Bitcoin fell to $108,700 as US spot ETFs recorded $258M in outflows, raising doubts over $109K support.
US spot Bitcoin BTC $106 375 24h volatility: 0.2% Market cap: $2.12 T Vol. 24h: $68.03 B ETFs faced another day of significant outflows on Sept. 25, recording a combined net withdrawal of $258 million, data shows.
BlackRock’s IBIT stood as the sole fund to register inflows, while its rivals saw heavy redemptions. Ethereum ETH $3 603 24h volatility: 0.8% Market cap: $435.21 B Vol. 24h: $32.30 B ETFs were also weak, bleeding $251 million and marking their fourth straight day of outflows.
On September 25 (ET), U.S. spot Bitcoin ETFs recorded a total net outflow of $258 million, with BlackRock’s IBIT being the only fund to see net inflows. Spot Ethereum ETFs posted a total net outflow of $251 million, marking the fourth consecutive day of outflows.… pic.twitter.com/nmszjJ2I6W
— Wu Blockchain (@WuBlockchain) September 26, 2025
The losses came as Bitcoin slipped to a four-week low of $108,700 late Thursday, with market participants wondering whether the $109K support will hold.
An Exhausted Market
According to Glassnode, long-term Bitcoin holders have realized over 3.4 million BTC in profits this cycle, approaching levels typically associated with market tops.
Analysts say this has created an “exhaustion” effect just as the Federal Reserve’s recent rate cut had stoked expectations for renewed flows.
From Rally to Correction#Bitcoin shows exhaustion post-FOMC as LTHs realized 3.4M BTC in profit and ETF inflows slowed. With spot and futures weak, $111k STH cost basis is key support or risk downside.
Discover more in the latest Week On-Chain below👇https://t.co/aTb4ndEqfK pic.twitter.com/Aq9lemd72y
— glassnode (@glassnode) September 25, 2025
Markus Thielen of 10x Research warned that the market is now at risk of a deeper correction, with stop-loss selling likely to trigger if Bitcoin revisits its early September low of $107,500.
“Many are positioned for a Q4 rally — making the bigger surprise not a surge higher, but a correction instead,” Thielen noted.
Binance Data Suggests Controlled Correction
Despite the selling pressure, data from Binance, the exchange with the deepest Bitcoin liquidity, suggests the decline is still within the range of a natural correction.
Bitcoin has dropped around 10%–11% from its all-time highs of $122K–$124K, deeper than the immediate post-ATH pullbacks of past cycles but relatively shallow compared to historic crashes.
CryptoQuant analysts stated that unless Bitcoin decisively breaks below $109K–$110K support with a drawdown exceeding 15%, the base case remains consolidation above support followed by a retest of $118K–$122K.
Binance: Bitcoin cycle drawdown | Source: CryptoQuant
This cycle is less like the retail-driven 2017 boom or the volatile 2021 run, and more of a hybrid, fueled by institutional inflows and cooled by liquidations.
According to Glassnode, the Spent Output Profit Ratio (SOPR) sits narrowly above 1 at 1.01 which means that some holders are selling at a loss.
Meanwhile, the Short-Term Holder NUPL indicator is hovering near zero, warning of forced liquidations as newer investors cut losses.
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