencing $3,000 swings throughout the week, Bitcoin has spent much of Friday trading within a range of less than $1,000. The narrower range offers some stability after recent volatility, though price remains under pressure.
Solana followed a similar trajectory, falling from $109 to $103 before recovering to around $104.
Bitcoin ETFs Record Their Largest Outflows Since June
U.S. spot Bitcoin ETFs recorded $635.6 million in net outflows on Thursday, reversing Wednesday's $528.4 million in inflows. The withdrawal marked the largest daily outflow since June 25, when the funds lost $696.29 million.
Despite Thursday's reversal, Bitcoin ETFs remain positive for the week, with cumulative net inflows of $442.7 million. The funds attracted $526.7 million on Monday, $23.2 million on Tuesday, and $528.4 million on Wednesday before Thursday's withdrawals erased much of those gains.
Bitcoin has also struggled to reclaim the average acquisition cost of U.S. spot Bitcoin ETFs, which stands at $82,313. Its current price remains below that level, leaving ETF investors collectively underwater on their average holdings.
Historical data offers a concerning signal. Across the 22 previous days when Bitcoin ETFs recorded outflows exceeding $300 million, Bitcoin tended to trade significantly lower in the days that followed.
Solana ETFs Face Their Worst Month on Record
Solana's ETF market presents an even more concerning picture. U.S. spot Solana ETFs have recorded $72.24 million in net outflows so far in October, making it their worst month on record.
The funds have experienced consecutive weekly outflows of $24.81 million and $25.52 million over the past 2 weeks. They have also lost $17.31 million so far this week, with Friday's trading session yet to conclude.
Before October, June 2026 was the only other month to record net outflows, with withdrawals totaling just $786,580. October's figures therefore represent a substantial deterioration in investor flows. The sustained withdrawals raise questions about institutional demand for Solana exposure as the broader crypto market weakens.
Liquidations Exceed $254 Million as Sentiment Cools
According to CoinGlass, 99,714 traders were liquidated over the past 24 hours, with total liquidations reaching $254.19 million. The largest liquidation order occurred on Hyperliquid for SOXL-USD, valued at $3.77 million.
The liquidation heatmap showed $162.22 million in long liquidations against $91.97 million in short liquidations over 24 hours. Long positions accounted for 63.8% of liquidations, while short positions represented 36.2%.
Meanwhile, CoinMarketCap's Fear & Greed Index stands at 48, indicating neutral sentiment. The index has fallen 38.4% over the past month, declining from 78 to 48, while Bitcoin lost approximately 5% over the same period.
Sentiment has remained neutral for 16 consecutive days, its longest such stretch since May. The index has stayed between 48 and 58 since October 8, compared with this year's high of 82 on August 27.
Can Bitcoin Recover Before Year-End?
Bitcoin remains approximately one-third below its all-time high above $126,000, reached about a year ago. A recovery since August had raised hopes that the asset could revisit $100,000 before year-end, but recent market turbulence and concerns about artificial intelligence spending have tempered expectations.
With Bitcoin trading below ETF investors' average cost basis, record outflows from ETFs, and sentiment weakening, the market faces several hurdles to a sustained recovery.
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