TechFlow news, October 15 — According to Glassnode's weekly report, Bitcoin sharply pulled back from its all-time high of $126.1k, impacted by macroeconomic tensions and a record $19B futures deleveraging event. Prices dropped below the $117k–$114k cost basis range, putting buyers at the top into loss. On-chain data shows long-term holders have been continuously distributing since July, while ETF inflows weakened (net outflow of 2.3k BTC this week), indicating cooling institutional demand.
Futures market leverage collapsed to multi-month lows, with funding rates falling to levels last seen during the 2022 FTX incident, signaling panic sentiment and forced liquidations. Options market volatility surged to 76%, with short-term skew briefly turning +17%, reflecting bearish sentiment.
Analysts believe the market is currently in a reset phase, with systemic risks reduced, but sustained recovery will depend on the restoration of ETF inflows and increased on-chain accumulation.
