The $2.9B bitcoin ETF outflow is a sign of more BTC downside, according to data from bearish futures.

Takeaways from the conference:

• Massive liquidations and heavy outflows of Bitcoin ETFs show the market’s purging of highly leveraged investors.

• The Bitcoin option metrics show that professional traders hedge against further price declines amid the tech-stock selloff.

BitcoinBTCAfter briefly returning to the $79,000 level on Monday, the NASDAQ Index fell again on Wednesday. The Nasdaq Index fell, largely due to a negative sales forecast from AMD (AMD US), and poor employment statistics in the United States. 

The price of Bitcoin is under pressure now as exchange traded funds (ETFs), which are used to trade Bitcoin, have seen outflows totaling over $2.9 Billion in 12 days.

Bitcoin’s decline from $98,000 to $243,000,000 per day on average since January 16 coincides nearly with Bitcoin rejecting at $193,000. In three weeks the 26% subsequent correction triggered $3.25bn in liquidations on leveraged BTC long futures. If buyers do not deposit more margin, leverage greater than 4x will be wiped off.

Some investors blamed the recent market crash on the long-lasting effects of the $19 billion liquidation 10th October 2025. The incident was reported to have been caused by a glitch with database queries on Binance, resulting incorrect data feeds and delays in transfers. The exchange admitted to having had technical issues during this sell-off, and distributed over $283,000,000 as compensation for affected users.

Haseeb Qreshi, managing director at Dragonfly says Binance is experiencing massive liquidations, according to Qureshi “could not get filled, but liquidation engines keep firing regardless. This caused market makers to get wiped out, and they were unable to pick up the pieces.” Qureshi also added that October 2025 crashed did not last permanently “break the market,” But market makers should be noted “will need time to recover.”

This analysis indicates that the liquidation mechanisms of cryptocurrency exchanges are not as effective as they might be “are not designed to be self-stabilizing the way that TradFi mechanisms are (circuit breakers, etc.)” Instead, focus on minimising insolvency risk. Qureshi points out that cryptocurrency is a “long series” The following are some examples of how to use “bad things” The market always recovers.

BTC option skew indicates traders are doubtful about $72,100 bottom

BTC markets should be analyzed to see if the professional traders turned bearish following the crash. In times of high stress, the demand for sell (put) instruments increases, which pushes the delta skew above the neutral threshold. The excessive demand for downside coverage is usually a sign that bulls are losing confidence.

BTC delta-skew on options reached 13% in the morning of Wednesday. It is clear that professional traders don’t believe Bitcoin price at $72,100 has hit a bottom. The skepticism is partly due to fears of increased competition in the tech industry as Google (GOOG US), AMD, and other companies roll out artificial intelligence chips.

Related: Bitcoin open interest falls by $55B in 30 days–What’s next for BTC price?

Two unrelated, unfounded rumors are another source of pain for Bitcoin owners. The first is that a $9 billion Bitcoin sale In the past, quantum computing was blamed for a 2025 incident involving a Galaxy Digital Customer. Alex Thorn denied the rumors of quantum computing in an X posting on Tuesday.

Second, speculation about Binance’s solvency gained momentum after technical problems on the exchange temporarily stopped withdrawals Tuesday. Onchain metrics indicate that Bitcoin deposits at Binance Keep your stability.

Due to the uncertainty of macroeconomic trends at present, traders have chosen to leave cryptocurrency markets. It is difficult to determine whether the Bitcoin ETF spot outflows continue to exert downward pressure on price.