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Crypto liquidations top $1.1 billion as bitcoin enters “corrective phase”

The price of bitcoin dipped below $109,000, showing “signs of exhaustion.”

9/26/25 10:17AM

Total liquidations in the crypto market exceeded $1.1 billion on Thursday, sparing no tokens, and prompting Glassnode analysts to say bitcoin “shows signs of exhaustion.”

“Bitcoin has entered a corrective phase after the FOMC-driven rally, showing signs of ‘buy the rumor, sell the news’ dynamics. The broader market structure points toward fading momentum,” the analysts wrote.

Bitcoin dipped below $109,000 on Thursday, the first time since late August. It’s down nearly 6% in the past week and over 11% from its August 4 all-time high of $124,128 as of Friday morning. That said, bitcoin is still up roughly 67% from where it stood a year ago, around $65,000.

Lee Bratcher, president and cofounder of the Texas Blockchain Council, told Sherwood News that at its core, this is a leverage-driven sell-off.

“A huge number of traders were sitting on overextended long positions, and when BTC broke through key support, those positions started hitting their liquidation levels. Forced selling by exchanges then triggered a cascade effect, where each wave of liquidations pushed prices lower and set off the next batch of margin calls,” he said.

Bratcher said that ETF flows added fuel to the fire, as these have become a major gateway for institutional exposure.

On Thursday, bitcoin ETFs had $258.4 million in outflows, with BlackRock’s iShares Bitcoin Trust the only outlier in the group that saw inflows. Since Monday, bitcoin ETFs have seen $725 million in outflows, according to SoSoValue data.

“What we’re seeing is a classic long squeeze: overleveraged positioning, ETF outflows, and macro uncertainty converging into a sharp, self-reinforcing correction,” Bratcher said.

He added that key things to watch are ETF flows, open interest in derivatives, and whether BTC can hold above the next major support levels.

“Because if not, another wave of liquidations could be on the way,” he said.

Yaël Bizouati-Kennedy

Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

Sage D. Young3/18/26

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Sage D. Young3/18/26

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy

3/18/26

Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Sage D. Young3/17/26

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too