Behold, Bitcoin-once the golden calf of modern finance-now totters beneath the $110,000 mark, a victim of its own hubris and the merciless arithmetic of ETF outflows. The market, that fickle mistress, has turned her back, leaving traders to ponder whether this is a mere tryst or a permanent estrangement.
- Bitcoin, that capricious muse, descended under $110K as spot ETFs bled $536M in outflows-proof that even institutions tire of love letters written in zeros and ones.
- Derivatives whisper caution: volumes swell by 40%, yet open interest remains as stagnant as a Siberian pond in winter. A dance of indecision, one might say.
- Analysts, those modern-day prophets, warn of a pilgrimage toward $100K should $108K crumble. A journey few wish to make, but many now fear.
On this, the 17th of October, Bitcoin’s price languishes at $108,420, a 2.4% waltz downward in the past day. The week? A 10% plunge. The month? A 7% stumble. Alas, it now dwells 14% shy of its celestial high of $126,080-a fall from grace worthy of a Tolstoyan tragedy.
Yet, amid this gloom, trading volume blooms like a stubborn weed, surging 25% to $83.1B. Traders, ever the optimists, shuffle around support zones as if arranging chairs for a party no one wants to attend.
CoinGlass, that oracle of derivatives, reports Bitcoin futures volume ballooning 40% to $127.6B, while open interest clings to $72.8B like a moth to a candle. Activity abounds, but caution reigns-positions tweak, not conquer.
The ETF Chronicles
SoSoValue’s ledger reveals U.S. spot BTC ETFs weeping $536.4M on October 16, their second day of exodus. ARKB, the prodigal son, shed $275M; FBTC, $132M. Even GBTC, IBIT, and BITB joined the lament, each a minor elegy in this symphony of despair.
These outflows, dear reader, signal a reckoning. Institutions, once bullish as a Cossack cavalry, now temper their ardor. Profits locked, exposure reduced-yet the market, ever skeptical, turns its nose up at such pragmatism.
A Technical Lament
Bitcoin’s technicals, once a fortress, now crumble like a poorly baked pie. The RSI, at 37, whispers of weak tea. Momentum, though hinting at a timid buy, cannot quell the specter of downward pressure. A fragile truce, at best.
Every moving average, from the 200-day SMA ($107,535) to the 10-day EMA ($112,885), sings a dirge of bearish bias. The Bollinger Bands, too, constrict like a noose, while volatility rises-a harbinger of chaos if support falters.
The $108,000-$109,000 range now looms as a crossroads. Cling to it, and perhaps a rebound toward $113K-$115K may follow. Fail, and the abyss of $104K beckons-a price tag that would make even Gogol blush.
Arthur Hayes, that prophet of extremes, dares to predict a $100K descent. Others, clinging to hope, cite the steadfastness of long-term holders. But in this tale of crypto, hope is a currency that loses value daily. 🚀💸
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2025-10-17 11:04