When ETF funds continuously withdraw, traders should not only look at a daily K-line.

Spot Bitcoin ETF saw a net outflow of $1 billion last week, ending six weeks of inflows; Ethereum ETF experienced five consecutive days of net outflows.
Meanwhile, Bitcoin fell below $78k, triggering a critical point where the liquidation of long positions on mainstream centralized exchanges reached $628 million.
This is not a simple correction. The capital structure is changing: ETF funds are shifting to AI stocks, macro uncertainties are compounded by a rebound in U.S. Treasury yields, and rate cut expectations are being suppressed by oil inflation.
The rebound driven by leverage was already fragile, and now the liquidation wave is proving this point.
What’s more concerning is that if Bitcoin drops below $76k, the liquidation of longs will amplify to $628 million, creating a chain reaction.
Meanwhile, short liquidation strength exceeds $914 million above $80k, and the long-short battle has entered a high-tension zone.
Market sentiment is shifting from optimism to panic, but the real risk is not in daily price fluctuations, rather in whether the leverage structure is healthy.
The divergence between open interest and spot trading volume is a structural signal the market needs to digest.
How long the darkness before dawn lasts depends on the speed of leverage unwinding.
$btc #eth #DeFi #etf #On-chain Data